The Law on the State Bank of 2010 has defined payment intermediary service as an activity that acts as an intermediary to connect, transmit and process electronic data of payment transactions between payment service providers and payment services users (Clause 10, Article 6). Currently, the provision of payment intermediary services is carried out in accordance with the provisions of Decree No. 101/2012/ND-CP (amended and supplemented) and Circular No. 39/2014/TT-NHNN (already approved). amendments and supplements) and some other related documents. Accordingly, there are currently 06 types of payment intermediary services licensed by the State Bank of Vietnam, including e-wallet services.

E-wallet service is a service that provides customers with an identified electronic account set up by payment intermediary service providers on information carriers (such as electronic chips, mobile phone sims, computers, etc.), allowing to store a monetary value guaranteed by the value of the deposit equivalent to the amount transferred from the customer’s payment account at the bank into the payment guarantee account of the supplier organization. e-wallet service at the ratio 1:1.

According to current management regulations, organizations providing e-wallet services must have tools for the State Bank to check and monitor in real time the total amount of customers on e-wallets and the total money on the payment guarantee account for the e-wallet service at banks. Surveillance tools must meet the following requirements:

First, These tools must allow supervision of the number of electronic wallets (already issued, activated or active), total balances in electronic wallets of all customers at the time of access to such tools;

Second, These tools must allow oversight of total balances in payment guarantee accounts for electronic wallet services, information of each payment guarantee account for electronic wallet services opened at acquiring partner banks, including account holder’s name, account code and balance determined at the time of access to these tools;

Third, These tools can authorize access to data collected in a reporting month (from the initial day to the last day of the month) on the 5th day of the following month at the latest, including the following data:

• The number of electronic wallets and total balances in electronic wallets (already issued, activated and active) determined at the end date of the reporting period; the number and total value of top-up, withdrawal, payment and other transactions in electronic wallets which are daily counted each month;
• The number and total value of debit-side and credit-side transactions of payment guarantee accounts for provision of electronic wallet services which are daily counted each month;
• Information about 10 top electronic wallets having the large number of transactions and 10 top electronic wallets creating the highest transaction value which are arranged in line with specific customers (including business merchants, individual or institutional customers, but excluding individuals or entities accepting payments), comprising information about 

• • (i) opening, closing balances; 
  • (ii) the number and total value of top-up, withdrawal transactions of specific affiliate banks; 
  • (iii) the number and total value of payment and money transfer transactions; 
  • (iv) the number and total value of other transactions (if any) (only taking into account transactions successfully processed by payment facilitation systems). 
  • The number of electronic wallets to be reported may vary depending on the state bank’s request.”.

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

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