A customer scans a QR code to make payment at a convinient store in Hà Nội. — VNA/VNS Photo Thành Đạt

Starting August 7, Napas cardholders will be able to utilise their Mobile Banking application to perform interbank cash withdrawals from ATMs by scanning the VietQR code, eliminating the need for a physical card.

During the launch event on Monday, Nguyễn Quang Minh, the General Director of the National Payment Corporation of Việt Nam (NAPAS), announced that NAPAS has collaborated with member banks to successfully develop an interbank ATM withdrawal service using the VietQR code (VietQRCash).

In its initial phase, Napas cardholders can access the Mobile Banking applications provided by eight banks, namely BIDV, VietinBank, Vietcombank, Agribank, Saigonbank, Sacombank, National Citizen Bank (NCB) and Nam Á Bank to withdraw money from their respective ATM systems (note that NCB and Nam Á Bank have not yet integrated this service into their ATM systems).

Transaction limits and fees align with the current regulations for ATM withdrawals using NAPAS cards.

The collective number of ATMs introduced by the pioneer banks offering the VietQRCash service constitutes more than 60 per cent of the total ATMs currently available in the market. This substantial presence is anticipated to enhance customer satisfaction with the innovative service.

Minh said: "Upon the successful launch with the initial eight banks, NAPAS is poised to extend the connection of the VietQRCash service across the entire market within this year. This expansion aims to enhance the ecosystem of digital platform products and services, catering to diverse payment requirements and endorsing digital transformation endeavours across all sectors of the economy."

This service signifies a significant milestone in the ongoing journey to digitalise bank-related payment products and services.

According to data from the Payment Department of the State Bank of Vietnam, non-cash payment transactions experienced a remarkable growth rate of over 51 per cent during the first half of 2023 compared to the same period last year.

Among various electronic payment methods, the utilisation of QR codes demonstrated the most substantial growth, increasing by nearly 136 per cent in terms of transaction volume. — VNS