A customer pays for his items through e-wallet (Photo: VNA) Hanoi (VNS/VNA) -A daily trading limit for individual e-wallets would be set at 20 millionVND (860 USD) and 100 million VND per month, according to a draft circular fromthe State Bank of Vietnam (SBV) recently made public for comment.
The limit would be set formoney transfers and payments for goods and services.
The draft circular isan amendment to Circular No 39 regarding intermediary paymentservices, and also sets a daily trading limit of 100 million VNDand a monthly trading limit of 500 million VND for e-wallets openedby organisations.
The draft also raised regulationsaimed at tightening the opening of e-wallets.
In order to open e-wallets,individuals and organisations would be required to provide information such asidentity cards or passports, business registration certificates andphone numbers registered for e-banking services.
E-wallets must be linked to abank account to be activated, the draft said.
In addition, e-wallets could onlybe recharged through payments or debit cards from the owner or throughother e-wallets issued by the same provider.
The SBV said the tightenedregulations aimed to prevent the rampant opening of e-wallets and using themfor money laundering.
The central bank also said thatsetting daily and monthly trading limits because the major purpose ofe-wallets was making payments for small transactions.
Financial expert Bui Quang Tinsaid that requiring users to provide personal information would helpmanage the development of the service.
However, Tin said the stricterregulations could make people hesitate about opening an e-wallet due to thelarge amount of personal data they would have to provide. E-walletservice providers needed to offer convenience to attract users andmeet the demands of cashless payment development, he said.
The central bank’s statisticsshowed there were around 26 e-wallet service providers in Vietnam as ofthe end of 2018, including MoMo, AirPay, ZaloPay, Vimo, VTCPay, SenPay,TrueMoney and Moca, together with 10,000 firms accepting e-wallet payments.
There were also around 4.2million e-wallets linked to bank accounts.–VNS/VNA
The limit would be set formoney transfers and payments for goods and services.
The draft circular isan amendment to Circular No 39 regarding intermediary paymentservices, and also sets a daily trading limit of 100 million VNDand a monthly trading limit of 500 million VND for e-wallets openedby organisations.
The draft also raised regulationsaimed at tightening the opening of e-wallets.
In order to open e-wallets,individuals and organisations would be required to provide information such asidentity cards or passports, business registration certificates andphone numbers registered for e-banking services.
E-wallets must be linked to abank account to be activated, the draft said.
In addition, e-wallets could onlybe recharged through payments or debit cards from the owner or throughother e-wallets issued by the same provider.
The SBV said the tightenedregulations aimed to prevent the rampant opening of e-wallets and using themfor money laundering.
The central bank also said thatsetting daily and monthly trading limits because the major purpose ofe-wallets was making payments for small transactions.
Financial expert Bui Quang Tinsaid that requiring users to provide personal information would helpmanage the development of the service.
However, Tin said the stricterregulations could make people hesitate about opening an e-wallet due to thelarge amount of personal data they would have to provide. E-walletservice providers needed to offer convenience to attract users andmeet the demands of cashless payment development, he said.
The central bank’s statisticsshowed there were around 26 e-wallet service providers in Vietnam as ofthe end of 2018, including MoMo, AirPay, ZaloPay, Vimo, VTCPay, SenPay,TrueMoney and Moca, together with 10,000 firms accepting e-wallet payments.
There were also around 4.2million e-wallets linked to bank accounts.–VNS/VNA
VNA
