The National Payment Corporation of Viet Nam (NAPAS) on Tuesday announced a fee reduction for its local switching system service, interconnected by more than 170,000 ATMs nationwide.

The fee reduction followed the State Bank of Viet Nam’s directive on implementing the banking sector’s key tasks in 2018.

Accordingly, money withdrawal fee at ATMs will be reduced by maximum VND150 for each transaction from the beginning of March, four months sooner than scheduled.

In the long run, NAPAS plans to make money withdrawal from ATMs free from March 1, 2021.

It will also lower the fee for transaction through domestic points of sale (POS) from the beginning of March from the current 0.05 per cent to 0.025 per cent for each transaction.

NAPAS currently administers and operates a switching system interconnected by more than 170,000 ATMs, 270,000 POS machines and 300 electronic payment companies in the fields of aviation, telecommunications, hotel industry and tourism. It serves more than 100 million card holders of 46 domestic and international commercial banks operating in Viet Nam. — VNS