On August 7 in Hanoi, the launching ceremony of VietQRCash cash withdrawal service was held in the presence of the leaders of the State Bank, the Banking Association, NAPAS and the first 8 banks implementing the program (BIDV, VietinBank, Vietcombank, Agribank, Sacombank, Saigonbank, NCB and NAM A BANK). The event marked a new development step in the journey of digitizing banking payment products and services; increasing benefits and bringing new experiences to customers.
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| Leaders of units perform the launching ceremony of VietQRCash withdrawal service |
Vietnam Joint Stock Commercial Bank for Investment and Development (BIDV) is one of the first 8 units to deploy ATM withdrawal service connecting banks using VietQR code without requiring a physical card (service name VietQRCash).
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| Leaders of the units congratulated the successful launch of VietQRCash withdrawal service |
The use of QR codes in transactions is becoming more and more popular and has become a familiar payment method in Vietnam. With QR codes and mobile banking apps, people can easily make financial transactions such as money transfers, paying for goods and services quickly, conveniently and simply.
Grasping that trend, since 2019, BIDV has deployed a QR code withdrawal service (no physical card required) through the BIDV SmartBanking application at more than 2,000 BIDV ATMs/CRMs nationwide. The service has received enthusiastic response from the public; bringing outstanding convenience to customers, while helping to enhance safety, security, and limit risks encountered when using physical cards...
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Deputy Governor of the State Bank of Vietnam Pham Tien Dung experiences VietQRCash service at BIDV booth |
Continuing the success, in 2023, BIDV took the lead in actively cooperating with NAPAS to complete the technical standards and develop the QR cash withdrawal service via ATMs connecting banks using VietQR code (VietQRCash). The service was deployed to contribute to realizing the Government's policy according to Decision 810/QD-NHNN dated May 11, 2021 of the State Bank on the Digital Transformation Plan of the banking industry by 2025, with a vision to 2030.
With VietQRCash, customers can easily withdraw money from ATMs between banks participating in the service through the VietQR code scanning method. Instead of using a physical card, customers only need to access the bank's mobile app (for BIDV, it is SmartBanking) to scan the QR code displayed on the ATM screen. After selecting a card for the transaction (in case of multiple cards), customers select the amount to withdraw on the bank's mobile app or on the ATM, enter the card PIN and complete the transaction. The limit and transaction fee for withdrawing money from the VietQRCash service are similar to those of physical cards according to the regulations of the NAPAS Card Organization and banks.
After launching the service, BIDV customers can use the SmartBanking mobile app to withdraw money via the VietQRCash service simply, quickly and safely at more than 12,000 ATMs nationwide (BIDV ATMs and ATMs of interconnected banks such as Vietcombank, Vietinbank, Agribank, Sacombank, SaigonBank). The number of ATMs deploying the VietQRCash service currently accounts for more than 60% of the total number of ATMs on the market, helping customers easily make transactions when necessary.
The deployment of VietQRCash service is part of the roadmap to gradually modernize and digitize banking services in general, as well as contribute to expanding features, promoting transactions, increasing utilities and collecting service fees on the automatic transaction machine channel.
The VietQR standard was first deployed by NAPAS in June 2021. VietQR is built on the basis of the QR Code standard set issued by the State Bank of Vietnam for general application to the entire market. The program aims to connect and switch payment transactions and money transfers using QR codes between banks and payment intermediaries through the NAPAS system.
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