Digital transformation of the banking industry 2024: ETC and EPAY "revolutionise" digital payment needs in Vietnam

On April 8, 2024, ETC and EPAY attended the State Bank of Vietnam's Digital Transformation of the Banking Industry event, which aimed to implement technology application solutions and improve user experience across all fields.

The event was attended by Prime Minister Pham Minh Chinh, Deputy Minister of Public Security Nguyen Duy Ngoc, Governor of the State Bank Nguyen Thi Hong, Hanoi municipal officials, Departments, Boards and Branches, and 16 banks and payment intermediary organisations. The Digital Transformation Exhibition was held as part of the event to introduce and display typical and outstanding products and services in non-cash payments in general, and for public services in particular; as well as to introduce trends and demonstrate the most recent digital payment solutions.

EPAY introduced many new payment solutions at the event, allowing users to authenticate their identity once and apply biometric payments in various fields, with outstanding features such as: authentication of identity documents, payment by: face, fingerprint, palm, iris,.etc; as well as practical applications in the fields of: transportation, healthcare, administration, food and beverage, and so on.

At this year's event, EPAY "upgraded" its conventional solutions with a range of wholly new digital payment experiences. As a result, users just need to execute the initial identity identification with licensed devices/systems, after which they can use the registered biometric information to pay in a variety of fields effortlessly, swiftly, and securely, even without carrying any physical devices/cards or payment methods.

Ms. Nguyen Mai Phuong, General Director of EPAY, stated: "In order to carry out the tasks of Project 06 and improve people's experiences, EPAY has provided identity authentication solutions connecting the national database on population and cashless payment, applied in many fields: transportation, healthcare, aviation, banking, public services... using specialised identity authentication devices, comparing, verifying information, biometric identification. With EPAY's technology, users execute all procedures, comparisons, and verifications proactively on devices and kiosks at counters, hospitals, and airports, reducing procedure wait times from 7-10 minutes to less than one minute."

The initial results of EPAY's strategy of "revolutionising" the banking industry's digital transformation include the continual release of digital service goods and solutions in recent years, as well as the process of significantly improving customer experience.

With the objective of pioneering identity authentication and payment intermediary solutions, EPAY is confident that biometric technology and identity authentication will usher in a new era of digital payments in Vietnam in the future.