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| Circular 41 raises the monthly transaction limits to VND 300 million for payments related to essential services__Photo: VNA |
The State Bank of Vietnam (SBV) has recently issued a new regulation to tighten the management and operation of e-wallets, clarifying their transaction limits as well as other requirements on security and customer identification.
Under Circular 41/2025/TT-NHNN dated November 5, which revises a number of articles of SBV Circular 40 of 2024, e-wallet owners using identity cards, electronic identity cards, citizen’s identity cards with a storage medium, or digital identities have to meet directly with e-wallet service providers. This in-person meeting allows the service provider to check and collate an e-wallet owner's personal papers and confirm that biometric information matches that of the e-wallet owner.
Meanwhile, the owner of an electronically opened e-wallet is not required to meet the provider in person. However, biometric verification must still be conducted according to law-specified procedures.
For an e-wallet owner being a foreigner not present in Vietnam, customer identification may be verified through a third party or another authorized organization. For an organization established and operating in Vietnam, the service provider must meet the organization’s legal representative in person and verify his/her identity information in the same manner as for an individual customer.
For a foreign legal entity, the service provider may verify identification information of its legal representative through a third party or authorized organization, provided that the party or organization is met directly for verification of personal papers and biometric data.
Notably, certain entities are exempt from information verification requirements, including state agencies, public non-business units, organizations listed on the securities market under the Law on Securities, and organizations appearing on the preceding year’s Fortune Global 500 list.
Regarding monthly transaction limits, the new circular maintains the overall limit of VND 100 million per customer per service provider for ordinary e-wallet transactions. However, it raises the limit to VND 300 million per month for payments related to essential services such as electricity supply, water supply, telecommunications, tuition, hospital fee, insurance, and due loan repayments at credit institutions.
The Circular also allows intermediary payment service providers to use multiple methods to ensure payment capability for third-party collection and payment services, replacing the current rule that restricts them to a single mandatory method.
The new regulation takes effect on November 5, 2025, while the biometric verification requirements for e-wallet opening will come into force early next year.- (VNA/VLLF)
