NAPAS 2024 Membership Conference

The annual event is held to summarize the achievements of NAPAS and its Member Organizations (MOOs), and at the same time to express gratitude and honor the MOOs that have made outstanding contributions to the overall growth of the entire system in 2024.

Attending the event were Mr. Pham Anh Tuan - Director of the Payment Department of the State Bank of Vietnam and representatives of more than 60 credit institutions, the Board of Directors and representatives of some specialized departments of NAPAS.

Over the years, banking has always been a pioneer in digital transformation and has achieved many positive results. Digital banking services are increasingly focused on developing more modern features, bringing a safe and convenient payment experience to customers.

As a national retail payment infrastructure provider, NAPAS always strives to ensure continuous, secure, and smooth operation of the payment infrastructure; pioneering the application of new payment technologies to improve service quality.

At the Conference, NAPAS and TCTVs summarized the results achieved in 2024 and discussed plans to deploy new products and services in 2025.

As a result, in 2024, the NAPAS system will process an average of more than 26 million transactions/day, an increase of 30.8% in quantity and 15.9% in transaction value compared to 2023. Of which, the NAPAS 247 fast money transfer service will increase by 34.7% in quantity and 16.4% in value, accounting for 93.5% of NAPAS's total services. In addition, the payment method using VietQR code will continue to show outstanding growth by recording a 2.2-fold increase in the number of transactions and a 2.6-fold increase in transaction value compared to 2023.

ATM cash withdrawals via the NAPAS system in 2024 continued to show a sharp decline of 19.5% compared to the same period last year and accounted for only 2.4% of total transactions of the entire system. The above results show that the popularity of electronic payment methods is replacing cash in the daily lives of people and businesses.

In 2024, NAPAS also coordinated with TCTVs to complete the deployment of many new products and services to meet the needs of card payments and mobile payments such as NAPAS-MasterCard co-branded cards; NAPAS card digitization service on mobile devices (Tap to pay); domestic VietQRPay code payment service and cross-border payment with VietQRGlobal identification.

Regarding the expansion of cross-border payment connections, under the direction of the State Bank, NAPAS continues to promote the connection of cross-border payment services using QR codes with countries in the region. This year, NAPAS has completed the expansion of the connection to provide QR services between Vietnam and Thailand for 02 TCTVs and piloted the QR service between Vietnam and Laos for 06 TCTVs.

According to the 2025 plan, NAPAS will continue to expand cross-border payment connections using QR codes with countries such as China, Japan, Korea, etc. towards the common goal of promoting the use of local currency in cross-border payment activities, promoting trade, investment, and tourism between Vietnam and countries in the ASEAN region.

Along with the digital transformation process, banking activities in the online environment are always facing potential risks and dangers. To contribute to limiting and preventing the increase in high-tech crime tricks, NAPAS has coordinated with credit institutions to update the Technical Standards, develop technological solutions, and coordinate with the Ministry of Public Security and the Banking Association to propose a coordinated process for handling Accounts/Cards related to transactions suspected of fraud, counterfeiting, and scams; thereby contributing to supporting credit institutions to strengthen supervision, operation, and risk prevention in providing non-cash payment services to customers. The continuous operation rate of the NAPAS system in 2024 exceeded the commitment level and reached 99.997%.

Sharing at the event, Mr. Nguyen Quang Hung - Chairman of the Board of Directors of NAPAS - said: "Looking back at the development process over the past 20 years, many products and services deployed by NAPAS such as NAPAS contactless payment cards, NAPAS 247 fast money transfer, Money transfer/Payment by VietQR code have become daily payment methods for all people and businesses, thereby contributing to the popularization of electronic payments. To achieve today's proud achievements, we cannot fail to mention the attention and close direction of the State Bank and the companionship and cooperation of the payment institutions in the 20-year development journey of NAPAS".

In the coming time, Mr. Hung also expressed his hope that NAPAS will continue to receive the attention and close cooperation of TCTVs, so that NAPAS can carry out its mission of "Connecting people, businesses and banks with innovative payment products for daily life".

Also within the framework of the Conference, NAPAS held a ceremony to honor member organizations with outstanding contributions in 2024. In particular, the 2024 Outstanding Bank Award went to Vietcombank for its great contributions to the system and network. The Outstanding Bank Award went to Techcombank, MB, and BIDV.