On May 15th, 2024, the Government issued Decree No. 52/2024/ND-CP on non-cash payments, there are some notable new points as follows:
+ Supplementing new regulation on electronic money (e-money), thus e-money is Vietnam Dong which is stored by electronic means and provided based on the money that the client has paid the bank, foreign bank branches, payment intermediary units providing e-wallet services.
There are 02 means of e-money storage which are e-wallet and prepaid card.
Units providing e-wallet services (payment intermediary units) must maintain the total balance of all solvency accounts for the e-wallet services opened at the bank and this balance must also not be lower than the total balance of issued e-wallet. At the same time, units only allow e-wallets connected with the client’s payment account, and credit card to use the service.
+ Supplementing regulations of blocking payment accounts in case of transferring money to the wrong recipient, thereby, the payment account will be blocked a part or all of its balance when units providing e-wallet services detect any mistakes. Such mistakes incurred from the case that the units mistakenly credited the money to the client’s payment account, or when the units implement the refund request from the payment service provider due to an error that caused an unmatch with the transfer request from the remitter after the money is credited to the client’s payment account. The blocked money in the account must not exceed the mistaken money.
This Decree takes effect from July 1st, 2024, and replaces Decree No. 101/2012/ND-CP dated November 22nd, 2012; Decree No. 80/2016/ND-CP dated July 1st, 2016 and repealing Article 3 of Decree No. 16/2019/ND-CP dated February 1st, 2019 of the Government.
