New regulation on non-cash payments in Vietnam

On May 15, 2024, the Vietnamese Government issued Decree 52/2024/ND-CP on non-cash payments, which includes provisions on e-wallets and prepaid cards.

The key points are as follows:

E-wallets and prepaid cards are defined as electronic money storage tools;
Banks and foreign bank branches are authorized to issue and provide e-wallets and prepaid cards. The provision, issuance, and use of e-wallets and prepaid cards are regulated by the State Bank of Vietnam;
Payment intermediary service providers offering e-wallet services must ensure that the total balance on all accounts guaranteeing payment for e-wallet services opened at banks and foreign bank branches is not lower than the total balance of all e-wallets issued to customers. The use of services is only allowed for e-wallets linked to the customer’s own payment account or debit card.

In addition, Decree 52/2024/ND-CP defines e-wallet services as services provided by banks, foreign bank branches, and payment intermediary service providers to customers to deposit money into e-wallets, withdraw money from e-wallets, and carry out payment transactions.

(Currently, according to Decree 101/2012/ND-CP (amended by Decree 80/2016/ND-CP), e-wallet services are services provided to customers with an electronic account identifier created by payment intermediary service providers on information carriers (such as electronic chips, mobile phone SIMs, computers…), allowing the storage of a monetary value guaranteed by an equivalent amount of money transferred from the customer’s payment account at the bank to the payment guarantee account of the e-wallet service provider at a 1:1 ratio.)

Decree 52/2024/ND-CP takes effect from July 1, 2024, replacing Decree 101/2012/ND-CP and Decree 80/2016/ND-CP.

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New regulation on non-cash payments in Vietnam

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