The proportion of 24/7 money transfers via NAPAS has increased 11 times in 5 years

21-Nov-2020 Intellasia | Dau tu Chung khoan | 6:02 AM Print This Post

If in 2015, the NAPAS system mainly handles ATM switching transactions, by 2020, the number of fast money transfers 24/7 has surpassed the number of ATM withdrawal transactions.

Specifically, according to information at the 6th Member Bank Conference held by Vietnam National Payment Joint Stock Company (NAPAS) over the weekend, in 2015, the NAPAS system that processes ATM switching transactions is mainly (accounting for 89.7%), while the proportion of fast money transfers 24/7 accounted for only 1.1 percent of the total number of transactions.

But by 2020, the NAPAS system has recorded the number of fast money transfers 24/7 surpassing the number of ATM withdrawals and accounting for nearly 66.6 percent of the total number of transactions while switching transactions of ATM accounts are only 26.6%

Total value of ATM switching transactions (cash withdrawal) accounts for 84.4 percent of the total value of transactions made via NAPAS system in 2015; however, this number has decreased sharply and only accounts for 5.4 percent in 2020. Meanwhile, the proportion of the value of 24/7 fast money transfers via NAPAS system has increased 11 times, from 6.3 percent in 2015 to 93.5 percent in 2020.

In addition, NAPAS works closely with the media to carry out programmes that contribute to raising awareness of changing consumer behavior, thereby promoting non-cash payments such as: Smart money, Smart money, Cashless Day, Vietnam Card Day…

In 2020, facing many difficulties due to epidemics, NAPAS continues to carry out a series of free switching and clearing programmes, including: free of charge for public services, reduction of fees for value interbank money transfer services. with a small amount of two million dong or less, service fee exemption and reduction for enterprises providing air and railway transport services. Through the times of exemption and reduction, the total amount of free reduction via NAPAS is equivalent to nearly 800 billion dong.

At the same time, NAPAS continues to prioritise investment, upgrade information technology infrastructure, enhance security and security, continue to research and develop new products and services on the ACH system platform. research and build digital infrastructure, provide new payment solutions based on advanced technology to meet the needs of domestic and international switching, multi-channel (ATM, POS, over the Internet, di dynamic…), multi-services of all economic entities and sectors thereby contributing to the development of non-cash payments in Vietnam.

The above figures show that the payment market has clearly changed through a change in the structure of NAPAS products and services.

Accordingly, the new financial switching and clearing service products on Internet banking, Mobile banking and online payment platforms gradually account for a large proportion, replacing the switching service of withdrawal transactions on ATMs as when newly merged. This result also affirms the joint efforts of banks and NAPAS to jointly build and develop non-cash payments in accordance with the guidelines of the government and the State Bank of Vietnam(SBV).

Speaking at the event, Nguyen Quang Hung Chair of NAPAS Board of directors said: “Implementing the mission of connecting people, businesses and banks with innovative, reliable payment products, Easy to access, easy to use for everyday life, in 2020, banks together with NAPAS have achieved remarkable results in reducing the proportion of withdrawals and payments in cash.

Specifically, 24/7 fast money transfer service on Internetbanking and Mobile banking applications of banks is a service trusted by customers in money transfer and payment transactions with an average growth rate of more than three times from 2018 to 2020 “.

 

Category: Finance, Vietnam

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