The Governor of the State Bank of Vietnam issues the Circular regulating the maximum limit on transactions performed via e-wallet in Vietnam from October 1, 2024
Maximum limit on transactions performed via e-wallet in Vietnam from October 1, 2024 (Image from Internet)
On July 17, 2024, the Governor of the State Bank of Vietnam issued Circular 40/2024/TT-NHNN on instructions about payment intermediary services in Vietnam.
Article 26 of Circular 40/2024/TT-NHNN stipulates the maximum limit on transactions performed via e-wallets as follows:
- The total transaction limit via individual e-wallets of one customer at one e-wallet service provider (including money transfer and payment transactions as stipulated in points b, c, d, dd Clause 2 Article 25 of Circular 40/2024/TT-NHNN) is a maximum of 100 (one hundred) million VND per month.
- The regulation in Clause 1, Article 26 of Circular 40/2024/TT-NHNN does not apply to:
+ Individual e-wallets of persons who have signed contracts or agreements to act as payment acceptance units with e-wallet service providers.
+ Payment transactions: Online payments on the National Public Service Portal; electricity; water; telecommunications; various fees, charges, and service payments related to road vehicle operations; tuition fees; hospital fees; social insurance, health insurance, and insurance premiums according to the regulations in the Insurance Business Law 2022; repayments of due debts, overdue debts, interest, and other costs incurred with banks, foreign bank branches.
- E-wallet service providers must stipulate the total limit for payment transactions defined in point b Clause 2 Article 26 of Circular 40/2024/TT-NHNN via individual e-wallets of one customer to be no greater than the total transaction limit via individual e-wallets granted to that customer, as stipulated in Clause 1, Article 26 of Circular 40/2024/TT-NHNN.
- E-wallet service providers are responsible for monitoring, supervising, and ensuring that the use of customers' individual e-wallets complies with the limits granted to those customers. The e-wallet service providers are fully responsible if the customers use the e-wallets beyond the limits granted according to the regulations in Circular 40/2024/TT-NHNN.
According to Clause 2, Article 25 of Circular 40/2024/TT-NHNN, e-wallet holders are allowed to use the e-wallet to: - Withdraw funds from the e-wallet to the e-wallet holder's VND account at the linked bank; - Transfer money to VND accounts opened at banks or foreign bank branches, except as stipulated in point a Clause 2 Article 25 of Circular 40/2024/TT-NHNN; - Transfer money to another e-wallet within the same system (opened by one e-wallet service provider); - Transfer money to another e-wallet outside the system (opened by another e-wallet service provider); - Pay for goods and services; pay fees and charges for legal public services as prescribed by law. |
More details can be found in Circular 40/2024/TT-NHNN, which comes into force in Vietnam from July 17, 2024, except for the regulations in Clauses 2, 3, 4, 5, and 6 of Article 52 of Circular 40/2024/TT-NHNN.
To Quoc Trinh
Address: | 19 Nguyen Gia Thieu, Vo Thi Sau Ward, District 3, Ho Chi Minh City |
Phone: | (028) 7302 2286 |
E-mail: | info@lawnet.vn |