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Banking & Finance

TPBank the first to enable cardless cash withdrawals

Released at: 14:28, 09/11/2018

TPBank the first to enable cardless cash withdrawals

A customer withdraws cash from an ATM by QR code (Photo: VNA)

Withdrawals now available via QR Code.

by Linh Chi

The Tien Phong Commercial Joint Stock Bank (TPBank) has become the first bank in Vietnam to allow cardless cash withdrawals using a QR Code at both its ATMs and Livebank service, according to a report from the Vietnam News Agency.

The news agency quoted the bank as announcing recently that it had completed an update allowing cash withdrawals by QR Code. To use the function, customers need to download QuickPay for iPhone or Android phones, then connect their bank account to QuickPay.

The bank said cash withdrawals by QR Code provide safety, speed and convenience to customers.

In addition to cash withdrawals, the bank’s QR Code can also be used for payments at thousands of shops or vending machines nationwide.

TPBank was also one of the first banks in the country to complete the issuance of domestic chip cards with integrated contactless payment features based on the domestic chip standard of the State Bank of Vietnam (SBV).

This increases security, as Vietnam has become a focal point of data theft because most domestic cards in the country are magnetic cards that can be copied easily, the news agency noted.

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