The State Bank of Vietnam issued amendments to its framework for payment intermediary services, updating requirements for e-wallet opening and use, strengthening safety controls for payment initiation, and revising rules on safeguards and information-sharing between service providers. The changes allow payment intermediary service providers to choose among different measures to ensure settlement capacity for collection and disbursement support services, including a dedicated guarantee account or other performance-security arrangements. Providers must also regularly review and ensure customers use only funds from payment accounts, bank cards, or e-wallets to execute payment transactions on browsers and applications providing payment intermediary services. For e-wallets, the rules add in-person and biometric verification requirements for the wallet holder or relevant representatives, except where the wallet is opened electronically, and require verification of phone number information where customers open an e-wallet and register for electronic payment transactions. For individuals, the monthly transaction limit for certain e-wallet payment transactions rises from VND 100 million to VND 300 million. The amendments also add an obligation for the provider servicing the originator to provide information to the provider servicing the beneficiary upon request for transfers between e-wallets or between an e-wallet and a VND account or debit card, and expand e-wallet provider responsibilities including updating customer information when there are doubts about its accuracy, complying with internal rules, and reporting to the State Bank of Vietnam when changing trade names or e-wallet brands or when providing services enabling payments for foreign goods and services. The circular takes effect from 5 November 2025, with certain new provisions in Article 6, Article 12, and paragraphs 2 to 4 of Article 15 applying from 1 January 2026.
State Bank of Vietnam 2025-11-07
State Bank of Vietnam amends payment intermediary services rules with biometric e-wallet onboarding and a higher VND 300 million monthly limit
The State Bank of Vietnam has amended its framework for payment intermediary services, enhancing e-wallet requirements, safety controls, and information-sharing rules. Key changes include increased transaction limits, mandatory biometric verification, and expanded provider responsibilities for customer information accuracy and reporting. Providers can choose settlement measures, such as a dedicated guarantee account, to ensure service capacity.