Vietnam: What are the uses of the payment guarantee accounts for provision of electronic wallet services?

According to Clause 2 Article 1 of Circular No. 23/2019/TT-NHNN of the State Bank of Vietnam amending and supplementing Article 8 of Circular No. 39/2014/TT-NHNN, providers of services auxiliary to authorized cash collection and payment services must agree with their acquiring partner banks on solvency guarantee measures for provision of these services, including opening payment guarantee accounts for services auxiliary to authorized cash collection and payment services or leaving margins or taking other security measures. Providers of electronic wallet services must open payment guarantee accounts to provide security for provision of these services. Payment guarantee accounts for provision of electronic wallets shall not be the same as those for provision of services auxiliary to authorized cash collection and payment services (if any), and must be separated from other payment accounts opened at acquiring partner banks.

Providers of electronic wallet services shall be obliged to keep total balance in all payment guarantee accounts for provision of electronic wallet services opened at acquiring partner banks not lower than total balance in all electronic wallets of customers at the same time.

Notably, payment guarantee accounts for provision of electronic wallet services may be used for:

- Depositing payments into payment accounts or debit cards that merchants open at acquiring banks;

- Sending reimbursements to payment accounts or debit cards of customers (electronic wallet holders) in the following cases:

+ Customers withdraw money from electronic wallets to their payment accounts or debit cards;

+ Customers no longer need electronic wallets;

+ Providers of electronic wallet services cease providing such services to customers;

+ Providers of electronic wallet services terminate their business, are deprived of licenses, are dissolved or bankrupt in accordance with laws;

- Depositing payments into merchant accounts of providers of public services in the event that customers use electronic wallets to make payments, pay fees or charges for legal public services as provided in law;

- Transferring money to payment guarantee accounts for other electronic wallet services which are opened by the same providers of electronic wallet services.

View other provisions at Circular No. 23/2019/TT-NHNN of the State Bank of Vietnam, effective from January 07, 2020.

Thu Ba

>> CLICK HERE TO READ THIS ARTICLE IN VIETNAMESE