The above data has just been announced by the National Payment Corporation of Vietnam (Napas).

Of which, Napas 247 fast money transfer service increased by 33.5% in number of transactions and 14.9% in transaction value. Napas 247 fast transfer service using VietQR code grew by 118% compared to the same period in 2023, accounting for 1/3 of the total number of transactions of Napas 247 fast transfer service.

According to Mr. Nguyen Quang Minh, General Director of Napas, 2024 will continue to record a consecutive decline in ATM transactions.

Specifically, ATM transactions processed through the Napas system continued to decrease by 19.5% in quantity and 19.1% in value compared to the same period in 2023. To date, the proportion of ATM transactions accounts for only 2.63% of total transactions through the system.

NAPAS General Director Nguyen Quang Minh speaks (2) (1).jpg
Mr. Nguyen Quang Minh - General Director of Napas. Photo: Napas.

The above results clearly reflect the decreasing demand for cash in payment among people and being replaced by more convenient payment services such as Napas 247 express transfer, money transfer/payment by VietQR code.

In 2024, the switching infrastructure will be safe, stable and smooth, and the processing capacity will meet the market's cashless growth needs.

During peak times, the Napas system processed more than 35 million transactions/day and had a capacity of up to 3,500 transactions/second.

Napas General Director affirmed that the system and resources are always ready, preparing backup plans for important information systems, increasing 24/7 staff to support member organizations and businesses during peak periods such as holidays, Lunar New Year, etc.

Recently, Napas has completed QR payment connection between Vietnam and Laos for 7 Vietnamese banks and 14 Lao banks; at the same time, signed a memorandum of understanding with UnionPay International (UPI) on implementing cross-border payment services via QR codes between Vietnam and China.

Along with that, Napas expanded connections with more Vietnamese commercial banks to participate in providing QR code payment services between Vietnam and Thailand and Cambodia to serve the payment needs of Vietnamese tourists coming for business and tourism.

According to Mr. Nguyen Quang Hung, Chairman of the Board of Directors of Napas, the context of 2024 has many changes in institutions and new policies in the payment sector such as Decree 52, Circular 17, Circular 18 and related documents on non-cash payments. In particular, from July 1, 2024, banks and payment intermediaries have deployed biometric authentication according to Decision 2345 and Circular 50 of the Governor of the State Bank.

These are fundamental changes and are the foundation to enhance security and safety in online payments, helping the Vietnamese payment system develop more sustainably.