According to Circular 40/2024/TT-NHNN, effective from July 1, payment intermediaries are permitted to receive funds directly from banks via the Napas system. Experts say this new regulation opens the door for financial technology platforms (fintech) to participate directly in the core national financial infrastructure alongside traditional banking systems, rather than merely providing utility-layer services.
This regulation brings Vietnam closer to the interoperable payment infrastructure model that has been widely adopted in Singapore, Thailand, and Malaysia—where money flows instantly and transparently across all systems.
Experts note that allowing payment intermediaries to be listed as beneficiaries within the banking system not only expands user choices but also ensures uniformity in safety standards, processing speed, and compatibility across platforms. (Compiled from VnExpress)
Alongside the new legal framework, Vietnam’s payment systems are experiencing strong growth. Napas alone processes around 70 million transactions per day, equivalent to 120 trillion VND—highlighting the rapid expansion of the financial ecosystem. The system operates 24/7 with multi-layer encryption, multi-factor authentication, and international standardization for higher compatibility with banking and fintech infrastructure.
As payment infrastructure expands, many commercial banks are accelerating technology investments. One-touch payment solutions are increasingly adopted across public services, transportation, and retail.
In the coming years, the market is expected to prioritize streamlined, contactless payment methods, with NFC technology emerging as a key driver that enhances transaction speed and user experience. (Compiled from the Journal of Economics & Finance)
In the early stage, Vietnam’s fintech industry grew primarily through service innovation—offering convenience in payments, transfers, and personal finance. However, as the market matures, the focus is shifting toward infrastructure connectivity rather than isolated utility competition.
Representatives of payment intermediary platforms note that to connect directly with banking systems, businesses must meet real-time transaction processing capabilities, international security standards, and risk-monitoring systems equivalent to credit institutions. This reflects the growing maturity of Vietnam’s fintech sector, as these companies increasingly take on critical roles in managing the money flows and data of tens of millions of users.
From a regulatory perspective, according to the State Bank of Vietnam’s Payment Department, the success of digital payments in Vietnam stems from a well-developed and synchronized legal framework in recent years: the Law on Electronic Transactions, Law on Credit Institutions, Personal Data Protection Law, and decrees related to cashless payments, fintech, and Mobile Money. (Source: Nhân Dân Online)
Notably, the SIMO fraud-monitoring system has detected and blocked over 1.5 trillion VND in suspicious transactions within just a few months, reinforcing user trust.
As banks, fintech companies, and infrastructure providers adopt unified technical standards, Vietnam is building a more open, interconnected, and transparent payment ecosystem.
For example, the electronic payment trial on the Cát Linh – Hà Đông metro line—where users can scan their national ID, international cards, or QR codes to pass the gate—demonstrates the practical potential of new payment models.
In the context of rapid growth in QR payments, contactless payments, and real-time transfers, interoperability between payment intermediaries and banks is viewed as the next step toward a more advanced stage of market development.
Payment intermediaries like Pay2Pay are also proactively evolving in this direction—standardizing connections, enhancing real-time processing capability, and optimizing post-transaction monitoring. This allows businesses to operate more smoothly while ensuring safety and transparency as the payment infrastructure enters a new era of synchronized connectivity.
