The Circular prescribes that customers (e-wallet holders) must conform to the following regulations:
- e-Wallets can be reloaded with:
+ Payment accounts or debit cards issued by banks to customers who are holding such e-wallets;
+ Money transfer from other e-wallets under the control of the same providers of e-wallet services.
- e-Wallets may be used for:
+ Paying for legitimate goods and services;
+ Transferring money to other e-wallets under the control of the same providers of e-wallet services;
+ Withdrawing money from e-wallets to make deposits into payment accounts or debit cards issued by banks to customers who are holding such e-wallets.
- Any act of using e-wallets to carry out transactions for money laundering, terrorism financing, fraudulent and other law-breaking purposes, etc. will be strictly prohibited.
In addition, the Circular No. 23 sets out an additional regulation under which applicants for e-wallets are required to provide such information as citizen’s identification card or passport that remains valid or birth certificate (applicable to Vietnamese persons aged under 14 years), etc.
Mr. Bui Tuong Vu, Legal Advocate and Director of THƯ VIỆN PHÁP LUẬT Co., stressed: “A requirement under which applicants for e-wallets must provide their personal information is correct as e-wallets are non-cash payment tools that need to verify users’ personal information in order to prevent the situation in which a person holds a lot of e-wallet accounts used for committing any breach of laws".
For more details, please see the Circular No.23/2019/TT-NHNN officially in force on January 7, 2020.
>> CLICK HERE TO READ THE ARTICLE IN VIETNAMESE
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