Cooperation to deploy QR Code payment connection between Vietnam and Singapore

ANTD.VN - NAPAS and NETS have signed a Memorandum of Understanding on cooperation in implementing cross-border payment services via QR codes between Vietnam and Singapore, witnessed by the Prime Ministers of the two countries.

On the morning of March 26, during the official visit to Vietnam of Singaporean Prime Minister Lawrence Wong, businesses from the two countries exchanged a Memorandum of Understanding on cooperation to promote the comprehensive strategic partnership between Vietnam and Singapore.

In particular, the National Payment Corporation of Vietnam (NAPAS) was assigned as the focal point to cooperate with the Singapore Electronic Money Transfer Network Company (NETS) on implementing cross-border payment services via QR codes between Vietnam and Singapore.

The Memorandum of Understanding signing ceremony was attended by Prime Minister Pham Minh Chinh; Singaporean Prime Minister Lawrence Wong and leaders of ministries, sectors, and enterprises of Vietnam and Singapore.

Under the witness of the Prime Ministers of the two countries, NAPAS and NETS signed a Memorandum of Understanding on cooperation in implementing cross-border payment services via QR codes between Vietnam and Singapore in the coming time.

The two Prime Ministers witnessed the signing ceremony of the Memorandum of Understanding between NAPAS and NETS to implement bilateral retail payments via QR codes between Vietnam and Singapore.

Through the Memorandum of Understanding, NAPAS and NETS commit to deploying the connection of the two systems to provide cross-border payment services using QR codes between Vietnam and Singapore. Thereby, customers of member organizations of the NAPAS system can make payments using QR codes at the network of payment acceptance units of the NETS system in Singapore and vice versa, customers of member organizations of the NETS system can make payments using QR codes at the network of payment acceptance units of the NAPAS system in Vietnam.

The cooperation in implementing cross-border payment services via QR codes between Vietnam and Singapore not only brings many practical benefits to people and tourists but also supports the promotion of trade, investment and tourism between the two countries in the coming time.

Currently, implementing the Government's direction and under the direction of the State Bank, in the role of a national retail payment infrastructure provider, NAPAS has been implementing a plan to expand cross-border payment connections using QR codes with many countries in the Asian region.

NAPAS has completed connections with Thailand, Cambodia, Laos and is currently actively coordinating to deploy connections with a number of countries such as China, Korea, Japan... It is expected that the cross-border payment service via QR code between Vietnam and China will be completed this year.

Vietnam National Payment Corporation (NAPAS) is managing and operating the financial switching system providing NAPAS247 fast money transfer service, money transfer/payment by VietQR code, VietQRGlobal payment acceptance network; connecting more than 20,600 ATMs, more than 741,000 payment acceptance devices (POS/mPOS) serving more than 80 million customers of 68 member organizations which are banks and financial companies.

NAPAS products and services are provided through more than 110 member organizations which are banks, financial companies and payment intermediaries operating in Vietnam; international payment organizations; more than 200 partners which are public service providers; payment acceptance units; service providers in the fields of aviation, telecommunications, hotels, tourism, supermarkets, e-commerce trading floors, etc.

NETS was established in 1985 by major Singapore banks including DBS, UOB and OCBC to provide payment infrastructure for financial switching services, ACH automated clearing and electronic payment solutions for individuals and businesses.

NETS issues and manages approximately 10 million NETS payment cards and a network of 100,000 payment acceptance points in Singapore. NETS and NAPAS also represent Vietnam and Singapore in participating in the Asian Payment Network – APN.

Source: https://www.anninhthudo.vn/hop-tac-trien-khai-ket-noi-thanh-toan-qr-code-giua-viet-nam-va-singapore-post607253.antd