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.
Fees of ATM and POS transactions via the National Payment Corporation of Vietnam (NAPAS) will be cut by 50-75 percent from August 1. (Photo: VNA)
Hanoi (VNA) - The State Bank of Vietnam (SBV) has directed creditinstitutions to reduce some transaction fees from August 1 this year to supportcustomers amid the outbreak of the latest COVID-19 pandemic.
Accordingly, fees of automatic teller machines (ATM), point of sale (POS) andinterbank transactions via the SBV’s National Payment Corporation of Vietnam(NAPAS) will be cut from 50-75 percent from August 1 to the end of this year.
The move was made after NAPAS announced a reduction of 50-75 percent on itsservice fees on electronic switching for credit institutions which means thatthe profits of financial institutions will not be affected by the cut. However,the SBV also expects credit institutions to make a bigger reduction for theircustomers than that of NAPAS.
This is the second fee reduction from NAPAS this year. The firm last year alsomade another three fee cuts totalling 530 billion VND.
NAPAS’s move is aimed at helping to develop local cashless payment systems andpromote the Government's plan to encourage electronic payments for publicservices during the pandemic.
Established in 2004 by the Vietnam National Financial Switching Joint StockCompany (Banknetvn), NAPAS has become the foundation of the national retailpayment infrastructure.
The firm is administering and operating a switching system interconnected withmore than 18,600 ATMs, 261,000 POS machines and 300 electronic paymentcompanies. These are in the fields of aviation, telecommunications, hotels andtourism, and serve over 100 million cardholders from 48 domestic andinternational commercial banks operating in Vietnam./.
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Fees of ATM and POS transactions via the National Payment Corporation of Vietnam (NAPAS) will be cut by 50-75 percent from August 1. (Photo: VNA) 
