16.06.2021, 11:59

Napas unveils unified QR code system for bank transfers

 
Napas unveils unified QR code system for bank transfers

VietQR will save users the hassle of manually entering transfer information.   

NDO - The National Payment Services Corporation (Napas) has unveiled a QR code standard, known as VietQR, which will be used for quick wire transfers between banks in the company’s network.


VietQR will help save users the hassle of manually entering the bank code, account number and account holder so that the transfer order can be carried out in an accurate, fast and secure manner.

This QR code complies with the standards of EMVCo and the State Bank of Vietnam.

Napas Deputy Director General Nguyen Dang Hung said the introduction of VietQR will unify the QR codes used by different banks and create a shared brand for all banks that are members of Napas.

Hung added that the service is suitable for small transactions, helping to save time and minimise direct contact, especially when the Covid-19 pandemic remains complicated in Vietnam.

According to Napas, 14 out 51 banks in the Napas network have embraced VietQR and updated their mobile apps to include the service. The company expects that 90% of the remaining banks will adopt the standard by the end of 2021.

The service is available 24/7 and the maximum amount for a transaction is VND500 million (US$21,800).