Vietnam: 05 regulations that customers should pay attention to when using electronic wallet in 2020

According to Clause 3 Article 1 of Circular No. 23/2019/TT-NHNN of the State Bank of Vietnam amending and supplementing Article 9 of Circular No. 39/2014/TT-NHNN, there are things that should be noted when using electronic wallet, specifically as follows:

Firstly, electronic wallets may be replenished from:

- Payment accounts or debit cards of customers (electronic wallet holders) opened at banks;

- Money transfers received from other e-wallets under the control of the same providers of e-wallet services.

Secondly, customers may use electronic wallets for:

- Paying for legitimate goods and services;

- Transferring money to other e-wallets under the control of the same providers of e-wallet services;

- Withdrawing money from e-wallets to make deposits into payment accounts or debit cards (electronic wallet holders) issued by banks.

Thirdly, total maximum limit on transactions performed via a personal electronic wallet of a customer at a provider of electronic wallet services (including payments for legal goods and services and money transfers from this electronic wallet to the other opened by the same provider of electronic wallet services) shall be 100 (one hundred) million of Vietnamese dong per month.

Fourthly, any act of using e-wallets to carry out transactions for money laundering, terrorism financing, fraudulent and other law-breaking purposes; hiring or leasing out, borrowing or borrowing out electronic wallets or purchasing or selling electronic wallet information, shall be strictly prohibited.

Fifthly, providers of electronic wallet services shall not extend credit to customers using electronic wallets, pay interest on electronic wallet balances or any act that may result in increase in monetary value in an electronic wallet compared to that loaded into that electronic wallet.

View more details at: Circular No. 23/2019/TT-NHNN of the State Bank of Vietnam takes effect from January 07, 2020.

Thu Ba

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