Directive on the Use of Services Only with E-Wallets Linked to Primary Account and Debit Card Holders Effective from July 1, 2024.
Only allow the use of services with e-wallets linked to the account, and debit cards of the account holder from July 1, 2024?
Based on Article 6 of Decree 52/2024/ND-CP which regulates e-wallets and prepaid cards as follows:
E-wallets, prepaid cards
1. E-wallets, prepaid cards are means for storing electronic money.
2. Banks, and branches of foreign banks are allowed to issue and provide e-wallets, and prepaid cards. The issuance, provision, and use of e-wallets, and prepaid cards must comply with regulations of the State Bank of Vietnam.
3. Organizations providing intermediary payment services offering e-wallet services must ensure maintaining the total balance on all accounts ensuring payments for e-wallet services opened at banks, and branches of foreign banks is not less than the total balance of all e-wallets issued to customers; only allow the use of services for e-wallets linked to the payment account, and debit card of the customer.
Thus, based on the above provisions, organizations providing intermediary payment services offering e-wallet services only allow the use of services for e-wallets linked to the payment account, and debit card of the customer.
Only allow the use of services with e-wallets linked to the account, and debit cards of the account holder from July 1, 2024?
What are the State Bank’s responsibilities for the management of non-cash payment activities?
According to Article 4 of Decree 52/2024/ND-CP which regulates the responsibilities of the State Bank of Vietnam for the management of non-cash payment activities as follows:
- Issue within its competence or submit to competent authorities for issuance legal documents on non-cash payment activities; regulate the management, connection, and sharing of data for non-cash payment activities.
- Organize, manage, operate, and supervise the national payment system; participate in organizing and supervising the operation of other important payment systems in the economy; supervise the provision of payment services and intermediary payment services.
- Give written approval for commercial banks and branches of foreign banks to participate in the international payment system.
- Grant, amend, supplement, and revoke licenses for the provision of intermediary payment services of intermediary payment service providers.
- Approve and revoke written operation of non-account payment services provided by state public postal service providers.
- Inspect, audit, and handle according to its competence violations of non-cash payment activities by organizations or individuals.
- Manage international cooperation activities in the field of payment; lead and cooperate with relevant agencies in managing international payment activities.
Which acts are prohibited in non-cash payment activities?
According to Article 8 of Decree 52/2024/ND-CP, the acts prohibited in non-cash payment activities are as follows:
- Altering, erasing payment means, and payment documents against the law; counterfeiting payment means, and payment documents; retaining, circulating, transferring, or using counterfeit payment means.
- Unauthorized intrusion or attempts to intrude, steal data, destroy, or alter electronic software programs, and data used in payments; exploiting network system errors to profit.
- Providing dishonest information related to the provision or use of payment services, and intermediary payment services.
- Disclosing or providing information on the balance in payment accounts, bank card balances, e-wallet balances, and payment transactions of customers at payment service providers, and intermediary payment service providers not in accordance with relevant legal regulations.
- Opening or maintaining anonymous, or pseudonymous payment accounts and e-wallets; buying, selling, renting, leasing, borrowing, and lending payment accounts, and e-wallets; renting, leasing, buying, selling, and opening bank cards by proxy (except for anonymous prepaid cards); stealing, colluding to steal, buying, or selling payment account information, bank card information, and e-wallet information.
- Issuing, providing, and using illegal payment means.
- Providing intermediary payment services without a license from the State Bank. Providing payment services without being a payment service provider.
- Performing, organizing, or facilitating acts of using, or exploiting payment accounts, payment means, payment services, and intermediary payment services for gambling, organizing gambling, fraud, and illegal business, and performing other illegal acts.
- Erasing, altering the content, buying, selling, transferring, leasing, lending, and counterfeiting licenses for the provision of intermediary payment services.
- Delegating or appointing agents to perform activities permitted by the license for the provision of intermediary payment services.
- Fraudulently falsifying documents proving eligibility for a license for the provision of intermediary payment services in the application dossier.
- Conducting activities not in accordance with the provisions of the license for the provision of intermediary payment services.
- Account holders having payment accounts at payment service providers but providing information or committing that they do not have payment accounts at payment service providers to parties with rights and obligations according to the law on the disbursement of loan capital of credit institutions, and branches of foreign banks.
Decree 52/2024/ND-CP takes effect from July 1, 2024.
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