Conditions for providing cashless payment services via electronic means in Vietnam

In Vietnam, cashless payment is increasingly popular due to its convenience and speed in executing transactions. What conditions must an organization meet to provide cashless payment services through electronic means in Vietnam? Let's explore the article below.

1. What are conditions for providing cashless payment services via electronic means in Vietnam?

According to Article 5, Circular 15/2024/TT-NHNN issued by the Governor of the State Bank of Vietnam, organizations providing electronic means for cashless payment services must meet the following requirements:

(1) Comply with regulations on the creation, processing, use, preservation, and storage of electronic documents as per the legal provisions on electronic transactions.

(2) Establish a payment process that ensures sufficient information necessary for verifying and recognizing customers; meets technical infrastructure requirements; and manages risks, safety, and security when providing payment services through electronic means as per the regulations of the Governor of the State Bank of Vietnam and legal provisions on electronic transactions.

(3) Have a written agreement with customers and involved parties, clearly outlining the rights and obligations of the parties and the dispute resolution mechanism (if any) in accordance with the law.

(4) The bank must notify customers in the electronic environment about transaction evidence for payments made through electronic means. At a minimum, it must include the transaction reference number, transaction date, and transaction amount. The notification channel must be at least via SMS, Email, or another notification channel, and must be specified in a written agreement with customers.

(5) Comply with the legal provisions on anti-money laundering.

The organizations providing cashless payment services must be those specified in Clause 1, Article 2 of Circular 15/2024/TT-NHNN, including:

- The State Bank of Vietnam

- Commercial banks, policy banks, cooperative banks, branches of foreign banks

- People’s credit funds, microfinance institutions

- Public postal service providers

2. What are responsibilities of individuals and organizations using ccashless payment services in Vietnam?

In Vietnam, individuals and organizations using cashless payment services must bear the following responsibilities:

(1) Fully comply with conditions and procedures for payment services as stipulated in this Circular and as agreed upon between the payment service users and providers in accordance with the law.

(2) Refund or cooperate with the payment service provider to fully refund any money transferred in excess or by mistake (including operational errors, system failures of the payment service provider).

(3) Be legally responsible for the accuracy and authenticity of the payment information and documents provided by them.

(4) Protect the confidentiality of their account and transaction information to ensure safety and security in payment transactions; promptly notify the payment service provider if they detect any errors, mistakes, or suspect that their transaction information has been exploited.

(5) Fulfill other responsibilities as prescribed.

In addition to the above responsibilities, individuals and organizations using cashless payment services also have the following rights:

- The right to choose among the payment services offered by the payment service provider; the right to request and receive notifications, guidance, and warnings from the payment service provider to recognize and avoid risks when using payment services.

- The right to negotiate with the payment service provider about the rights and obligations when using payment services in compliance with legal provisions.

- The right to request the payment service provider to provide information on the execution of payment services as agreed upon with the payment service provider.

- The right to file complaints and request compensation from the payment service provider in cases where: the payment service provider performs the payment transaction later than agreed, fails to execute the payment transaction, or executes a payment transaction that does not match the payment order, charges the wrong service fees or rates that are not published by the payment service provider, and other violations of the agreement.

- The right to perform other rights as prescribed in Circular 15/2024/TT-NHNN and related legal provisions.

(Based on Articles 16, 17 of Circular 15/2024/TT-NHNN)

Respectfully!

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