What are prohibited acts regarding cashless payments in Vietnam?

What are prohibited acts regarding cashless payments in Vietnam?

Pursuant to Article 8 of the Decree 52/2024/ND-CP, the prohibited acts regarding cashless payments in Vietnam include:

- Altering and erasing payment instruments and payment documents contrary to the law; forging payment instruments and payment documents; storing, selling, transferring, and using counterfeit payment instruments.

- Infiltrating or attempting to infiltrate, steal data, sabotage, or make illegal changes to software programs or databases used in payment; taking advantage of computer network errors for profiteering purposes.

- Providing untruthful information related to the provision or use of payment services and payment intermediary services.

- Disclosing or providing information on the balances of payment accounts, bank cards, or e-wallets and payment transactions of clients at payment service providers or payment intermediary service providers contrary to relevant laws.

- Opening or maintaining anonymous or impersonating payment accounts or e-wallets; purchasing, selling, hiring, leasing, borrowing, and lending payment accounts or e-wallets; hiring, leasing, purchasing, and selling bank cards or opening bank cards on behalf of others (excluding cases of anonymous prepaid cards); stealing or colluding with others to steal, purchase, or sell information on payment accounts, bank cards, or e-wallets.

- Issuing, providing, and using illegal payment instruments.

- Providing payment intermediary services without licenses to provide payment intermediary services issued by SBV. Providing payment services without being payment service providers.

- Performing, organizing, or enabling the following acts: using or taking advantage of payment accounts, payment instruments, payment services, or payment intermediary services to commit gambling, organize gambling, rig, deceive, and commit illegal trading and other illegal acts.

- Erasing and altering contents of licenses to provide payment intermediary services and purchasing, selling, transferring, leasing, lending, and forging such licenses.

- Authorizing or assigning other organizations or individuals to carry out licensed operations of agents according to licenses to provide payment intermediary services.

- Falsifying or forging documents proving eligibility for the issuance of licenses to provide payment intermediary services in applications for licenses.

- Operating contrary to contents prescribed in licenses to provide payment intermediary services.

- An owner of a payment account at a specific payment service provider that provides information for or commits to not having a payment account at another provider of payment services for parties with relevant rights and obligations according to the law on the disbursement of loans of credit institutions and foreign bank branches.

What are prohibited acts regarding cashless payments in Vietnam? - image from internet

What are payment services not through payment accounts of clients in Vietnam?

Pursuant to Clause 1 Article 18 of the Decree 52/2024/ND-CP stipulating payment services not through payment accounts of clients:

Payment services not through payment accounts of clients

1. Payment services not through payment accounts of clients include:

a) Implementation of money transfer, collection, and payment services;

b) Other payment services not through payment accounts implemented under the regulations of SBV.

2. Providers of payment services not through payment accounts of clients:

a) Commercial banks, foreign bank branches, and policy banks;

b) Cooperative banks may provide specific payment services not through payment accounts of clients as specified in their establishment and operation licenses issued by SBV.

c) People’s credit funds may provide specific money transfer, collection, and payment services for their members and clients as specified in their establishment and operation licenses issued by SBV;

c) Microfinance organizations may provide specific money transfer, collection, and payment services for their members and clients as specified in their establishment and operation licenses issued by SBV;

dd) Public postal service providers may provide money transfer, collection, and payment services when they meet the requirements prescribed in Article 19 of this Decree and receive written approval from SBV.

3. The provision of payment services not through payment accounts of clients shall comply with the regulations of SBV.

As regulated above, payment services not through payment accounts of clients include:

- Implementation of money transfer, collection, and payment services;

- Other payment services not through payment accounts implemented under the regulations of SBV.

What are providers of payment services not through payment accounts of clients in Vietnam?

Pursuant to Clause 2 Article 18 of the Decree 52/2024/ND-CP, providers of payment services not through payment accounts of clients:

- Commercial banks, foreign bank branches, and policy banks;

- Cooperative banks may provide specific payment services not through payment accounts of clients as specified in their establishment and operation licenses issued by SBV.

- People’s credit funds may provide specific money transfer, collection, and payment services for their members and clients as specified in their establishment and operation licenses issued by SBV;

- Microfinance organizations may provide specific money transfer, collection, and payment services for their members and clients as specified in their establishment and operation licenses issued by SBV;

- Public postal service providers may provide money transfer, collection, and payment services when they meet the requirements for the provision of payment services not through payment accounts of clients of public postal service providers and receive written approval from SBV.

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