NAPAS transactions up 131 per cent in value

Friday, Jan 07, 2022 18:15

Nguyen Quang Hung, NAPAS chairman of the board, speaks at the conference. — Photo NAPAS

The National Payment Corporation of Viet Nam (NAPAS) reported that the value of its transanctions increased 131 per cent compared to the previous year, while the number of transactions grew by 94 per cent.

On Thursday in Ha Noi, the corporation held a conference to review its achievements over the past year and deploy tasks for the new year.

Over the past year, NAPAS has ensured its commitment to service level agreement (SLA) reaching 99.99 per cent, and the system's processing capacity to meet sudden growth in transaction volume.

During its peak day, the system processed more than 11 million transactions.

ATM cash withdrawal transactions processed through the system decreased for the first time last year by 5 per cent compared to 2020, demonstrating the efforts of the banking industry in promoting non-cash payments, ensuring security and safety in payment activities, and meeting growing demands of customers in the digital era.

Last year, NAPAS also cooperated with member banks to bring to market many new products, including the interbank fast money transfer product with a VietQR code, which was deployed by 14 banks on June 15 at first, and 34 banks by the end of last year, accounting for 90 per cent of transactions via NAPAS.

In order to get Viet Nam out of the "sink" of card crime and implement State Bank regulations on converting and replacing magnetic cards to chip cards, NAPAS spent VND132 billion (US$5.7 million) for 38 member organisations, with 5.3 million cards and 9,300 POS.

It also implemented four-times as many exemptions and reductions of switching and clearing service fees, and continued to implement the 100 per cent exemption of payment service fees through the National Public Service Portal and money transfer transactions to support the Government's COVID-19 vaccine fund.

The total decrease in fees was more than VND1.2 trillion.

NAPAS announced that the corporation would continue to cooperate with banks, payment intermediaries and partners to build a convenient and safe retail payment network in the new year, contributing to building Viet Nam into a cashless society. — VNS

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