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09 Dec
New regulations on use of electronic wallets in force from January 7, 2020
State Bank of Vietnam has just promulgated the Circular No. 23/2019/TT-NHNN amending the Circular No. 39/2014/TT-NHNN providing guidance on payment intermediary services.
The Circular prescribes that customers (e-wallet holders) must conform to the following regulations:
- e-Wallets can be reloaded with:
+ Payment accounts or debit cards issued by banks to customers who are holding such e-wallets;
+ Money transfer from other e-wallets under the control of the same providers of e-wallet services.
- e-Wallets may be used for:
+ Paying for legitimate goods and services;
+ Transferring money to other e-wallets under the control of the same providers of e-wallet services;
+ Withdrawing money from e-wallets to make deposits into payment accounts or debit cards issued by banks to customers who are holding such e-wallets.
- Any act of using e-wallets to carry out transactions for money laundering, terrorism financing, fraudulent and other law-breaking purposes, etc. will be strictly prohibited.
In addition, the Circular No. 23 sets out an additional regulation under which applicants for e-wallets are required to provide such information as citizen’s identification card or passport that remains valid or birth certificate (applicable to Vietnamese persons aged under 14 years), etc