Currently, non-cash payment activities have become very popular among clients. Payment through e-wallets is one of the increasingly popular payment intermediary services in Vietnam. We will provide the clients with some information about e-wallet supply activities such as e-wallet opening records, information customers need to provide… so that customers can have an overview of this form of payment.
Legal basis
Decree 101/2012/ND-CP of the Government issued on November 22, 2012 on non-cash payment;
Decree 80/2016/ND-CP amending Decree 101/2012/ND-CP on non-cash payment;
Circular No. 39/2014/TT-NHNN of the State Bank issued on 11/12/2014 guiding payment intermediary services;
Circular No. 23/2019/TT-NHNN amending and supplementing a number of articles of Circular 39/2014/TT-NHNN dated December 11, 2014 of the Governor of the State Bank of Vietnam guiding on payment intermediary services.
Application requirements for opening electronic wallets
- Personal electronic wallets:
(i) Information of the applicant for opening electronic wallets which is requested by the provider of electronic wallet service and conforms to regulations;
(ii) Old or new-version ID card or passport remaining valid, birth certificate (applicable to Vietnamese citizens aged under 14 years); immigration visa or
(iii) any document proving exemption from the immigration visa requirement which is granted to the applicant for electronic wallet (applicable to foreign nationals);
Customers applying for opening of electronic wallets can present documents which are original, duplicate or scanned from original ones or in other forms in accordance with regulations imposed by providers of electronic wallets;
- Institutional electronic wallets:
(i) Information of the applicant for opening electronic wallets which is requested by the provider of electronic wallet service and conforms to regulations;
(ii) One of documents evidencing the organization applying for opening of electronic wallet is established and operated on a legal manner, including establishment decision, enterprise registration certificate, investment certificate and other documents required by law;
(iii) Documents evidencing the status of representation held by the legal representative or the authorized representative of the organization applying for opening of electronic wallet, enclosing old or new-version ID card or passport thereof;
Customers applying for opening of electronic wallets can present documents which are original, duplicate or scanned from original ones or in other forms in accordance with regulations imposed by providers of electronic wallets;
- If a person applying for opening of electronic wallets holds a payment account opened in the custody of a guardian or legal representative, in addition to documents and information prescribed in clause 1 and 2 of this Article, application for opening of an electronic wallet must include the followings:
(i) If the guardian or legal representative of an electronic wallet holder is a person, application for opening of an electronic wallet must additionally include:
- old or new version ID card or passport remaining valid of that guardian or legal representative,
- And other documents evidencing guardianship or legal representation status over the electronic wallet holder.
- Information about the guardian or legal representative shall be subject to regulations.
(ii) If the guardian or legal representative of the electronic wallet holder is a legal entity, application for opening of electronic wallet must additionally include:
- one of the documents evidencing that such entity is established and operated legally,
- documents evidencing the status of guardianship or legal representation of that entity over the electronic wallet holder.
- All information about the guardian or legal representative, information about legal representative of that entity
- Customers can register and send application for opening of electronic wallets:
directly to main offices, branches and transaction offices of providers of electronic wallet services or
online transaction channels of providers of electronic wallet services or by other means prescribed in regulations of providers of electronic wallet services and in conformance to laws.
Information about customers applying for opening of electronic wallets, including:
- Personal electronic wallets:
(i) With regard to Vietnamese citizens, full name, date of birth, nationality, telephone number, number of old or new version ID card, passport remaining valid, date and place of issuance must be provided;
(ii) With regard to foreign citizens, full name, date of birth, nationality, telephone number, number of passport remaining valid, date and place of issuance, immigration visa (if any) must be provided;
- b) Institutional electronic wallets:
(i) In-full and abbreviated transaction name, corporate code, tax identification number (if the applicant’s tax identification number is different from the corporate code), main office address, transaction address and telephone number;
(ii) Information about the legal representative of the organization applying for opening of electronic wallet which is provided as prescribed in point a of this clause;
Use of electronic wallets
- a) Electronic wallets may be replenished from:
(i) Payment accounts or debit cards of customers (electronic wallet holders) opened at banks;
(ii) Money transfers received from other e-wallets under the control of the same providers of e-wallet services;
- b) Customers may use electronic wallets for:
(i) Paying for legitimate goods and services;
(ii) Transferring money to other e-wallets under the control of the same providers of e-wallet services;
(iii) Withdrawing money from e-wallets to make deposits into payment accounts or debit cards (electronic wallet holders) issued by banks.
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 (one hundred) million of Vietnamese dong per month;
Any act of using e-wallets to carry out transactions for money laundering, terrorism financing, fraudulent and other law-breaking purposes; hiring or leasing out, borrowing or borrowing out electronic wallets or purchasing or selling electronic wallet information, shall be strictly prohibited;
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.
Above is our consultancy about this issue. If you need more detailed advice and answers as well as how to access this service, please contact directly the Deputy Director of Sales: Lawyer Nhat Nam via hotline: 0912.35.65.75, 0912.35.53.53 or call the free legal consultation hotline 1900.6575 or send a service request via email: lienheluathongbang@gmail.com
Wishing you and your family good health, peace and success!
Best regards!
