NAPAS ensures stable, safe and smooth payment infrastructure, meeting people's payment needs during the 2024 Lunar New Year

In recent years, electronic payment activities have continuously grown strongly and people's cashless payment habits have also become more popular. Along with people's increased shopping needs during each Lunar New Year, the number of money transfer/electronic payment transactions has also grown higher than the previous period.

According to NAPAS, in January 2024, the number of money transfer transactions increased by 5% compared to December 2023 and increased by 58% compared to the same period in January 2023. Meanwhile, cash withdrawal transactions via ATMs in January 2024 decreased by 28% compared to the same period last year. This clearly affirms that people's demand for cash withdrawals is decreasing, not only during the year, but also during peak periods near Tet like now.

In the context of the trend of electronic payment continuing to grow every year, in recent times, NAPAS has promoted the deployment of high-performance information technology system infrastructure, optimizing solutions and applications to be ready to meet the growth rate in the number of payment transactions of people.

At the same time, NAPAS also strengthens liquidity monitoring of member organizations, arranges staff to be on duty 24/7 to be ready to support banks, payment intermediaries and businesses, especially during peak holiday and Tet periods.

Evidence of the effectiveness of NAPAS's implementation of the above solutions is that the service quality commitment index (SLA) for ATM/POS switching services, online card payments and NAPAS 247 express transfer services in 2023 all reached the commitment of 99.98%.

Sharing about the significance of implementing solutions, Mr. Nguyen Quang Minh - General Director of NAPAS said: During the process of operation and development, NAPAS has always proactively deployed and applied solutions in terms of technical infrastructure and operations to promote the role of the unit providing payment infrastructure and financial switching, clearing for the national retail payment system, contributing to the stability and development of payment activities in general, as well as better serving the payment needs of people and supporting the development of economic sectors.