Amendments on issuing bank cards digitally in Vietnam

Bao Ngoc

14:10, 17/06/2022

On November 16, 2021, the State Bank of Vietnam issued Circular 17/2021/TT-NHNN amendments on < a href="https://lawnet.vn/vb/thong-tu-19-2016-tt-nhnn-hoat-dong-the-ngan-hang-4d298.html" class="green-text" target=" _blank" >Circular 19/2016/TT-NHNN on bank card operations.

According to the Circular, supplementing the regulation that card issuers (CCPs) can debit cards, credit cards, personalized prepaid cards to principal cardholders who are individuals using electronic method in Vietnam

The procedures for issuance of individual cards using electronic method includes at least containing the following:

- Collect necessary information and documents before entering into an agreement on card issuance and usage with the customer to identify the customer and transaction limit of the debit card, personalized prepaid card, credit card.

- Inspect, collate, and verify the customer identification information.

- Warn the customer about prohibited acts during the opening and usage of the card issued electronically.

- Provide the customer with an agreement on card issuance and usage and enter into the agreement on card issuance and usage with the customer in accordance with law on electronic transactions

- Notify name of the card issuer, name and trademark of card, card number, validity period (or commencement date of validity) of card, name of cardholder, scope and functions of the card, prohibited acts in law on card usage for customers.

Circular 17/2021/TT-NHNN takes effect from January 1, 2022.

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