Guidelines for electronic transaction confirmation via the online banking system in Vietnam

Guidelines for electronic transaction confirmation via the online banking system in Vietnam​ (Image from the Internet)

On October 31, 2024, the Governor of the State Bank of Vietnam issued Circular 50/2024/TT-NHNN stipulating safety and security for the provision of online services in the banking sector.

Guidelines for electronic transaction confirmation via the online banking system in Vietnam​

According to Article 10 of Circular 50/2024/TT-NHNN, the confirmation of electronic transactions via online banking in Vietnam is stipulated as follows:

- For online payment transactions:

(i) For payment transactions using payment accounts or e-wallets, or money transfer transactions from debit cards, named prepaid cards, the entity classifies transactions according to the transaction type groups stipulated in Appendix 01 issued together with Circular 50/2024/TT-NHNN and applies the confirmation method stipulated in Appendix 02 issued together with Circular 50/2024/TT-NHNN, except for the provisions in (ii), (iii), (iv), and (v);

(ii) For payment transactions processed through straight-through processing, the entity confirms the transaction with at least one of the confirmation methods stipulated in Clauses 7, 8, 9 of Article 11 of Circular 50/2024/TT-NHNN; (This regulation will take effect from January 1, 2026)

(iii) For online card payment transactions (excluding money transfer transactions), the entity classifies transactions according to the transaction type groups stipulated in Appendix 03 issued together with Circular 50/2024/TT-NHNN and applies the confirmation methods stipulated in Appendix 04 issued together with Circular 50/2024/TT-NHNN;

(iv) For transactions where the entity autonomously debits payment accounts, autonomously debits e-wallets, autonomously pays from the customer’s card according to agreements with the customer, the transaction confirmation stipulated in (i), (iii) does not need to be applied;

(v) For online payment transactions on the National Public Service Portal, payment into the state budget, the transaction confirmation stipulated in (i) and (iii) is not mandatory.

- For transactions registering automatic debit from payment accounts, automatic debit from e-wallets, automatic payment from the customer’s card, the entity applies at least one of the confirmation methods stipulated in Clauses 3, 4, 5, 7, 8, 9 of Article 11 Circular 50/2024/TT-NHNN.

- For other transactions, besides those stipulated in Clauses 1, 2 of Article 10 Circular 50/2024/TT-NHNN, based on risk assessment and compliance with relevant legal regulations, the entity chooses an appropriate confirmation method according to the provisions of Article 11 Circular 50/2024/TT-NHNN to provide to registered customers and bear responsibility for this choice.

- In the case where the customer is disabled, the entity, based on its conditions and capabilities, provides and guides the disabled customer to choose an appropriate confirmation method, not mandatory to apply the provisions in Clauses 1, 2, 3 of Article 10 Circular 50/2024/TT-NHNN, but must ensure to verify and confirm the customer's consent when conducting transactions according to the legal regulations on electronic transactions and Circular 50/2024/TT-NHNN.

More details can be found in Circular 50/2024/TT-NHNN (effective from January 1, 2025).

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