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Vietnam Post gets Payment Intermediary Services License

Recently, the Governor of the State Bank of Viet Nam has issued a license on providing payment intermediary services for Vietnam Post Corporation (Vietnam Post).

Recently, the Governor of the State Bank of Viet Nam has issued a license on providing payment intermediary services for Vietnam Post Corporation (Vietnam Post).

Since the beginning of the year, the State Bank has granted 04 new licenses to non-bank organizations to provide intermediary payment services. Vietnam Post is a strong brand to join these big brand names in providing payment intermediary services. Vietnam Post’s payment intermediary services include e-wallets, electronic payment gateways, electronic money transfer support, collection and payment supporting services…

VietnamPostPay brings many benefits in non-cash payment

According to Vietnam Post Leaders, in order to accelerate the implementation of the Digital Transformation strategy, develop a digital ecosystem in the postal sector, diversify payment methods, with experience in providing financial services to individuals, organizations and businesses, Vietnam Post has developed a feasible project to deploy payment intermediary services. With the license by the State Bank of Vietnam to act as a payment intermediary unit from May 2020, Vietnam Post considers this an important milestone in its digital transformation, creating a premise to accelerate and develop digital services on a larger scale, in which digital financial services (Fintech). Vietnam Post expects that this new service will create breakthroughs in both revenue and open up more new business opportunities, especially for digital services of Vietnam Post.

This will also be a new step in supporting the promotion of existing products and services, while creating opportunities to develop and bring digital products and services of Vietnam Post closer to customers.

Not only having a large customer ecosystem, long-term experience in implementing postal finance across the country, Vietnam Post is also recognized widely for its large network, reaching to all villages and communes. This will create favorable conditions so that any citizen, even in remote areas and bordering islands, can easily use intermediary payment services.

In addition to the above advantages, over the past time, Vietnam Post has urgently built facilities, technical infrastructure, information technology systems, technology solutions in accordance with the requirements of payment intermediary services, especially the platforms and policies to always ensure absolute safety and security when deploying services. For instant, recently, Vietnam Post has also launched and operated the VietnamPostPay electronic payment platform. This platform is deployed based on the digital banking infrastructure of commercial banks to connect and communicate with the bank switching system, bringing the power of the payment system and expanding payment methods with no limit to banking and financial institutions.

Vietnam Post expects this service to open more new business opportunities, especially for digital services

VietnamPostPay also provides financial management, cash flow, and non-cash payment solutions for digital platforms of Vietnam Post's partners in a safe and convenient way. At the same time, it also provides an electronic payment platform for collection and payment services for banks, insurance, e-wallets, mobile money, tax authorities, electricity, water, social insurance, and administrative public services.

For customers, VietnamPostPay brings many conveniences in non-cash payment. In particular, people in all regions of the country, especially in rural, remote and isolated areas without access to banks and credit institutions can easily use banking services, deposit and withdraw money, pay for postal services at post offices and agents of the Post.

The VietnamPostPay platform will contribute to fundamentally changing the method of providing digital technology in the field of electronic payment, creating outstanding utilities, meeting the needs of customers for non-cash payments. Thereby shortening the gap in digital technology application, non-cash payment between urban and rural areas, remote areas, mountainous areas and islands. Understanding the challenges, difficulties as well as extremely fierce competition in this field, Vietnam Post revealed that it had a clear strategic direction for development along with great experience in providing postal financial services and strict management from relevant divisions, the Payment Intermediary License would be certainly a trump card to help Vietnam Post to achieve its goals in deploying these new services together with accelerating successful digital transformation.