BIDV joins to launch VietQR

QUANG LIEM

The National Payment Corporation of Vietnam (Napas) and 14 first Vietnamese banks on 15 June launched VietQR trademark and quick online money transfer service - Napas 247 using QR code.

The 14 pioneering banks include BIDV, Vietcombank, VietinBank, MB, TPBank, Sacombank, VPBank, VIB, MSB, ACB, SeABank, LienVietPostBank, NamABank, and Viet Capital Bank.

VietQR is a common trademark for payment and money transfer using QR Codes through the Napas network and its member banks as well as payment intermediaries and partners inside and outside Vietnam. VietQR is designed according to QR payment standards of EMV Co. as well as the State Bank of Vietnam. Meanwhile, the Napas 247 service using VietQR allows customers to transfer money from their account to another account at other bank in the Napas network at any time with limitationup to VND500 million (USD22,000) by scanning the private QR code of the receiver.

Each individual's payment QR code is encrypted payment information (account number, bank code, amount...) that helps initiate payment orders accurately, quickly and safely. Recipients can easily have a personal QR code once they have a bank account by creating a QR code on the mobile-banking application (applicable to the first 14 participating banks which account for 70 percent of Napas247 transactions) or creating it via website VietQR.net.

Online sellers, household businesses, and small businesses can create a VietQR code to receive money from senders by printing VietQR code at the payment counter, on the website,

Vietnamese banks join to launch VietQR trademark

Facebook, or send the picture of VietQR code to the sender.

VietQR applied by Napas and the banks ensures the connectivity and synchronization of the infrastructure system to serve QR payment in Vietnam, paving the way for the expansion of connection in international payment. According to Napas, 14 out of 51 banks in the Napas network have embraced VietQR and updated their mobile apps to include the service. The company expects that 90 percent of the remaining banks will adopt the standard by the end of 2021.