At the 2024 Member Organization Conference of the National Payment Corporation of Vietnam (NAPAS) recently held, NAPAS shared some information related to expanding cross-border payment connections.

Under the direction of the State Bank of Vietnam, NAPAS continues to promote cross-border payment service connection using QR codes with countries in the region.

In 2024, NAPAS completed the expansion of the connection to deploy QR service provision between Vietnam and Thailand for 2 TCTVs and piloted QR service provision between Vietnam and Laos for 6 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.

Mr. Nguyen Quang Hung, Chairman of NAPAS, speaks.JPG
Mr. Nguyen Quang Hung – Chairman of NAPAS Board of Directors speaking at the Conference. Photo: NAPAS.

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 also continues 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 withdrawal services via the NAPAS system in 2024 continued to decrease sharply by 19.5% compared to the same period last year and accounted for only 2.4% of the total number of 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.

Along with the digital transformation process, banking activities in the online environment also always face potential risks and dangers.

To contribute to limiting and preventing the increase of high-tech crime tricks, NAPAS has coordinated with TCTVs 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 TCTVs 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%.