Prohibited acts in cashless payments in Vietnam from July 1, 2024

Prohibited acts in cashless payments in Vietnam from July 1, 2024 (Image from the internet)

1. Prohibited acts in cashless payments in Vietnam from July 1, 2024

The prohibited acts in cashless payments from July 1, 2024, are stipulated in Article 8 of Decree 52/2024/ND-CP as follows:

- Altering, erasing payment instruments, payment documents that are not compliant with the law; falsifying payment instruments, payment documents; storing, circulating, transferring, using counterfeit payment instruments.

- Intruding or attempting to intrude, stealing data, destroying, illegally altering software programs, electronic data used in payments; exploiting network system errors for profiteering.

- Providing untruthful information related to the provision or use of payment services, intermediary payment services.

- Disclosing, providing information on account balances, bank card balances, e-wallet balances, and customers' payment transactions at payment service providers, intermediary payment service providers contrary to relevant legal provisions.

- Opening or maintaining anonymous or pseudonymous payment accounts, e-wallets; buying, selling, renting, leasing, borrowing, lending payment accounts, e-wallets; renting, leasing, buying, selling, opening bank cards on behalf of others (except for anonymous prepaid cards); stealing, colluding to steal, buying, selling payment account information, bank card information, e-wallet information.

- Issuing, providing, and using illegal payment instruments.

- Providing intermediary payment services without a license issued by the State Bank of Vietnam. Providing payment services without being a payment service provider.

- Engaging, organizing, or facilitating acts of using, exploiting payment accounts, payment instruments, payment services, intermediary payment services to gamble, organize gambling, fraud, deceit, illegal business, and other illegal activities.

- Erasing, altering content, buying, selling, transferring, renting, lending, counterfeiting the License for intermediary payment service provision.

- Entrusting, appointing agents to organizations or individuals to carry out activities permitted under the License for intermediary payment service provision.

- Committing fraud, forgery of documents proving eligibility to obtain the License for intermediary payment service provision in the application dossier for the License.

- Operating in violation of the provisions specified in the License for intermediary payment service provision.

- Account holders with payment accounts at payment service providers providing information or committing not to have a payment account at the payment service provider to relevant parties according to the law on disbursement of loan capital by credit institutions, foreign bank branches.

2. Responsibilities of the State Bank of Vietnam in managing cashless payment in Vietnam

- Issuing under authority or submitting to competent authorities for issuance of legislative documents on cashless payment activities; stipulating the management, connection, and data sharing for cashless payment activities.

- Organizing, managing, operating, supervising the national payment system; participating in organizing, supervising the operation of other critical payment systems within the economy; supervising the activities of payment service provision and intermediary payment service provision.

- Approving in writing the participation in the international payment system of commercial banks, foreign bank branches.

- Granting, amending, supplementing and revoking Licenses for intermediary payment service provision of intermediary payment service providers.

- Approving and revoking the operation of non-account based payment services of public postal service providers to customers.

- Inspecting, auditing, and handling according to authority the violations of the law on cashless payment activities of organizations and individuals.

- Managing international cooperation activities in the field of payments; leading and cooperating with relevant agencies in managing international payment activities.

(Article 4 of Decree 52/2024/ND-CP)

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