Banks cut transaction fees to aid customers amid pandemic
The State Bank of Vietnam (SBV) has directed credit institutions to reduce some transaction fees from August 1 this year to support customers amid the outbreak of the latest COVID-19 pandemic.
Accordingly, fees of automatic teller machines (ATM), point of sale (POS) and interbank transactions via the SBV’s National Payment Corporation of Vietnam (NAPAS) will be cut from 50-75 per cent from August 1 to the end of this year.
The move was made after NAPAS announced a reduction of 50-75 per cent on its service fees on electronic switching for credit institutions which means that the profits of financial institutions will not be affected by the cut. However, SBV also expects credit institutions to make a bigger reduction for their customers than that of NAPAS.
This is the second fee reduction from NAPAS this year. The firm last year also made another three fee cuts totalling VNĐ530 billion.
NAPAS’s move is aimed at helping to develop local cashless payment systems and promote the Government's plan to encourage electronic payments for public services during the pandemic.
Nguyễn Đăng Hùng, deputy general director of NAPAS, said the reduction could contribute effectively to the banking system, enterprises and especially people during the pandemic.
This is the time for cashless payments and NAPAS and the local banks should take responsibility by sharing free services with customers, Hùng said.
He expected the increase in cashless transactions would not only change consumer habits but also help government agencies reduce management and operation costs.
Established in 2004 by the Việt Nam National Financial Switching Joint Stock Company (Banknetvn), NAPAS has become the foundation of the national retail payment infrastructure.
The firm is administering and operating a switching system interconnected with more than 18,600 ATMs, 261,000 POS machines and 300 electronic payment companies. These are in the fields of aviation, telecommunications, hotels and tourism, and serve over 100 million cardholders from 48 domestic and international commercial banks operating in Việt Nam. — VNS
Related News
SBV asks to issue revised decree on foreign ownership cap at Vietnamese banks
20:30 | 01/04/2023 Finance
Enterprises’ worry is being in the debt group for banks
13:39 | 31/03/2023 Import-Export
Being many "hot" issues at the general meeting of shareholders of banks
09:24 | 30/03/2023 Finance
Lifting the challenge of capital for businesses
14:52 | 19/03/2023 Import-Export
Latest News
Corporate bonds worth 1.1 billion USD issued in March
13:55 | 06/04/2023 Finance
Tax revenue is estimated at VND 426,922 billion in the first quarter
09:56 | 06/04/2023 Finance
Nearly 400 complaints about insurance distribution through banks on Ministry of Finance hotline
14:47 | 04/04/2023 Finance
Central bank starts huge credit package for social housing projects
14:42 | 04/04/2023 Finance
More News
In Q1, State revenue estimated to rise by 1.3%
13:28 | 04/04/2023 Finance
Consider raising the level of penalties to ensure fairness and transparency in the stock market
13:27 | 04/04/2023 Finance
Central bank cuts policy interest rates to spur growth
17:43 | 02/04/2023 Finance
Ensure policies to attract investment when implementing global minimum tax
10:33 | 02/04/2023 Finance
Solutions to attract FDI when implementing the global minimum CIT
11:38 | 01/04/2023 Finance
Effective implementation of tax incentives as driving force for growth in trade turnover between Vietnam and Cuba
13:43 | 31/03/2023 Finance
Bringing the policies on reducing land rent and water surface rent into life
15:41 | 29/03/2023 Finance
The more delayed the investment disbursement is, the more accumulated the capital expenditure will be
10:22 | 29/03/2023 Finance
Ministry of Finance summarizes the 10-year implementation of the Resolution of the 8th meeting of the 11th Central Committee
10:20 | 29/03/2023 Finance
Your care
The system has not recorded your reading habits.
Please Login/Register so that the system can provide articles according to your reading needs.
Corporate bonds worth 1.1 billion USD issued in March
13:55 | 06/04/2023 Finance
Tax revenue is estimated at VND 426,922 billion in the first quarter
09:56 | 06/04/2023 Finance
Nearly 400 complaints about insurance distribution through banks on Ministry of Finance hotline
14:47 | 04/04/2023 Finance
Central bank starts huge credit package for social housing projects
14:42 | 04/04/2023 Finance
In Q1, State revenue estimated to rise by 1.3%
13:28 | 04/04/2023 Finance