What digital transformation solutions will EPAY showcase at the Banking Industry Digital Transformation event series?

On the afternoon of April 25, 2024, the State Bank of Vietnam (SBV) conducted a press conference to announce the event Digital Transformation of the Banking Industry in 2024. As a participant entity, EPAY presented a wide range of perspectives on the banking industry's digital transformation in 2024.

Positive developments in the banking industry after implementing digital transformation

After three years of implementing Decision 810/QD-NHNN, dated May 11, 2021, the banking industry's digital transformation operations have yielded good outcomes. Specifically, from 2020 to 2022, the State Bank rated high among ministries and sectors in terms of developing digital transformation institutions. Friendly banking products and services offer practical benefits to fulfil consumers' different demands. Many fundamental procedures have been totally digitised, and many credit institutions in Vietnam undertake more than 90% of their transactions through digital channels.

In 2023, the banking sector has aggressively deployed a number of activities and solutions to use population data to clean, standardise, gather, and increase client databases. With a standardised and cleansed database, banks will be able to effectively leverage the supply of secure and easy goods and services, meeting the demands of personalisation and process simplicity while enhancing operational efficiency. Specifically, mobile payments climbed by 59.86% in quantity and 12.73% in value, while QR code payments increased by 242.46% in quantity and 157.2% in value when compared to the same time in 2022.

Digital transformation has become an unavoidable trend for banks to overcome obstacles, gain competitive advantages, proactively adapt, and expand sustainably.

Continue to enhance the digital ecosystem, enhancing the ease for customers

Speaking at the press conference, with the theme "Expanding connections and developing the digital ecosystem," Mr. Dang Thanh Tuan, Deputy General Director of EPAY, said that EPAY provides identity authentication solutions connecting the national database on population and cashless payments, applied in many fields: transportation, healthcare, aviation, banking, public services... using specialised identity authentication devices, comparing, verifying information, biometric

With EPAY's technology, users execute all processes, comparisons, and verifications proactively on smartphones, kiosks at counters, hospitals, and airports, reducing procedure wait times from 7-10 minutes to less than one minute.

EPAY will deliver an entirely new range of digital payment experiences to this year's event, including identity identification and biometric payment solutions via face, fingerprint, palm, iris, and so on.
As a result, users simply need to execute the first identity authentication with licensed devices/systems, and then utilise the registered biometric information to pay in a variety of fields conveniently, swiftly, and securely, even without carrying any device/card or physical form of payment.
EPAY believes that using biometrics and identity identification would usher in a new era of digital payments in Vietnam.


In 2023, with the theme "Application of population data in banking activities", EPAY and ETC are among the first units authorized by the National Population Data Center - C06, Ministry of Public Security, to connect to the National Population Database system, providing a solution to authenticate customers using chip-embedded citizen identification cards and through the VneID electronic identification application, allowing connection to the National Population Database System, multi-channel application (online and offline), multi-device (citizen identification card reader, face recognition camera, kiosk).