Illustrative image.(Photo: pcworld.com)
 
Hanoi (VNA) – Total transaction value paid via the system of the National Payment Corporation of Vietnam (NAPAS) reached 320 trillion VND (14.1 billion USD) in 2016, nearly doubling from 2015.

The proportion of cash withdrawal transactions via the system in 2016 also declined 12.5 percent against 2015.

Nguyen Kim Anh, Deputy Governor of the State Bank of Vietnam (SBV), required NAPAS to affirm its pioneering role in construction and development of the nation’s payment system, as 2017 is considered an important transitional year to implement the banking industry’s projects on enhancing the accessibility of bank services and boost non-cash payments in the 2016-20 period.

NAPAS, whose majority shareholders include SBV and 15 large commercial banks in Vietnam, is the first and only intermediary payment service provider being granted a licence by the central bank for providing switching and electronic clearing and settlement services in Vietnam.

NAPAS is operating and managing an inter-bank connection system with 16,800 ATMs, 220,000 POS and 90 million domestic cards of 43 domestic commercial banks and foreign banks operating in Vietnam. NAPAS also provides e-commerce services to more than 200 merchants of airlines, telecommunications, hotels, tourism and other electronic payment services.

With the task of completing retail payment infrastructure allocated by the central bank, NAPAS is implementing and building the standard for domestic chip cards for the entire market; building Automated Clearing House (ACH) research - the system of electronic clearing automation for retail transactions; and proposing solutions for the development of non-cash payments in Vietnam.-VNA