Trang Chủ
The Decree No. 52/2024/ND-CP is an important legal document on non-cash payments, having a wide impact on many related fields, subjects, organizations, and individuals; contributes to creating a basic, solid legal framework for non-cash payments, promoting non-cash payments, facilitating the digital transformation of the banking industry and developing new payment products and services that are convenient, safe, and reasonably priced.
Additional regulations on electronic money (e-money) and international payments
Decree No. 52/2024/ND-CP supplements regulations on e-money, defining and clarifying the nature of e-money (Article 3) and specifying the forms of e-money used in payment activities including e-wallets and prepaid cards (Article 6) . E-money providers include banks, foreign bank branches (providing e-wallets and prepaid cards), and intermediary payment service providers (providing e-wallet services linked to the customer's payment account opened at the bank).
Completing legal regulations for e-money contributing to preventing and eliminating illegal payment means issued by unauthorized organizations, supporting competent authorities in preventing and removing legal violations regarding e-money (according to the Scheme on completing the legal framework for the management and handling of virtual assets, e-money, and virtual currency approved by the Prime Minister by the Decision No. 1255/QD-TTg dated August 21, 2017).
The Decree also adds regulations on international payments to clarify the concept of international payments and the international payment system (Article 3); the state management role of the State Bank of Vietnam (SBV) regarding international payments (Article 4); regulations on service provision activities from abroad to Vietnam and vice versa, implementation of international financial switching services (Article 5); regulations on approval to participate in international payment systems of commercial banks and foreign bank branches and conditions for approval (Article 5, Article 21); regulations on responsibilities of related parties to provide complete and timely information, meet the requirements of state management agencies in accordance with Vietnamese law to manage cross-border transaction flows (Article 5).
The regulations on international payments aim to strengthen the role of government agencies in managing international payment activities and promote cooperation models in providing cross-border payment services in the context of technological development, creative innovation , and payment support for fast-growing e-commerce.
Amending and supplementing regulations on opening and using payment accounts
Decree No. 52/2024/ND-CP regulates the opening and use of customers' payment accounts at payment service providers in accordance with the SBV's regulations and relevant laws.
With respect to the use and authorization to use payment accounts, the Decree unequivocally affirms that payment account holders can use their payment accounts to deposit, withdraw cash, and request payment service providers to execute valid payment transactions. The payment account owner has the right to request the payment service provider to provide information about transactions and balances on their payment account according to the agreement with the payment service provider where the account is opened.
The payment account owner is obliged to provide complete and truthful information and comply with regulations on opening, using, and authorizing the payment account by the payment service provider. The owner must also ensure there is enough money (surplus balance) in the payment account to execute the established payment order unless there is an overdraft loan agreement with the payment service provider.
According to the Decree, payment service providers are required to fully and promptly execute valid payment orders of payment account holders.
Payment service providers have the right to refuse to execute payment orders of payment account holders when the payment order is invalid, or there is a legal basis to determine that the account holder is violating prohibited acts as specified in Article 8 of this Decree, or when the payment account has insufficient funds unless otherwise agreed. In case of refusal to execute the payment order of the payment account holder, the payment service provider must notify the payment account holder of the reason for refusing.
The Decree clearly states that payment accounts will be blocked a part or all of the balance on the payment account in 4 cases, including: according to prior agreement between the payment account holder and the payment service provider or at the request of the account holder; when there is a written decision or request from a competent authority according to the provisions of law; when the payment service provider detects a mistake or error when mistakenly crediting the customer's payment account or complying with a refund request from the payment service provider who mistransfers money due to mistakes or errors in the payment order of the remitting party after crediting the customer's payment account . The amount blocked on the payment account must not exceed the mistaken amount; when there is a request to block one of the joint payment account holders unless there is a prior written agreement between the payment service provider and the joint payment account holders.
Termination of payment account blockade is carried out according to the written agreement between the payment account owner and the payment service provider; when there is a decision to end the blockade by a competent authority according to the provisions of law; errors and mistakes in money transfer payments specified in item 3 above have been resolved; when there is a request to end the blockade of all joint payment account holders or according to a prior written agreement between the payment service provider and the joint payment account holders.
According to the Decree, if payment service providers, payment account owners, and authorized authorities officially block payment accounts or request them to block payment accounts, causing damage to payment account owners, they shall be responsible for compensation according to the provisions of the law.
In addition, Decree No. 52/2024/ND-CP also clearly stipulates that payment account closure is carried out when: the payment account owner requests and has fully fulfilled the obligations related to the payment account; the owner of the payment account is an individual who has died or been declared dead; the organization with the payment account terminates its operations according to the provisions of law; the payment account owner violates prohibited acts on payment accounts specified in Clause 5 and Clause 8, Article 8 of Decree No. 52/2024/ND-CP; cases under prior written agreement between the payment account holder and the payment service provider; other cases as prescribed by law.
When an account is closed but still has a balance, the Decree stipulates that payment is made at the request of the payment account owner or made according to a prior agreement between the payment account owner and the payment service provider; in case the account owner is a person who has lost civil act capacity, a person with difficulty in cognition or behavior control, or a person with limited civil act capacity, payment will be made at the legal representative's request, the guardian in accordance with civil law regulations; or be made to the heir or legal representative in case the payment account owner is an individual who has died or been declared dead.
In addition, payment shall be made according to the decision of the competent authority and the provisions of law, and be handled according to law provisions in cases where the legal beneficiary of the balance on the payment account has been notified but has not come to receive it.
The Decree also specifically regulates the opening and use of payment accounts of the SBV; the opening and use of payment accounts at credit institutions and foreign bank branches; regulations on non-cash payment services through the customer's payment account, not through the customer's payment account; regulations on participation in the international payment system; intermediary payment services,...
Decree No. 52/2024/ND-CP supplements regulations on payment services that do not go through customers' payment accounts to comply with the provisions of the Law on Credit Institutions 2024 and the Law on Investment 2020, which specifically stipulates scopes of the entities provided (including banks, people's credit funds, microfinance institutions and enterprises providing public postal services); conditions and documents, processes and procedures to obtain approval from the SBV and revoke documents on providing payment services without going through customers' payment accounts of public postal service providers.
Amending and supplementing regulations on the provision of intermediary payment services
Decree No. 52/2024/ND-CP also amended and supplemented a number of regulations on the provision of intermediary payment services to suit practical needs and create favorable conditions for organizations providing payment services, improving the effectiveness of the state management role in providing intermediary payment services. specifically, cutting down on licensed intermediary payment services (removing one service that is the e-money transfer support service, which is not within the scope of intermediary payment services); reduce administrative procedures, review business conditions; amending, supplementing details and clarifying the contents, processes, procedures, and dossiers for granting, revoking, and reissuing licenses as a basis for management and implementation; supplementing principles as a basis for the SBV to carry out operational supervision on providing intermediary payment services by organizations providing intermediary payment services licensed by the SBV.
The Decree also supplements a number of regulations on the establishment, management, operation, and supervision of the national payment system and regulations on the supervision of important payment systems in the national economy; adding more clearly the function of monitoring intermediary payment service provision and payment service (Article 4, Article 33-35); supplementing a number of transitional regulations with detailed instructions for cases where commercial banks, foreign bank branches, and financial switching service providers have participated in international payment systems; organizations providing intermediary payment services licensed to support e-money transfer services before the effective date of this Decree and enterprises providing public postal services providing payment services not going through the customer's payment account (Article 36).
Department of Research and International Cooperation (translation)
