VietQR is a common brand identity for QR code payment and transfer services processed through the network of NAPAS and member banks. — Photo courtesy of MBBank

Viet Nam National Payment Corporation (NAPAS) and 14 banks on Tuesday officially announced VietQR brand identity and Napas247 Quick Money Transfer Service by QR code.

Accordingly, VietQR is a common brand identity for QR code payment and transfer services processed through the network of NAPAS and member banks, payment intermediaries and partners both inside and outside the country. VietQR complies with EMV Co's QR payment standard and those set by the State Bank of Viet Nam for QR codes.

Speaking at the launching ceremony which took place online, Nguyen Dang Hung, NAPAS’s deputy general director said: “VietQR aims to create a common standard, ensure the interoperability and synchronisation of payment infrastructure via QR Code in Viet Nam, which is the basis for expanding international payment links.”

This has been one of the key tasks of the banking sector in its digital transformation plan to 2025 with a vision to 2030 to promote non-cash payment and national financial inclusion.

The Napas247 Quick Money Transfer Service allows customers to transfer money from their account to another at other banks in the NAPAS network 24 hours a day, with a maximum of VND500 million (US$21,800) by scanning their personal QR code.

The payment QR code of each individual has encrypted payment information including account number, bank code, amount, payment content, order information and other relevant information.

Recipients can easily get a personal QR code once they have a bank account by creating a QR code on the mobile banking app of the first 14 participating banks, accounting for 70 per cent of transactions Napas247 Quick Transfer or created on VietQR.net website.

Vu Thanh Trung, Director of Digital Banking at MBBank – one of 14 participating banks – said MB has been a pioneer in implementing Napas247 by QR code. This aims to bring new experiences and minimise risks for customers.

“MB targets to serve all customers segments from individuals to businesses, especially shop owners who have not used technology regularly and often use cash. After registering the bank account on MBBank app, customers could easily create their own VietQR code. The bank has offered free money transfer fee for customers using MBBank app,” he added.

The launch would help promote the digital transformation process and non-cash payment of people who still prefer traditional payment methods. — VNS