The Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) has been among pioneers in launching the ATM-based interbank withdrawal service using VietQR code without a physical card.

On 7 August 2023, the Launching Ceremony of VietQRCash Withdrawal Service was held in Hanoi, attended by representatives from the State Bank of Vietnam, Vietnam Banks Association, NAPAS and 8 banks (BIDV, VietinBank, Vietcombank, Agribank, Sacombank, Saigonbank, NCB and NamABank.) The event marked a new step in the digital transformation journey of the bank’s payment products and services, enhancing benefits and providing a novel experience to customers.

Currently, QR Code is increasingly popular in payment transactions and has become a familiar payment method in Vietnam. With QR codes and mobile apps, customers can perform financial transactions such as money transfer and payment in a quick, convenient and simple manner.

Recognizing this trend, since 2019, BIDV has implemented QR Code-based withdrawal service (without using a physical card) via BIDV SmartBanking at more than 2,000 BIDV ATMs/CRMs nationwide. The service has been well received by customers thanks to its outstanding features and enhanced safety and security by reducing the risks commonly faced by physical cards, etc.

Building on this success, in 2023, BIDV actively cooperated with NAPAS to finalize technical standards and develop ATM-based interbank cash withdrawal service using VietQR code (VietQRCash). This service contributes to realizing the Government’s policy under Decision 810/QD-NHNN dated 11 May 2021 by the State Bank of Vietnam on digital transformation plan of the banking sector by 2025, vision to 2030.

With VietQRCash, customers can easily withdraw money on ATMs of participating banks by scanning VietQR codes. Instead of using a physical card, customers only need to access the bank’s mobile app (i.e., BIDV SmartBanking) to scan the QR code displayed on the ATM screen. After selecting a card (in case of multiple cards), customers choose a withdrawal amount on the bank’s mobile app or on an ATM, then enter the card PIN and complete the transaction. The transaction limit and fee for VietQRCash service is similar to that of a physical card applied by NAPAS and participating banks.

After this launching, BIDV customers can use BIDV SmartBanking to withdraw money in a quick, safe, and simple manner through VietQRCash service at more than 12,000 ATMs nationwide (ATMs of BIDV and other participating banks such as, Vietcombank, Vietinbank, Agribank, Sacombank and SaigonBank.) The number of ATMs with VietQRCash service currently accounts for more than 60% of the total number of ATMs in the market, making it easy for customers to make transactions whenever needed.

The launching of VietQRCash service is part of step-by-step modernization and digitization of banking services in general, and contributing to adding features, promoting transactions, enhancing benefits, and collecting service fees on the self-service channels.