Business

Interbank ATM cash withdrawals via QR Code now available

Starting August 7, Napas cardholders will be able to utilise their Mobile Banking application to perform interbank cash withdrawals from ATMs by scanning the VietQR code, eliminating the need for a physical card.
Interbank ATM cash withdrawals via QR Code now available ảnh 1A customer scans a QR code to make payment at a convinient store in Hanoi (Photo: VNA)
Hanoi (VNS/VNA) - Starting August 7, Napas cardholderswill be able to utilise their Mobile Banking application to perform interbankcash withdrawals from ATMs by scanning the VietQR code, eliminating the needfor a physical card.

During the launch event, Nguyen Quang Minh, the General Director of theNational Payment Corporation of Vietnam (NAPAS), announced that NAPAS hascollaborated with member banks to successfully develop an interbank ATMwithdrawal service using the VietQR code (VietQRCash).

In its initial phase, Napas cardholders can access the Mobile Banking applicationsprovided by eight banks, namely BIDV, VietinBank, Vietcombank, Agribank,Saigonbank, Sacombank, National Citizen Bank (NCB) and Nam A Bank to withdrawmoney from their respective ATM systems (note that NCB and Nam A Bank have notyet integrated this service into their ATM systems).

Transaction limits and fees align with the current regulations for ATMwithdrawals using NAPAS cards.

The collective number of ATMs introduced by the pioneer banks offering theVietQRCash service constitutes more than 60% of the total ATMs currentlyavailable in the market. This substantial presence is anticipated to enhancecustomer satisfaction with the innovative service.

Minh said: "Upon the successful launch with the initial eight banks, NAPASis poised to extend the connection of the VietQRCash service across the entiremarket within this year. This expansion aims to enhance the ecosystem ofdigital platform products and services, catering to diverse paymentrequirements and endorsing digital transformation endeavours across all sectorsof the economy."

This service signifies a significant milestone in the ongoing journey todigitalise bank-related payment products and services.

According to data from the Payment Department of the State Bank of Vietnam,non-cash payment transactions experienced a remarkable growth rate of over 51%during the first half of 2023 compared to the same period last year.

Among various electronic payment methods, the utilisation of QR codesdemonstrated the most substantial growth, increasing by nearly 136% in terms oftransaction volume./.
VNA
#Napas #cardholders #Interbank ATM #cash withdrawals #QR Code #vietnam news agency #vietnamplus Vietnam
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