Three non-cash payment activities will be implemented from July 1, 2024, in Vietnam

Three non-cash payment activities will be implemented from July 1, 2024, in Vietnam

On May 15, 2024, the Government issued Decree 52/2024/ND-CP, which regulates non-cash payments.

According to the Decree, there are three non-cash payment activities, including:

- Opening and using payment accounts.

- Non-cash payment services.

- Intermediary payment services.

- Organization, management, and supervision of payment systems.

The applicable entities include:

- Organizations providing non-cash payment services.

- Organizations providing intermediary payment services.

- Organizations and individuals involved in the provision of non-cash payment services and intermediary payment services.

- Organizations and individuals using non-cash payment services and intermediary payment services (herein referred after to as customers).

Three non-cash payment activities will be implemented from July 1, 2024, in Vietnam - image from the internet

What are the payment services included in the payment through customer payment accounts in Vietnam?

According to Article 17 of Decree 52/2024/ND-CP, the payment services through customer payment accounts include:

- Provision of payment instruments.

- Execution of payment services: checks, payment orders, payment mandates, collection orders, collection mandates, bank cards, money transfers, collection services, payment services.

- Other payment services carried out in accordance with the regulations of the State Bank.

Which organization is authorized to provide payment services without using customer payment accounts in Vietnam?

According to Article 18 of Decree 52/2024/ND-CP, the regulations regarding payment services without using customer payment accounts are as follows:

Payment services without using customer payment accounts

1. Payment services without using customer payment accounts include:

a) Execution of payment services: money transfers, collection services, payment services.

b) Other payment services not involving payment accounts, as regulated by the State Bank.

2. The organizations authorized to provide payment services without using customer payment accounts are:

a) Commercial banks, branches of foreign banks, and policy banks.

b) Cooperative banks that provide some payment services without using customer payment accounts, after being recorded in the establishment and operation license issued by the State Bank.

c) People's credit funds that provide money transfer services and perform collection and payment operations for their members and customers, after being recorded in the establishment and operation license issued by the State Bank.

d) Microfinance institutions that provide money transfer services, collection services, and payment services for their customers, after being recorded in the establishment and operation license issued by the State Bank.

dd) Utility postal service enterprises that provide money transfer services, collection services, and payment services after meeting the conditions specified in Article 19 of this Decree and receiving written approval from the State Bank.

3. The provision of payment services without using customer payment accounts shall comply with the regulations of the State Bank.

Therefore, the organizations authorized to provide payment services without using customer payment accounts include:

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

- Cooperative banks that provide some payment services without using customer payment accounts, after being recorded in the establishment and operation license issued by the State Bank.

- People's credit funds that provide money transfer services and perform collection and payment operations for their members and customers, after being recorded in the establishment and operation license issued by the State Bank.

- Microfinance institutions that provide money transfer services, collection services, and payment services for their customers, after being recorded in the establishment and operation license issued by the State Bank.

- Utility postal service enterprises that provide money transfer services, collection services, and payment services after meeting the conditions specified and receiving written approval from the State Bank.

Note: Decree 52/2024/ND-CP takes effect from July 1, 2024.

Best regards!