As provided in State Bank of Vietnam Circular No. 39/2014/TT-NHNN of December 11, guiding intermediary payment services, each bank account may issue only one e-purse.
E-purse service-providing banks may not extend credit to e-purse users, pay interests on the e-purse balance or conduct any actions to increase the e-purse’s monetary value.
Introducing via-cell phone online payment services provided by Viettel__Photo: Tran Viet/VNA
The cash-in and cash-out of the e-purse of clients must be performed through such clients’ bank accounts.
As specified by the Circular, types of payment intermediary services include provision of electronic payment infrastructure such as financial switching, e-clearing and e-payment portal, and services assisting payment services such as authorized collection and payment, services assisting e-transfer and e-purse services.
Non-bank payment intermediary service providers are required to ensure risk management, payment safety and confidentiality and solvency.
The Circular will take effect on March 1, 2015. From 2016 on, previous legal documents allowing non-bank service providers to conduct payment and payment intermediary activities will cease to be effective.-