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| Banks have affirmed that the removal of nickname services will not affect customers’ account balances or usage rights __Photo: VNA |
All payment account names in Vietnam must correspond exactly with the information shown on citizens’ identification cards starting April 1, in a move aimed at enhancing the security and safety of financial transactions.
The requirement is stipulated in Circular No. 30/2025/TT-NHNN, issued by the State Bank of Vietnam, which amends and supplements a number of provisions under Circular No. 15/2024/TT-NHNN governing non-cash payment services.
Under the new regulation, banks will discontinue services that allow customers to assign nicknames, or “iNick”, to their accounts.
Such nicknames, chosen by customers alongside their official account numbers, have been used to personalise account details, making them easier to remember and use. However, they have also led to unintended issues, including mistaken transfers.
Banks have affirmed that the removal of nickname services will not affect customers’ account balances or usage rights. Funds will remain intact, and official account numbers, along with associated services, will remain unchanged. Customers will instead use their registered account numbers for all transactions.
However, account holders are advised to update their payment details across relevant platforms to avoid disruptions.
The requirement to align account names with official identification is expected to reduce errors and improve transparency within the payment system.
The tightening of regulations on account naming is seen as a necessary step amid the rapid expansion of cashless payments, contributing to greater reliability and security for banking service users.- (VNA/VLLF)
