The Memorandum of Understanding signing ceremony was attended by Prime Minister Pham Minh Chinh ; Singaporean Prime Minister Lawrence Wong and leaders of ministries, sectors, and enterprises of Vietnam and Singapore.
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| The two Prime Ministers witnessed the signing ceremony of the Memorandum of Understanding between NAPAS and NETS to implement bilateral retail payments via QR codes between Vietnam and Singapore. |
Under the witness of the Prime Ministers of the two countries, NAPAS and NETS signed a Memorandum of Understanding on cooperation in implementing cross-border payment services via QR codes between Vietnam and Singapore in the coming time.
Through the Memorandum of Understanding, NAPAS and NETS commit to deploying the connection of the two systems to provide cross-border payment services using QR codes between Vietnam and Singapore. Thereby, customers of member organizations of the NAPAS system can make payments using QR codes at the network of payment acceptance units of the NETS system in Singapore and vice versa, customers of member organizations of the NETS system can make payments using QR codes at the network of payment acceptance units of the NAPAS system in Vietnam.
The significance of cooperation in implementing cross-border payment services via QR codes between Vietnam and Singapore not only brings many practical benefits to people and tourists but also supports the promotion of trade, investment and tourism between the two countries in the coming time.
It can be seen that cross-border payment connections are a trend of many countries in the region and around the world, aiming to promote the use of local currency in payment activities and economic development in general.
Implementing the Government's orientation and under the direction of the State Bank, in the role of a national retail payment infrastructure provider, NAPAS has been implementing a plan to expand cross-border payment connections using QR codes with many countries in the Asia region.
NAPAS has completed connections with Thailand, Cambodia, Laos and is currently actively coordinating to deploy connections with a number of countries such as China, Korea, Japan, etc. It is expected that the cross-border payment service via QR code between Vietnam and China will be completed this year.
In addition, NAPAS also proactively strengthens the implementation of technical solutions, gradually improving service quality through close cooperation with domestic banks and payment intermediaries to provide cross-border payment services via QR codes to people in a convenient, fast and safe manner.
About NAPAS (www.napas.com.vn) Vietnam National Payment Corporation (NAPAS) is managing and operating the financial switching system providing fast money transfer services NAPAS247, money transfer/payment by VietQR code, VietQRGlobal payment acceptance network; connecting more than 20,600 ATMs, more than 741,000 payment acceptance devices (POS/mPOS) serving more than 80 million customers of 68 member organizations which are banks and financial companies. NAPAS's products and services are provided through more than 110 member organizations which are banks, financial companies and payment intermediaries operating in Vietnam; international payment organizations; more than 200 partners which are public service providers; payment acceptance units; service providers in the fields of aviation, telecommunications, hotels, tourism, supermarkets, e-commerce trading floors, etc. About Network for Electronic Transfers Singapore (NETS): (www.nets.com.sg/nets) NETS was established in 1985 by major Singapore banks including DBS, UOB and OCBC to provide payment infrastructure for financial switching services, ACH and electronic payment solutions for individuals and businesses. NETS issues and manages about 10 million NETS payment cards and a network of 100,000 payment acceptance points in Singapore. NETS and NAPAS also represent Vietnam and Singapore to participate in the Asian Payment Network - APN. |
Source: https://thoibaonganhang.vn/hop-tac-ket-noi-thanh-toan-xuyen-bien-gioi-qua-ma-qr-giua-viet-nam-va-singapore-161958.html
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