Payment services not through payment accounts of clients in Vietnam as of July 1, 2024

Payment services not through payment accounts of clients in Vietnam as of July 1, 2024 (Internet image)

Regarding this matter, LawNet would like to answer as follows:  

On May 15, 2024, the Government issued Decree 52/2024/ND-CP on cashless payments in Vietnam.

1. Payment services not through payment accounts of clients in Vietnam as of July 1, 2024

Payment services not through payment accounts of clients in Vietnam as of July 1, 2024 are regulated in Article 18 of Decree 52/2024/ND-CP as follows:

(1) 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.

(2) 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 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.

2. Requirements for the provision of payment services not through payment accounts of clients of public postal service providers in Vietnam

Public postal service providers may provide payment services not through payment accounts of clients when they adequately meet and ensure the maintenance of the following requirements during the provision of payment services not through payment accounts of clients:

- Having information systems serving the provision of payment services not through payment accounts of clients that meet the requirements for safety assurance of information systems grade 3 as prescribed by the law.

- Personnel requirements: legal representatives, Directors-General (Director), and persons in charge of the provision of payment services not through payment accounts of public postal service providers shall have at least a bachelor’s degree concerning one of the following majors: economy, business administration, law, and information technology.

Core officials carrying out the provision of payment services not through payment accounts of clients (including Heads of divisions (departments) or equivalents and technical officials) shall have at least a college diploma concerning one of the following majors: economy, business administration, law, information technology, or specific professional fields.

- Having technical and professional procedures for each type of service; having measures to ensure solvency and maintain the balances of their payment accounts at banks and an amount of cash larger than the amount paid to clients at the time of payment; procedures for intramural inspection and control; risk management regulations; general principles and intramural regulations on anti-money laundering, terrorism financing, and financing of proliferation of weapons of mass destruction; procedures for handling review requests, complaints, and disputes; regulations on rights and responsibilities of concerned parties. 

- Having schemes to collect and transfer cash to ensure its transfer to payment accounts at the end of the day and ensure the safety and security of the cash transfer; equipment ensuring the delivery and management of cash, regulations on limits for money transfer, money receipt, and fund balances at service provision locations; assurance of fire safety as prescribed by the law.

(Article 19 of Decree 52/2024/ND-CP)

Nguyen Ngoc Que Anh

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