NAPAS honors payment intermediaries

The event is an opportunity for NAPAS to express gratitude and honor its Member Organizations (MOOs) which are Payment Intermediaries (PTs) that have made important contributions to NAPAS over the past year, effectively contributing to the national digital transformation, towards the common goal of "For a cashless society".

The event was attended by Mr. Pham Anh Tuan - Director of the Payment Department of the State Bank of Vietnam; NAPAS Board of Directors and more than 60 guests from more than 40 payment service providers in the NAPAS member network.

At the conference, NAPAS summarized and evaluated some encouraging results that the company and TGTT units have achieved in the past time in the context of increasing challenges.

According to statistics from the State Bank of Vietnam, in the first 6 months of 2024 compared to the same period in 2023, non-cash payment transactions increased by 60% in quantity and 35% in value. In the strong growth trend of electronic payments in recent years, the TGTT ecosystem has been recognized for its efforts in deploying products and services with many new payment features, improving the experience and meeting the needs of customers such as money transfer, online payment, financial transactions, etc.

Accordingly, one of the typical services implemented by NAPAS in cooperation with TGTT is the Online Payment service, which continues to grow rapidly, expected to increase by 52% in the number of transactions and 20% in transaction value compared to 2023. This also reflects the increasing online shopping and payment habits of people.

On the 20-year journey of construction and development, in the role of a bridge between banks and payment service providers, NAPAS has always strived to deploy advanced technologies and ensure the provision of stable and safe payment infrastructure for member organizations; at the same time, deploying common unified market standards on domestic cards, QR code payments, ready to support payment service providers to meet the newly effective legal corridor.

Specifically: (i) Expanding the connection of switching services between e-wallets, creating favorable conditions for people to make money transfer transactions via wallets; (ii) Completing the unified VietQR ecosystem nationwide with VietQRPay and expanding the scope of connection, providing cross-border payment services using VietQR codes; (iii) Researching and building an Open Banking system - a centralized connection system for open banking with a common, unified set of standards for all banks and payment intermediaries.

In parallel with the digital transformation process in the banking and finance sector, contributing to limiting and preventing the increase in high-tech crime tricks, NAPAS has coordinated with member organizations 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, forgery, and scams. Thereby contributing to supporting member organizations to strengthen supervision, operation, and risk prevention in providing non-cash payment services to customers.

Speaking at the 2024 Customer Conference, Mr. Nguyen Quang Hung - Chairman of the Board of Directors - NAPAS emphasized: “In the past time, the close cooperation of payment service providers has been an important factor bringing common success to the development of non-cash payments in Vietnam. Faced with opportunities and challenges related to changes in the legal basis in Decree 52 regulating non-cash payment activities recently issued by the Government, NAPAS is always ready with technical infrastructure and coordination with payment service providers to continue to deploy and expand product and service features. On that basis, the parties will together create new opportunities to contribute to the sustainable development of the payment market, towards realizing the goals of the national digital transformation strategy”.

Also within the framework of the conference, NAPAS held a ceremony to honor the award categories for outstanding payment service providers. The award system was built and evaluated based on many criteria such as: Growth, dynamism in service deployment as well as coordination with NAPAS; thereby honoring the leading payment service provider in total transaction value, the leading payment service provider in online payment service transaction value, the leading payment service provider in service revenue growth rate and the dynamic payment service provider. The awards contribute to recognizing and praising the role of payment service providers in the payment market in general and the journey of spreading digital payment services in particular.