What is the minimum age to get a debit card in Vietnam?

What is the minimum age to get a debit card in Vietnam?

Pursuant to Clause 1 Article 16 of the Circular 19/2016/TT-NHNN (amended by Clause 7 Article 1 of the Circular 26/2017/TT-NHNN) stipulating subjects to be issued with debit cards as follows:

Eligible entities

1. For principal cardholders being individuals:

a) Any person who is 18 years of age or older and has full legal capacity as prescribed by law is permitted to use debit cards, credit cards and/or prepaid cards;

b) Any person who is 15 to less than 18 years of age and does not have lack of legal capacity or limited legal capacity is permitted to use debit cards, credit cards and prepaid cards.

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4. In addition to the requirements for eligibility to use cards as specified in Clause 1, Clause 3 of this Article, a foreigner is considered eligible to use cards if he/she is permitted to stay in Vietnam for 12 months or longer.

Thus, the minimum age to get a debit card is 15 years old and must not lose or limit civil act capacity.

In case the debit card user is a foreigner, he or she must be allowed to reside in Vietnam for a period of 12 months or more.

What is the minimum age to get a debit card in Vietnam? - Source: Internet

Does the primary cardholder need to have a payment account when issuing a debit card in Vietnam?

Pursuant to Clause 3 Article 10 of the Circular 19/2016/TT-NHNN (amended by Clause 3 Article 1 of the Circular 26/2017/TT-NHNN) stipulating procedures for card issuance as follows:

Procedures for card issuance

1. A card issuer must lay down internal regulations on card issuance within its system. When issuing non-physical cards, a card issuer must formulate documents on process of card opening and closing, process of card transactions, process of risk management (including the following steps: Identification, measure, control and actions against risks), scope of card usage and measures for control of card usage within the agreed scope.

2. Before issuing a new card model or changing the current card model, the card issuer must submit a notification of card model to be issued to the State Bank of Vietnam according to the template stated in the Appendix enclosed herewith. If issuing non-physical cards, the card issuer must enclose this written notification with documents about the issuance of non-physical cards as specified in Clause 1 of this Article.

3. When a principal cardholder requests a card issuer to issue a debit card, the principal cardholder is required to have a payment account opened at such card issuer.

4. Any arrangement on card issuance and usage must be made in the form of agreement on card issuance and usage in accordance with this Circular and relevant law provisions. The contents of the agreement shall comply with Article 13 of this Circular.

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As regulations above, the primary cardholder need to have a payment account at the card issuer when issuing a debit card in Vietnam.

What are rules of debit card usage in Vietnam?

Pursuant to Article 17 of the Circular 19/2016/TT-NHNN (amended by Clause 9, 10, 11, Article 1 of the Circular 17/2021/TT-NHNN, Clause 3 Article 1 of the Circular 26/2017/TT-NHNN and Clause 6 Article 1 of the Circular 28/2019/TT-NHNN) stipulating rules of debit card usage in Vietnam as follows:

- The cardholder must provide complete and accurate information as required by the card issuer when entering into the card issuance and use contract and is responsible for the accuracy of the information provided.

- When using a debit card with overdraft, the cardholder must use the money for the right purpose and pay to the card issuer in full and on time all loan amounts and interest arising from the use of the card under the contract signed with the card issuer.

- Scope of use of the card:

+ The card can be used to perform card transactions as agreed between the cardholder and the card issuer.

+ The card is used to pay for the purchase of legal goods and services in accordance with the laws of Vietnam, including the case of purchasing goods and services abroad.

+ Debit cards issued by electronic means do not withdraw foreign currency cash abroad, international payment except for the case of withdrawing foreign currency cash abroad, international payment when implementing one of the measures specified in Clause 4 of Article 10a of Circular 19/2016/TT-NHNN.

+ The card issuer, the card payment organization is responsible for implementing necessary measures to update, check, review, reconcile and identify customers during the use of the card.

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