On January 10, 2022, Co-opBank officially launched its Mobile Banking app and NAPAS Chip card. This is thanks to Co-opBank’s efforts and determination in comprehensive digital transformation to improve the quality of digital transformation services for PCFs and customers and to bring extensive financial services to the people, especially those in the rural areas…
According to Co-opBank’s Chairman Nguyen Quoc Cuong, in an extensive and powerful digital transformation setting, surely Co-opBank and the PCFs system cannot be ruled out. Co-opBank acknowledges that digital transformation is the most fundamental solution to transform the PCFs system in a safe and sustainable manner, and also a core approach for Co-opBank to out-perform its role as the supporting bank for the PCFs system.
However, it is very challenging for PCFs to transform on their own due to the limitations in financial, facilities and human resources plus geographical distances, thus requiring Co-opBank’s responsibility as the focal point for digital transformation. The Covid 19 pandemic has also posed an urgent need to develop payment and card applications to support the recovery of economic and trade activities”.
Standing Deputy Governor of the State Bank Dao Minh Tu gave a remark at the event
Therefore, Co-opBank has been rigorous in utilizing its resources for digital transformation to comply with the government and the SBV’s policies and stand firm in the market given fierce competition in the digital era. Co-opBank’s Mobile Banking app was launched after one year of development and will serve PCFs and Co-opBank’s customers, narrowing the gap between the “urban” and the “rural” areas and ensuring that no one is left behind.Having acknowledged this issue, as the focal point for digital transformation for the system, Co-opBank has taken responsibility in focusing its resources in modern banking investment for the PCFs system, and gradually transforms itself digitally to become the Bank of all PCFs.
Designed with user-friendly features, the app allows customers to perform and use the services easily. At the same time, the application of the latest technologies such as FaceID, Touch ID or Soft OTP to ensure transactions are executed in real time and securedly.
With customer experience as the top priority, Co-opBank has integrated a variety of services and utilities from basic to advance on the app to help users easily perform all transactions such as: money transfer, mobile phone top-up, utilities bill payment and etc. in a fast, time-saving, simple and convenient way.
Chairman of the Vietnam Cooperative Alliance Nguyen Ngoc Bao delivered a speech at the ceremony
Co-opBank Mobile Banking app also offers customers other transportation and entertainment- related services such as of booking airline tickets, buying movie tickets and etc.Users can use the QR Pay feature, scan the VNPAY-QR code for payment in shopping malls, convenience stores, clothing stores, restaurants, cafes or make pharmacies or taking a taxi… without using cash. It helps to ensure health and safety during the Covid-19 pandemic.
From January 10 to April 10, 2022, customers using and making transactions on Co-opBank Mobile Banking app will receive up to 80,000 VND offers. Specifically, 3,000 customers who successfully register, activate and make the first transaction on the application will be rewarded 30,000 VND to their mobile phone balance.
Co-opBank also offers 3,000 VNPAY-QR discount codes worthy of 50,000 VND/code, applying for payments of 100,000 VND upwards for customers who successfully download, activate and make transactions on the app from 51,000 VND or more. Customers are encouraged to download the Co-opBank Mobile Banking app now on the AppStore or GooglePlay to experience and receive many offers!
Also in this event, Co-opBank completed the conversion and launched the Co-opBank NAPAS chip card for domestic payment cardholders. Co-opBank NAPAS chip cards have fully adapted to the technical factors of safety and security as prescribed by the State Bank of Vietnam and the most advanced VCCS set of standards, which help to minimize fraud in card transactions.
Co-opBank NAPAS chip cardholders can use it for withdrawing money, transferring money, inquiring about accounts, payments for goods and services directly at POS/ATM card-accepting units nationwide with high security. Cards use microchips to store card information instead of on magnetic strips, which and fraudulent transactions because only the issuing bank can read the data in the card. Each transaction will have its own authentication code. This ensures the data is not stolen to forge card transactions.
Co-opBank has applied contactless chip technology – with just a light touch on the POS device without swiping or putting the chip in the card reader, customers can make small-valued transaction. With contactless chip card technology, customers will experience fast, convenient and safe forms of payment, suitable for small transactions.
From December 24, 2021 to January 31, 2022 Co-opBank is applying free charge to convert magnetic cards to Co-opBank Napas chip cards for domestic payment cardholders.
Launching ceremony of Co-opBank Mobile Banking application and Co-opBank NAPAS chip card
The implementation of the Co-opBank Mobile Banking application and the Co-opBank NAPAS Chip card affirms Co-opBank’s determination for comprehensive digital transformation, bringing the bank closer to the people, especially in remote areas. In addition, the new digital banking application is expected to help improve customer service quality, making transactions faster and more convenient. It is also the next step in the journey towards a payment gateway for PCFs.
Standing Deputy Governor of the State Bank Dao Minh Tu: Enhancing Co-opBank’s position in the PCFs system
The official launching ceremony of Mobile Banking application and Chip card Co-opBank Napas is an important event. Personally, I am very excited and highly appreciate the launch of these two products.
It can be said that this is an important step for Co-opBank and we also appreciate the quick and drastic adaptation to the implementation of the policies of the SBV. The development strategy of the banking industry sets out that digital transformation is
now both an opportunity and a challenge, and the victory will belong to those who dominate the market through rapid digital transformation development.
From now, Co-opBank has more products to offer and they will enhance the role of Co-opBank in the function of the focal organization position in the PCF system.
I hope that these products will be further developed and contribute to the convenience for users.
Chairman of the Vietnam Cooperative Alliance Nguyen Ngoc Bao: Increasing the capacity to support members of the PCFs.
The official launching event of Co-opBank Mobile Banking app and Co-opBank NAPAS Chip card is an important event for the PCFs system.This event also marked a strong step forward, affirming Co-opBank’s position in the financial and monetary market of Vietnam.
I am extremely glad that now we finally have a solution to PCFs’ complains PCFs that they were being fiercely competed by commercial banks as Co-opBank’s digital app and chip cards are officially launched today. We will continue to grow our confidence on the development of Co-opBank and the PCF system.
Only through digital transformation, Co-opBank and PCF system can increase competitiveness thereby strengthen their market stand to serve the supply chain and domestic transaction chain. This is an inevitable trend and has been proven during the past 2 years in Covid-19 context, in which cooperatives have been forced to convert digitally, especially in product consumption to minimize the disruption of value and supply chains and connect with large supermarket chains, including exporting agricultural products.
VNPay Vice Chairman Nguyen Tuan Luong: Banking services in the palm of your hands
As a partner accompanying Co-opBank to design Mobile Banking app in the past 12 months, VNPay has made the most of its experiences with past successes and failures to cut time and resources needed for this app.
I strongly believe that the Co-opBank Mobile Banking will provide customers the best experience and allow them to access financial services in a modern, safe and reliable way.
NAPAS Deputy General Director Nguyen Quang Minh: Continuing to develop new payment products and services
With the co-operation between NAPAS and Co-opBank in providing Napas 247 Instant Transfer service on Co-opBank Mobile Banking app and Co-opBank NAPAS chip card, customers will have a fast, convenient and safe payment/money transfer channel; as well as increasing the experience when using Co-opBank’s digital banking services.
In the Industrial Revolution 4.0 and the strong digital transformation setting, the co-operation between NAPAS and Co-opBank in providing Napas 247 Quick Transfer service on Co-opBank Mobile Banking app and Co-opBank chip card NAPAS is the foundation for the two institutions to continue to expand and develop products, new payment services for customers in the near future such as payment with VietQR code, payment support service integrated on mobile banking channel,…thereby promoting the people’s habit of non-cash payments, implementing comprehensive financial education, towards the goal of “a cashless nation”.
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