The State Bank of Vietnam is working on a draft decree revising Decree No. 101/2012/ND-CP on non-cash payment.
Under the draft, non-cash payment instruments used in payment transactions include check, payment order, direct debit, standing order, collection order, encashment order, bank card, digital wallet and others accepted by the SBV. The issuance, provision and use of all other payment instruments would not be recognized and protected by law.
This is the first time digital wallet, a non-cash payment instrument which has recently appeared in Vietnam, is provided in a governmental decree.
Accordingly, a bank, foreign bank branch or payment intermediary service provider would be allowed to provide digital wallet services in Vietnam if it meets prescribed conditions.
First, the provision of digital wallet service conforms with the establishment and operation license, for banks and foreign bank branches, or is stated in the payment intermediary service license, for payment intermediary service providers.
Second, it has a Vietnam-dong account exclusively used to guarantee payment via the digital wallets it issues. Banks and foreign bank branches may open such accounts inside or outside their systems.
Third, it has a real-time monitoring tool to ensure that the balance of the account to guarantee payment via digital wallet is not lower than the total amount on the digital wallet it has issued.
The central bank expected such requirements would help it inspect and supervise the supply of digital wallets and reduce risks and better protect digital wallet users.