The National Payment Corporation of Viet Nam (NAPAS) has expanded its NAPAS247 Quick Transfer via VietQR Code network to include five new banks.

The five banks comprise Saigon Hanoi Commercial JS Bank, Cooperative Bank of Viet Nam, Kasikornbank's HCM City Branch, Woori Bank, and CIMB Bank.

With the inclusion of the banks, NAPAS's network has increased its membership to 40, accounting for 99.29 per cent of the NAPAS247 market share.

The network allows clients of the 40 banks to make money transfers by using mobile banking apps to scan QR codes. The clients can also create their own codes to receive payments by the same means.

The network has over 3 million users so far with their transfers growing by 70 per cent per month in the first six months of 2022.

"NAPAS247 Quick Transfer via VietQR Code brings great benefits to both sellers and buyers as it simplifies and expedites payments, and at the same time, reduce transaction risks," said Nguyen Dang Hung, Deputy General Director of NAPAS.

He also said that the network helped cut costs because banks do not have to install POS (point of sale) machines and incur fees charged by other service providers. — VNS