Headlines 07/01/2020 09:15 SA

Regulations on permitted users of bank cards are amended

Quý Tân

The State Bank of Vietnam has just issued the Circular No. 28/2019/TT-NHNN on amendments to the Circular No. 19/2016/TT-NHNN on bank card services.

The Circular prescribes several amendments and supplements to certain regulations regarding users of bank cards (primary and secondary cardholders), including:

- If a primary cardholder is an entity:

+ An entity fully meeting requirements for opening of checking accounts will have access to debit card services;

+ A legal entity established and operated in compliance with Vietnamese laws will be entitled to credit or prepaid cards;

+ An institutional cardholder may authorize any natural person in writing to use their cards or use other secondary cards in accordance with regulations in force.

- If a secondary cardholder is a natural person aged 15 to under 18 years whose civil capacity is not lost or restricted, he/she may use debit cards, credit cards and prepaid cards (the requirement under which a cardholder in this case must obtain written consent from his/her legal representative).  

Circular No. 28/2019/TT-NHNN is entering into force on April 1, 2020, including clause 14 of Article 1 in effect on January 1, 2020.


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