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- 05 / 01 / 2020 -
Stipulating the total limit of transactions via e-wallet of an individual customer at an e-wallet supplier

On November 22, 2019, the State Bank of Vietnam (SBV) issued Circular No. 23/2019 / TT-NHNN, amending and supplementing a number of articles of the Governor’s Circular No. 39/2014/TT-NHNN. The State Bank of Vietnam guides payment intermediary services.
Accordingly, stipulating the total limit of transactions via individual e-wallets of 1 customer at 01 e-wallet service provider (including payment transactions for legal goods and services and delivery). Maximum transfer of money from e-wallets to other e-wallets opened by the same e-wallet service provider is VND 100 million / month. Earlier, in the draft of this Circular, the State Bank proposed an electronic wallet transaction limit for individuals of VND 20 million / day and VND 100 million / month; of the organization is VND 100 million / day and VND 500 million / month. This proposal received mixed opinions, saying that this limit would curb electronic payments.
The above regulations do not apply to individual e-wallets of persons having contracts/agreements acting as payment acceptance units with e-wallet service providers.
At the same time, the Circular also supplements the regulations on authenticating information about customers opening e-wallets as follows:
The e-wallet owner must provide, update fully and accurately the information in the e-wallet opening document to the e-wallet service provider and take responsibility for the truthfulness of the information. provided.
The e-wallet service provider is responsible for checking, comparing and ensuring that the e-wallet application is complete and valid according to Clauses 1, 2 and 3, Article 9 of the Circular. 39/2014 (amended and supplemented in Clause 3 Article 1 of Circular 23/2019).
Circular 23/2019 / TT-NHNN takes effect from January 7, 2020 and repeals Clause 3 Article 25 of Circular 37/2016 / TT-NHNN; amending and supplementing Point d Clause 1 Article 5 of Circular 04/2016 / TT-NHNN. The regulation of transaction limits for e-wallets aims to minimize the risk of taking advantage of money laundering and committing illegal acts.

The level ...