Banknetvn to provide payment services

The Viet Nam National Financial Switching JSC (Banknetvn) can now provide payment intermediary services, after being granted a licence by the central bank on October 28.

Company Chairman Pham Tien Dung said the company was implementing a pilot programme of electronic wallets, electronic payment portals and money collection and payment services.

He said the firm would be well-prepared for connecting with other payment intermediaries from December 1.

Nguyen Toan Thang, deputy governor of the State Bank of Viet Nam, said Banknetvn should develop an automatic balancing payment system for the nation, serving all retail transactions in the country.

He said the firm should maintain efficient operations of the automated teller machine (ATM) and point-of-sale (POS) networks nationwide.

Banknetvn manages and operates a switching system that connects all commercial banks in Viet Nam, and links with international banking card organisations.

It merged with Smartlink Card Services JSC, one of the country's largest banking card network operators, in December last year.

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