How do customers benefit?

On April 13, Tien Phong Newspaper and Vietnam National Payment Joint Stock Company (NAPAS) held a seminar with the theme “Promoting digital payments after the pandemic”. The event took place within the framework of the 2nd Vietnam Card Day.

Regulator’s push to promote cashless payments

Speaking at the seminar, Deputy Director of the Payment Department (SBV) Le Van Tuyen assessed that, over the past time, payment activities from people and organizations, especially Vietnamese youth, have approached the public level. technology of the world.

Payment methods are being introduced by banks and gradually popularized in Vietnam: payment by contactless chip card, online and offline payment at point of sale via QR code, online payment for digital services, e-commerce via NFC, Mobile banking applications, … combined with supporting solutions and services such as security biometric authentication, card information encryption (tokenization), electronic identification eKYC is safe and convenient.

Recently, the SBV has implemented a number of solutions to promote non-cash payments, including completing the legal framework, mechanisms and policies. Recently, the State Bank of Vietnam has issued a plan to digitally transform the banking industry by 2025, with an orientation to 2030, towards the goal of developing digital banking models, increasing utilities, customer experience, and implementation. comprehensive financial goals, push the application of new and advanced technologies in the direction of process automation, optimizing business operations

At the same time, the State Bank has directed the upgrading and development of interbank electronic payment systems, financial switching and electronic clearing systems, and payment systems of banks to ensure safe and efficient operation. efficient and capable of connecting and integrating with other systems, expanding the digital payment ecosystem to serve online payments.

The State Bank also continues to apply and develop payment products and services on mobile devices, such as: payment via QR Code, encryption of card information (Tokenization), mobile payment (Mobile Payment), payment contactless payment (Contactless), E-wallet; closely coordinate with the Ministry of Information and Communications and the Ministry of Public Security in organizing the pilot implementation of Mobile-Money service in order to promote CTM in rural, remote and isolated areas.

In addition, the SBV closely cooperates with relevant units to promote e-payment in the government sector, public administrative services, especially in the fields of health and education; strengthen inspection, examination and supervision, ensuring security and safety in payment activities, especially electronic payments, payment intermediaries, cross-border payments; promote the work of information, propaganda, training, guidance and consumer protection in the shopping mall.

A statistic shows that the value of non-cash payments is 25 times higher than GDP, non-cash payments in e-commerce reach 50%, from 80% of people aged 15 and over have transaction accounts at banks or other authorized institutions. These are “speaking” numbers that show the efforts of the regulator in promoting non-cash payments.

Banks open “fee party” to promote cashless payments

Talking about solutions to encourage customers to participate more in non-cash payment activities at the seminar, Mr. Le Thanh Ha – representative of Card Branch, Banking Association said that the basic problem is pricing policy and risk management. In other words, with the current role of a bank, besides providing products, efforts to reduce the price policy bring people the most reasonable and safest prices.

“The Government’s policy is to focus on recovering the economy, the banking industry is deeply involved in this content. With the field of payment, besides reducing interest rates and fees is important. Success and deep effects are “great” party fee” has been reduced by banks recently. Banks offer a lifetime fee of 0 dong to their customers, “said Mr. Ha.

It can be said that the race for 0 dong has entered the “fierce” stage of competition since the time the 4 state-owned “big boys” officially joined. According to the explanation of the banks, the exemption of all maintenance fees and regular transaction fees of customers on digital channels without any requirements for registering a service pack or maintaining a minimum balance. minimum, making it convenient and easy to transact on digital banking. At the same time, in order to encourage customers to open transaction payment accounts and promote online payment channels.

For example, at Agribank, Ms. Phan Thi Thanh Ha – Deputy Director of Agribank Card Center said: Currently, payment via Agribank’s customer card does not have to pay any fees.

“In the past time, transactions by card and on the phone are completely free. Card service encourages customers to spend, customers do not have to pay anything, even spending by card will refund, add added value increase for customers”, Ms. Ha informed.

In addition, Agribank also facilitates customers with 24/7 transactions and a large limit of up to 3 billion VND. Customers can actively declare the limit on the phone. The smartphone becomes a miniature bank.

As a national switching company, Mr. Nguyen Quang Minh representing Napas also shared: In 2021, Napas has exempted banks from fees of 1,200 billion VND, besides waiving fees for all transactions under 500,000 VND.

“And I’m very happy that now over 90% of banks have committed to free transactions for customers”, Mr. Minh expressed.

Talking more about Napas’ policies to promote cashless payments, Mr. Nguyen Quang Minh said: During the Government’s digital transformation, Napas always prioritizes the task of promoting cashless payments. in the field of public translation. In the past time, Napas has actively and actively participated in the implementation with relevant authorities.

Currently, Napas has deployed to 48 localities, 15 ministries and branches, thereby making payments for 5 groups of public services on the National Public Service Portal such as tax payment, insurance, traffic violations, other fees

Besides the traditional non-cash payment method such as online payment by card, Napas also supports payment using account number or QR code to create convenience for people. use and convenience.

Regarding fees, Napas always has a policy for special public services. Recently, Napas is completely free in all payment transactions for public services.

In the coming time, Napas will continue to connect databases and systems of state agencies such as tax, treasury, customs, etc. to act as a bridge to promote payment channels of banks. , payment intermediary connected via Napas. Thereby, banks, payment companies and fintechs themselves can actively diversify the user experience and choose for people to use their payment channels to make payment for services. public service.