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PayNet connects service suppliers with banks to help foster e-payment

PayNet Network was officially launched with the presence of representatives coming from the State Bank of Vietnam, Vietnam Posts and Telecommunications Group, Ministry of Trade, Bbanks and Financial Institutions, Telecom Companies, Technology companies and press agencies.

April 3, 2007 - Hanoi

At the ceremony, representatives of the State Bank of Vietnam and Ministry of Trade presented their congratulation speeches. Mr. Tran Huu Linh, Deputy Head of the Department of E-Commerce stated that “e-payments for prepaid or postpaid services by credit cards or debit cards have become more popular in the world. PayNet is a pioneer in connecting and providing e-payment and distribution for service suppliers via banking system. From now on, the monthly payment for bills of households can be done at any agent of PayNet, via ATM, POS, KIOS terminals of relevant banks. Accordingly, e-commerce and non-cash payment are really supported to develop in Vietnam”.

And at the ceremony, PayNet signed Agreement on card service and bill payment cooperation with 04 banks including ABBank, NaviBank, Techcombank and VP Bank. PayNet also signed a Cooperation Agreement with 03 other banks includnig VIB Bank, Military Bank, Maritime Bank.
Regarding the event, Mr. Nguyen Chien Thang, CEO of PayNet Payment Network said “Today, we are pleased to be here to sign agreement with first banks involving in payment network of PayNet. This demonstrates your trusts with PayNet in terms of connecting and providing e-billing service. We are always willing to take any chance to cooperate with more service suppliers and banks to expand our network to increase payment utilities for bank account holders and bankcard holders.”

Mr. Nguyen Hoai Anh, Vice General Director of An Binh Bank also stated “PayNet is the first network dealing with e-billing payment service, able to connect banks with service suppliers and develop paying agent chain nationwide. Basing on only one connection to PayNet, banks can focus on implementing strategies of developing customers, producing new products, improving service quality to increase the operation efficiency. Thanks to the cooperation with PayNet, e-billing payment service for electricity, water, telephone, insurance, etc can be conducted soon. “

At the ceremony, PayNet signed an agreement with some technology partners and kicked off the project of connecting payment service with banks and service suppliers. Mr. Ben Lim, CEO of OpenWay Asia said ”we have honor to become PayNet’s strategic technology partner and solution provider of e-payment processing. This kind of payment has been successfully carried out in countries in Europe, the Middle East and South East Asia such as Thailand and Indonesia. Therefore, we totally believed that the Payment Network project will be successfully implemented, bringing out the simplification and convenience in e-payment for customers. Accordingly, we will be given opportunities to gain and become card solutions provider for other banks in Vietnam.”

With the same idea, Mr. Ng Kay Hong, Regional Director of VeriFone APEC stated that “a series of value-added applications of POS devices labeled VeriFone and Lipman will be activated by us together with PayNet, which provides services of prepaid code distribution, bill payment, money transfer, money top – up and bank management. The service will be shared and transferred to relevant banks by PayNet and Tomcom (VeriFone’s partner in Vietnam), which helps to increase efficiency in trading and card payment acceptance of every POS device”.

At the launching campaign, the first service introduced to consumers by PayNet is e-distribution of prepaid codes of mobile phone suppliers at its payment agents. Basing on the network expansion scheme by installing more POS devices, PayNet will become the first e-distribution channel of mobile phone prepaid codes to partially reduce costs and time of printing, packing, transporting and storing prepaid cards. PayNet’s agents will soon involve in e-payment system without worrying about purchasing and storing prepaid cards. These agents will be also assisted with recognition acceptance mark system, logos and promotion publications by PayNet. The customers who buy and enter mobile phone prepaid code will be issued with an e-bill printed directly from POS device after a quick and simple card striking.

Mr. Tran Huu Cuong, CTO of PayNet said “an e-distribution transaction using payment card technology will be completed within 30 seconds. The prepaid code is transferred from PayNet’s digital warehouse will be directly delivered to POS devices and the e-bill will be printed out by POS devices placed at agents”.

Mr. Cuong added “right after signing agreement, the distribution of prepaid codes for mobile phone, internet telephone and game will be kicked off via ATM, POS of contractual banks in July 2007.

With the motto of “ Simplifying Payment”, PayNet Payment Network was officially launched and to take part in speeding up e-payment process via commercial banks. Accordingly, consumers and households can directly pay prepaid and postpaid bills of mobile phone, fixed telephone, internet phone, game, electricity, water, insurance, etc at PayNet’s agents.

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