In order to support credit institutions (CIs) in providing payment services, strongly promoting non-cash payments in the economy under the direction of the Government and the State Bank of Vietnam (SBV), the National Payment Corporation of Vietnam (NAPAS) continues to implement the policy of reducing service fees for financial switching and electronic clearing for ATM transactions, and 24/7 quick interbank funds transfer from October 1, 2019.
Accordingly, NAPAS has applied (i) a 13% reduction of the 24/7 quick interbank funds transfer service fee for the Issuing Organization; (ii) a reduction of 70% and 100% respectively of service fees for ATM withdrawals for Issuers and Payment Organizations; (iii) no service charge (the fee is VND 0) equivalent to a 100% reduction in fees for internal transfers and non-financial transactions, including: information inquiry, printing statements, changing PIN for NAPAS member organizations.
In addition, in order to further support CIs to have more funds for their promotion programs, encouraging customers to use domestic cards for payments and to pay via bank accounts, ensuring the successful implementation of the objectives of the Government's Scheme on developing non-cash payments for the 2016-2020 period in Vietnam, NAPAS continues to implement the promotion program of reducing 50% service fees for transactions on ATMs and 24/7 quick interbank funds transfer from October 3, 2019 to December 31, 2019, applicable to all NAPAS member organizations.
Since its merger, NAPAS has made 4 adjustments to reduce its switching service fees (1st time on March 1, 2018, 2nd time on March 1, 2019, 3rd time on May 1, 2019, 4th time on October 1, 2019.)
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