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;
• Circular No. 23/2019/TT-NHNN amending and supplementing a number of articles of Circular 39

Regulation

E-wallets are considered an important tool for the development of e-commerce and financial technology industries, especially in the current 4.0 era. This is a type of payment intermediary specified for the first time in Decree 101/2012/ND-CP of the Government issued on November 22, 2012 and Circular No. 39/2014/TT-NHNN of the State Bank of Vietnam. issued on 11/12/2014 (“Circular 39”), however, these documents do not fully and specifically regulate all aspects related to the provision of e-wallets. Therefore, on November 22, 2019, the State Bank of Vietnam issued Circular No. 23/2019/TT-NHNN amending and supplementing a number of articles of Circular 39 (“Circular 23”) to complete the legal framework for the provision of e-wallets.

According to Article 2 of Circular 39, E-wallet service is one of the support services for payment services, as well as intermediary payment services. Article 1 of Decree 80/2016, amending, supplementing and annulling a number of articles of Decree No. 101/2012/ND-CP dated November 22, 2012 of the Government on non-cash payment stipulated: “Digital wallet service is a service providing customers with an identified electronic account created on data storage device (such as chips, mobile phone SIM cards, computers …) by providers of services, allowing to store a monetary value which is guaranteed by the value of equivalent deposit transferred from the payment accounts of customers at banks to payment guarantee account of providers of digital wallet service for the ratio of 1: 1 and used as a means of non-cash payment”.

Payment guarantee account

Providers of electronic wallet services must open payment guarantee accounts to provide security for provision of these services. Payment guarantee accounts for provision of electronic wallets shall not be the same as those for provision of services auxiliary to authorized cash collection and payment services (if any), and must be separated from other payment accounts opened at acquiring partner banks.

Providers of electronic wallet services shall be obliged to keep total balance in all payment guarantee accounts for provision of electronic wallet services opened at acquiring partner banks not lower than total balance in all electronic wallets of customers at the same time.

Payment guarantee accounts for provision of electronic wallet services may be used for:

• Depositing payments into payment accounts or debit cards that merchants open at acquiring banks;
• Sending reimbursements to payment accounts or debit cards of customers (electronic wallet holders) in the following cases:

(i) Customers withdraw money from electronic wallets to their payment accounts or debit cards;

(ii) Customers no longer need electronic wallets;

(iii) Providers of electronic wallet services cease providing such services to customers;

(iv) Providers of electronic wallet services terminate their business, are deprived of licenses, are dissolved or bankrupt in accordance with laws;

• Depositing payments into merchant accounts of providers of public services in the event that customers use electronic wallets to make payments, pay fees or charges for legal public services as provided in law;
• Transferring money to payment guarantee accounts for other electronic wallet services which are opened by the same providers of electronic wallet services.

Provision of Digital wallet

Providers of digital wallet services are not allowed to:

• Issue more than 01 (one) digital wallet to a payment account of a customer at a bank;
• Extend credit to customers using digital wallets, to pay interests on the balances of digital wallets or any actions which may increase the monetary value on digital wallets.

Providers of digital wallet services must provide instruments for the State Bank to check, monitor in real time the total amount of money of customers on the digital wallets and the total amount of money in the accounts to ensure payments of providers of digital wallet services at the banks.

Money shall be deposited to and withdrawn from digital wallets through the payment accounts of customers at the banks.

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!