Decree 52/2024/ND-CP on Non-cash Payments Effective from July 01, 2024
Decree 52/2024/ND-CP on cashless payment applicable from July 1, 2024?
On May 15, 2024, the Prime Minister of the Government of Vietnam promulgated Decree 52/2024/ND-CP regulating cashless payment.
The subjects of application Decree 52/2024/ND-CP include:
- Organizations providing cashless payment services
- Organizations providing intermediary payment services
- Organizations and individuals related to activities providing cashless payment services and intermediary payment services.
- Organizations and individuals using cashless payment services and intermediary payment services
Decree 52/2024/ND-CP on cashless payment applicable from July 1, 2024
What are the responsibilities of the State Bank in managing cashless payment activities?
According to Article 4 of Decree 52/2024/ND-CP, the State Bank's responsibilities in managing cashless payment activities are as follows:
- Issuing or submitting to competent authorities for promulgation legal documents on cashless payment activities; regulating the management, connection, and data sharing for cashless payment activities.
- Organizing, managing, operating, and supervising the national payment system; participating in organizing and supervising the operation of other important payment systems in the economy; supervising the provision of payment services and intermediary payment services.
- Issuing written approval for participation in the international payment system by commercial banks and foreign bank branches.
- Issuing, amending, supplementing, and revoking licenses for the provision of intermediary payment services by intermediary payment service providers.
- Approving and revoking written activities for the provision of cashless payment services without customer payment accounts by public postal service providers.
- Inspecting, examining, and handling violations of law in cashless payment activities by organizations and individuals according to its authority.
- Managing international cooperation activities in the field of payment; taking the lead and cooperating with functional agencies in managing international payment activities.
What behaviors are prohibited when making cashless payments from July 1, 2024?
Based on the provisions of Article 8 of Decree 52/2024/ND-CP, the prohibited behaviors when making cashless payments include:
- Altering, erasing payment means, payment documents contrary to the law; counterfeiting payment means or payment documents; storing, circulating, transferring, or using counterfeit payment means.
- Unauthorized access or attempts to access, stealing data, sabotaging, illegally altering electronic software programs or data used in payment; exploiting computer network system errors for profit.
- Providing false information related to the provision or use of payment services or intermediary payment services.
- Disclosing or providing information about the balance in payment accounts, bank card balances, e-wallet balances, and customers' payment transactions at payment service providers or intermediary payment service providers contrary to relevant legal regulations.
- Opening or maintaining anonymous or pseudonymous payment accounts or e-wallets; buying, selling, renting, or leasing; borrowing, lending payment accounts or e-wallets; renting, leasing, buying, selling, opening bank cards on behalf (except for anonymous prepaid cards); stealing, conspiring to steal, buying, selling payment account information, bank card information, and e-wallet information.
- Issuing, providing, and using illegal payment means.
- Providing intermediary payment services without the State Bank's permission. Providing payment services without being a payment service provider.
- Executing, organizing the execution of or enabling acts of utilizing or exploiting payment accounts, payment means, payment services, or intermediary payment services for gambling, organizing gambling, fraud, cheating, unlawful business operations, and other law-violating acts.
- Erasing, altering contents, buying, selling, transferring, renting, lending, or counterfeiting the License to provide intermediary payment services.
- Entrusting or authorizing other organizations or individuals to perform permitted activities according to the License to provide intermediary payment services.
- Committing fraud, counterfeiting documents proving the eligibility for obtaining the License to provide intermediary payment services in the application dossier for the License.
- Operating contrary to the contents specified in the License to provide intermediary payment services.
- Account holders having payment accounts at payment service providers but providing information or committing to not having payment accounts at payment service providers for parties having rights and obligations related to loan disbursement from credit institutions or foreign bank branch loans according to the law.
Decree 52/2024/ND-CP takes effect from July 1, 2024.
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