Sacombank launches 24/7 interbank money transfer service using VietQR code. — Photo courtesy of the bank

Sacombank and the Vietnam National Payment Corporation (Napas) have launched the Napas 24/7 Quick Money Transfer Service using VietQR code, referred to as QR IBFT (VietQR is a QR code format exclusively for QR IBFT service).

Using it, customers who need to make a payment or transfer money to another bank account do not need to remember and fill in their account number yet easily transfer money with a few simple steps on the Sacombank Pay app: go to quick access, select the QR code, scan the beneficiary's VietQR code, fill in the amount and explanation (if any), and hit ‘verify’ to complete the transaction.

Besides, retail stores can pre-print QR codes for various amounts to make the payment process quicker and more professional.

To mark the launch of the new payment service, from now until July 31, individual customers with cards or accounts at Sacombank, as well as other banks that use the QR IBFT service, will participate in a promotion programme called ‘Quet VietQR – Tha ga uu dai’ with total prizes worth over VND1 billion (US$43,504) when using QR IBFT.

The promotion programme will have two phases of selecting winners, from June 16 to July 11 and from July 12 to July 31.

During each phase three customers transferring the highest sums of money through VietQR code will receive VND5 million ($218), and the first 5,000 customers transferring money via VietQR code will get VND100,000 each.

One customer each receiving the highest sums of money through VietQR code in the two phases will also receive VND5 million apiece, and the first 1,000 customers receiving money will get VND100,000 each. — VNS