Vietnam: The total maximum limit on transactions performed via a personal electronic wallet shall be 100 million of Vietnamese dong per month

10:10, 30/11/2019

Recently, the State Bank of Vietnam issued Circular No. 23/2019/TT-NHNN on amendments and supplements to Circular No. 39/2014/TT-NHNN dated December 11, 2014 of the Governor of the State Bank of Vietnam guiding the intermediary payment services.

According to Circular No. 23/2019/TT-NHNN of the State Bank of Vietnam, the 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 million of Vietnamese dong per month.

This limit shall not apply to personal electronic wallets of persons signing merchant contracts/agreements to become entities accepting payments with providers of electronic wallet services.

Notably, 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.

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