A payment transaction conducted via QR code. Vietnam is promoting cashless payments as a measure to fight against the COVID-19 pandemic. (Photo vietnamnet.vn) Hanoi (VNA) – The fees for fast interbank fund transfers will be cutfor the second time this year to promote cashless payments amid the rapidspread of the COVID-19 outbreak, the National Payment Corporation of Vietnam(NAPAS) announced on March 16.
Specifically, NAPAS will reduce interbankfund transfer fees by half, from currently 1,800 VND to 900 VND, fortransactions of sums worth from 500,001 VND (about 21 USD) to 2 million VNDeach, starting from March 25 to the end of December 31.
This move will enable local banks to cutthe fees for interbank fund transfer for customers, NAPAS said.
The State Bank of Vietnam has asked commercial banks and branches of foreign banksto reduce the fees for interbank fund transfers by at least 900 VND pertransaction and encouraged to offer bigger reductions.
The central bank has also allowed theNational Credit Information Centre of Vietnam (CIC) to reduce the fees on localbanks for using credit information, from March 1 to the end of this year.
On February 25, NAPAS cut the fee forelectronic switching from 1,800 VND to 500 VND per transaction for sums worth500,000 VND or less.
To date, 39 out of 45 member banks of NAPAScut fees for customers by 90 percent and even some offered zero charges forfast interbank fund transfers, following the NAPAS’s move in February.
Promoting cashless payment was highlightedas one of important measures to remove difficulties for business and productionamid the outbreak of the COVID-19.
A survey by IDG Vietnam, a member of theInternational Data Group, in 2019 revealed that cash payments still account for79 percent in Vietnam.
Under the cashless payment developmentproject for 2016-20, Vietnam targeted that cash would account for 10 percent ofthe total money in circulation by the end of 2020.
Recently, Prime Minister Nguyen Xuan Phucasked the central bank to submit a pilot project about mobile money./.
VNA
