Hanoi, Vietnam: Responsibilities of entities using cashless payment services in Vietnam

Responsibilities of entities using cashless payment services in Vietnam

The responsibilities of  entities using cashless payment services in Vietnam include:

• Execute correctly and fully the conditions and procedures for payment services as stipulated in this Circular and as agreed upon between the organizations, individuals using the payment services and the service providers in accordance with legal regulations.

• Refund or collaborate with the payment service provider to refund fully the amount received due to over-transfer or erroneous transfer (including operational errors, payment service provider system malfunctions).

• Take legal responsibility for the accuracy and truthfulness of the payment information and documents provided.

• Protect their own account and transaction information to ensure safety and security in payment transactions; promptly inform the payment service provider upon discovering any errors or suspicious transaction information.

• Fulfill other responsibilities as stipulated in Circular 15/2024/TT-NHNN and other relevant legal regulations.

Rights of entities using cashless payment services in Vietnam

• Choose to use payment services from the payment service provider; have the right to request and receive notifications, guidance, and warnings from the payment service provider to recognize and prevent risks when using payment services.

• Negotiate with the payment service provider about rights and obligations when using payment services in accordance with legal regulations.

• Request the payment service provider to provide information on the execution of payment services as agreed with the payment service provider.

• Lodge complaints and demand the payment service provider to compensate for damages when: the payment service provider executes the payment transaction later than agreed, fails to execute the payment transaction, or executes the payment transaction incorrectly with the payment order, charges incorrect fees or incorrect fee rates as published by the payment service provider, and other violations as agreed.

• Exercise other rights as stipulated in Circular 15/2024/TT-NHNN and other relevant legal regulations.

More details can be found in Circular 15/2024/TT-NHNN, effective in Vietnam from July 1, 2024.

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