Circular No. 15/2024/TT-NHNN on providing non-cash payment services

CIRCULAR

Provisions on providing non-cash payment services

Pursuant to the Law on the State Bank of Vietnam dated June 16, 2010;

Pursuant to the Law on Credit Institutions dated January 18, 2024;

Pursuant to the Law on Posts dated June 17, 2010;

Pursuant to the Law on Electronic Transactions dated June 22, 2023;

Based on Decree No. 52/2024/NĐ-CP dated May 15, 2024, of the Government on non-cash payments;

Pursuant to Decree No. 102/2022/NĐ-CP dated December 12, 2022 of the Government stipulating the functions, tasks, powers, and organizational structure of the State Bank of Vietnam;

At the proposal of the Payment Department Director;

The Governor of the State Bank of Vietnam issues this Circular to stipulate provisions on providing non-cash payment services.

PART I

GENERAL PROVISIONS

Article 1. Scope of application

This Circular stipulates the provision of non-cash payment services within the country (hereinafter referred to as payment services) by payment service providers, including the following services: payment orders, direct debits, collection on behalf, direct collections, money transfers, collection services, and disbursement services.

Article 2. Applicability

1. Organizations providing payment services include:

a) The State Bank of Vietnam (hereinafter referred to as the State Bank);

b) Commercial banks, policy banks, cooperative banks, and foreign bank branches (hereinafter referred to as banks);

c) People's Credit Funds, microfinance organizations;

d) Postal service enterprises providing public interest services.

2. Organizations providing payment intermediary services.

3. Organizations and individuals related to payment service provision activities.

4. Payment acceptance units.

5. Organizations and individuals using payment services (hereinafter referred to as customers).

Article 3. Definitions

In this Circular, the following terms are understood as follows:

1. Payment vouchers are a type of accounting document used by banks as a basis for implementing payment services. Payment vouchers include paper vouchers and electronic vouchers.

2. Electronic payment services involve the creation, sending, and processing of payment orders through electronic means.

3. Payment services for payment orders and direct debits (hereinafter collectively referred to as direct debit payment services) involve banks executing the payer's request to deduct a certain amount from the payer’s payment account to pay or transfer funds to the beneficiary. The beneficiary may simultaneously be the payer.

4. Payment services for collection on behalf and direct collections (hereinafter collectively referred to as direct collection payment services) involve banks executing the beneficiary's request to deduct a certain amount from the payer’s payment account to transfer funds to the beneficiary based on a written agreement between the payer and the beneficiary regarding the direct collection.

5. Collection services involve payment service providers executing the beneficiary's mandate to collect payments from the payer based on a written agreement between the payment service provider and the beneficiary. Collection services include collection through the customer's payment account and collection without using the customer's payment account.

6. Disbursement services involve payment service providers executing the payer's mandate to make payments on behalf of the payer to the beneficiary based on a written agreement between the payment service provider and the payer. Disbursement services include disbursement through the customer's payment account and disbursement without using the customer's payment account.

7. Money transfer services involve payment service providers executing the payer's request to transfer a certain amount to the beneficiary. The beneficiary may simultaneously be the payer. Money transfer services include transfers through the customer's payment account and transfers without using the customer's payment account.

8. Payment acceptance unit (PAU) refers to organizations or individuals providing goods or services that accept non-cash payment methods as defined in Clause 10, Article 3 of Decree No. 52/2024/NĐ-CP dated May 15, 2024 of the Government on non-cash payments under contracts or written agreements signed with payment service providers or payment intermediary service providers.

10. Payment transactions via Quick Response Code (QR Code) involve using payment services to pay or transfer money through QR Codes provided by organizations or individuals.

Article 4. Payment Documents

1. The establishment, signing, supervision, circulation, management, use, and preservation of payment vouchers must comply with the relevant accounting laws and electronic transaction regulations.

2. Payment vouchers processed through the State Bank shall be carried out in accordance with the provisions of the Governor of the State Bank.

3. Bank payment instruments, credit cooperative payment instruments, microfinance organization payment instruments, and public postal service enterprise payment instruments shall be standardized, formatted, printed, issued, and implemented in accordance with the regulations set forth in this Circular and relevant laws, ensuring compliance with the payment procedures for each type of service.

4. Mandate payment orders, mandate collection orders, and money transfer vouchers are considered payment vouchers.

5. Electronic payment instrument information and data must be fully controlled to ensure their legality, validity, and integrity. At the same time, these instruments must be managed securely to prevent and avoid illegal exploitation, intrusion, or copying of information.

Article 5. Electronic payment services

Organizations providing payment services when offering electronic payment services must meet the following requirements:

1. Comply with legal provisions governing the establishment, processing, use, preservation, and storage of electronic payment instruments.

2. Establish payment processes that ensure sufficient information for customer verification and identification checks; meet technical infrastructure requirements; manage risks, security, and confidentiality when payment services are conducted electronically according to the Governor of the State Bank of Vietnam's regulations and relevant laws on electronic transactions.

3. Enter into written agreements with customers and related parties, clearly defining the rights and obligations of all parties and mechanisms for resolving disputes (if any) as prescribed by law.

4. Banks must notify customers via electronic channels about transaction evidence for electronic payment transactions, at a minimum specifying the transaction reference number, transaction date, and transaction amount. Notification channels must minimally include SMS messages, emails, or other notification channels and must be reflected in the written agreement with the customer.

5. Comply with the legal provisions on anti-money laundering.

Article 6. Procedures for handling errors and adjustments, inquiries, and complaints in payment transactions and payment intermediary services

1. When errors or discrepancies in money transfers are detected (collectively referred to as errors), all parties involved must take corrective measures in accordance with regulations to ensure accurate and consistent records, preventing impacts on money transfer operations or causing losses to payment service providers, payment intermediary service providers, and/or customers. Error corrections in money transfers must adhere to the following principles:

a) Strictly follow regulations and methods for correcting errors in accounting and money transfer transactions: correct errors at the point where they occur, and do not arbitrarily adjust error figures.

b) Individuals or organizations causing errors or violating regulations and methods for correcting errors shall be subject to handling and compensation for damages caused to related parties according to the law, depending on the nature and severity of the violation.

2. Payment service providers and payment intermediary service providers must specify the period during which customers have the right to request reviews or complaints against payment service providers and payment intermediary service providers, but not less than 60 days from the date of the transaction requiring review.

3. Payment service providers and payment intermediary service providers shall be responsible for handling customer requests for review and complaints to ensure compliance with the following minimum regulations:

a) Implement at least two methods to receive review and complaint information through a call center (with recording, operating 24 hours a day, 7 days a week) and through legitimate transaction locations of payment service providers and payment intermediary service providers; ensuring verification of basic information provided by customers to payment service providers and payment intermediary service providers;

b) Issue sample review and complaint request forms (paper and electronic versions) for customers to use when requesting reviews and complaints at transaction locations of payment service providers and payment intermediary service providers or online channels. In cases where information is received through a call center or online channel, payment service providers and payment intermediary service providers require customers to provide necessary information to verify their identity and take measures to store customer-provided information as a basis for reviewing and handling complaints. In cases where a customer authorizes another person to make a review or complaint request, such authorization shall be carried out in accordance with the provisions of the law on authorization;

c) Payment service providers and payment intermediary service providers shall be responsible for promptly responding to or handling customer complaints within the agreed timeframe but not exceeding thirty working days from the date of receiving the customer's complaint request according to point a of this Clause;

Immediately implement measures to temporarily suspend service provision upon customer request due to suspicion of fraud or loss and bear full responsibility for all financial losses incurred by the customer after the time of the customer's request to suspend service provision;

4. Handling the results of inquiries and complaints resolution:

a) Within a maximum period of five working days from the date of notifying the customer of the results of the review and complaint resolution, payment service providers and payment intermediary service providers shall compensate the customer for losses in accordance with the agreement and current laws for losses arising that are not due to the customer's fault and/or not attributable to force majeure situations as stipulated in the terms and conditions of service use;

b) In cases where the deadline for resolving reviews and complaints as prescribed in Clause 3 of this Article has expired without determining the cause or fault of either party, within the next fifteen working days, payment service providers and payment intermediary service providers shall negotiate with the customer regarding the resolution plan; if no agreement can be reached on the resolution plan, the dispute resolution shall be carried out in accordance with the provisions of the law;

6. Payment service providers and payment intermediary service providers must have solutions to enable customers to search online for information, progress, and results of review and complaint resolutions;

7. Coordination in reviews among service provider organizations:

Payment service providers shall coordinate to handle review requests in mandate payment and collection transactions promptly: within four working days from the receipt of the review request, the recipient of the review request must respond to the review request/result or execute a refund of the payment order containing the review request information;

Chapter II

PAYMENT SERVICES THROUGH ORGANIZATIONS

PROVIDING PAYMENT SERVICES

Section 1

PAYMENT SERVICES THROUGH THE STATE BANK

Article 7. One-time Payment Services through Accounts Opened at the State Bank

1. Organizations opening settlement accounts at the State Bank (as the payer) send payment documents to the State Bank requesting the State Bank to deduct funds from their settlement account to pay the beneficiary who has an account at the same State Bank unit or transfer funds to the beneficiary through appropriate payment systems. The payment process is as follows:

a) Preparation and submission of documents

For payments made by the payer itself: the payer prepares and sends payment documents (mandate payment orders, other appropriate payment documents) to the State Bank where the settlement account is opened, requesting a certain amount to be deducted from its own settlement account to pay or transfer to the beneficiary;

b) Processing of documents and accounting

Upon receipt of payment documents submitted by the payer, the State Bank checks the legality and validity of the documents and verifies the payer's ability to make payments.

(i) If the document is illegal, invalid, or the payer lacks the ability to make payments, the State Bank will refuse the payment and notify the payer.

(ii) If the document is legal, valid, and the payer has the ability to make payments, the State Bank immediately records and processes:

If both the payer and the beneficiary open accounts at the same State Bank unit, the State Bank debits the payer's settlement account, credits the beneficiary's settlement account, and reports the debit and credit according to regulations to the payer and the beneficiary;

If the payer and the beneficiary do not open accounts at the same State Bank unit, the State Bank debits the payer's settlement account, reports the debit to the payer, and issues a transfer order through an appropriate payment system.

Upon receiving the order to transfer funds, after controlling and processing the documents according to the regulations of the payment system, the State Bank shall record the accounting entry into the payment account of the beneficiary unit (or an appropriate account if the beneficiary unit does not have a payment account at the State Bank) and credit the beneficiary unit.

(i) The credit institution issues an Order to Transfer Funds through the Interbank Electronic Payment System to deduct funds from the payment account of its headquarters at the State Bank's Trading Department and send it to the receiving bank, which is the State Bank branch in the province or city where the credit institution's branch wishes to withdraw cash. The credit institution's branch sends an authorized representative for cash transactions to the State Bank branch in the province or city to collect cash.

(ii) The State Bank branch in the province or city checks and verifies the information of the authorized staff for cash transactions from the credit institution's branch to issue a Withdrawal Slip and proceed with the procedures for issuing cash to the credit institution's branch according to the regulations on the accounting system for cash receipt, transfer, issuance, recovery, and destruction at the State Bank. If the Order to Transfer Funds is received after the specified time for cash transactions at the State Bank branch in the province or city, the procedure for issuing cash to the credit institution's branch will be carried out on the next working day.

Section 2

PAYMENT SERVICES THROUGH BANKS

Article 8. Mandate Payment Service

Banks provide mandate payment services ensuring prompt, thorough, accurate, safe, and secure processing in accordance with the law; they establish internal procedures, which must include the following contents:

1. Issuing and Sending Standing Order Documents

The payer establishes a mandate payment and sends it to the bank serving them (where the payment account is opened) to deduct from the payer's account or transfer to the beneficiary. The bank guides customers on how to prepare and submit mandate payments at their own unit, ensuring compliance with this Circular and current regulations of the State Bank.

2. Monitoring Standing Orders

a) Upon receiving a standing order, the bank must strictly monitor to ensure the legality and validity of the document.

b) The bank must check the ability to pay. If the mandate payment is not legal, valid, or guaranteed by the ability to pay, the bank shall notify the payer to correct, supplement, or return the mandate payment to the payer.

3. Processing Documents and Accounting Entries

a) At the payer's servicing bank:

After monitoring, if the standing order is legal, valid, and has the ability to pay, it will be processed as follows:

(i) If both the beneficiary and the payer have accounts at the same bank, the bank shall record the accounting entry into the payment accounts of the payer and the beneficiary, debit the payer's account, and credit the beneficiary's account, no later than one working day from the date of receipt of the customer's mandate payment (except in cases of other agreements).

(ii) If the beneficiary does not have an account at the bank serving the payer, the bank shall record the accounting entry into the payer's payment account, debit the payer's account, and issue an order to transfer funds to the bank serving the beneficiary through an appropriate payment system, no later than one working day from the date of receipt of the customer's mandate payment (except in cases of other agreements).

b) At the beneficiary's servicing bank:

After receiving the money transfer order from the payer's servicing bank, the beneficiary's servicing bank shall proceed to monitor the document and process as follows:

(i) If the money transfer order is lawful and valid, the bank serving the beneficiary must record it into the beneficiary's settlement account and notify the beneficiary of the credit within the latest one working day from the date of receipt of the money transfer order.

(ii) If the money transfer order contains errors, the bank serving the beneficiary must send a request for verification or return the money transfer order to the bank serving the payer within the latest one working day from the date of receipt of the money transfer order. Upon receiving the response to the verification request, within the maximum period of one working day, the bank serving the beneficiary shall execute the money transfer order or return the money transfer order to the bank serving the payer.

(iii) If the beneficiary's account has been closed, the bank serving the beneficiary must return the money transfer order to the bank serving the payer (or according to an agreement with the payer) within the latest one working day from the date of receipt of the money transfer order.

(iv) In case the beneficiary does not have a payment account at the bank:

Upon receiving the money transfer order, the bank must inspect the documents, record it into the appropriate account, and notify the beneficiary according to the contact information provided by the payer. In the case where the beneficiary receives cash, the following procedures apply:

If the beneficiary is an individual, when collecting the money, the beneficiary must present identification documents. In the case where the recipient is an authorized person, they must also present a valid power of attorney in accordance with the provisions of the law. If the beneficiary is an organization, the representative of the organization must present their identification documents and proof of their legitimate authority to represent the organization when collecting the money. The bank must take measures to verify, compare, authenticate customer identity information, and store it in accordance with the provisions of the law.

Within the maximum period of thirty days from the date of notifying the customer of the credit as stipulated in Clause 4 of this Article, if the beneficiary has been notified by the bank but does not come to collect the money or the bank cannot contact the beneficiary, the bank must issue an order to return the money to the bank serving the payer.

4. The bank shall promptly and fully report debits and credits to customers according to the agreed method and timing between the bank and the customer in compliance with the law.

Article 9. Collection Mandate Payment Service

The bank providing the mandate collection payment service must ensure prompt, thorough, accurate, safe, and secure processing in compliance with the law; establish internal procedures, which must include the following contents:

1. Issuing and Sending Collection Mandate Documents

The beneficiary establishes a mandate collection accompanied by a written agreement between the payer and the beneficiary regarding the mandate collection and other documents (if any), and sends them to the bank serving themselves or the bank serving the payer. The bank guides customers on how to establish and submit documents in accordance with the provisions of this Circular and current regulations of the State Bank.

2. Monitoring Collection Mandates

a) At the bank serving the beneficiary: When receiving the mandate collection and accompanying documents from the customer, the bank must strictly control to ensure the legality and validity of the mandate collection in accordance with the accounting document system of the bank. If the mandate collection is not lawful or valid, the bank must inform the customer to make corrections, supplements, or return it to the customer.

b) At the bank serving the payer: Upon receiving the collection mandate payment settlement file, the bank conducts monitoring to ensure the legality and validity of the collection mandate and checks the payer's ability to pay.

If the mandate collection contains errors, the bank serving the payer must send a request for verification or return the mandate collection to the bank serving the beneficiary or the beneficiary within the latest one working day from the date of receipt of the mandate collection. If the payer's account has been closed, the bank serving the payer must return the mandate collection to the bank serving the beneficiary or the beneficiary within the latest one working day from the date of receipt of the mandate collection.

3. Processing Documents and Accounting Entries

a) In cases where the payer has a settlement account at the bank serving the beneficiary:

After monitoring the collection mandate, the bank verifies the agreement between the payer and the beneficiary for payment through the collection mandate and processes as follows:

(i) In cases where the payer has authorized the bank to automatically deduct funds from the payer's settlement account to settle the collection mandate:

If the payer ensures the ability to pay, the bank must record it into the settlement accounts of the payer and the beneficiary, debit the payer's account, and credit the beneficiary's account within the latest one working day from the date of receipt of the mandate collection.

If the payer does not ensure the ability to pay, the bank must notify the payer and the beneficiary and return the mandate collection to the beneficiary (if requested by the beneficiary) or continue to retain the mandate collection until the payer ensures the ability to pay. Once the payer ensures the ability to pay, the bank must record it into the settlement accounts of the payer and the beneficiary, debit the payer's account, and credit the beneficiary's account.

(ii) In the case where the payer has not authorized the bank to automatically deduct funds from the payer's settlement account to settle the mandate collection, the bank must notify the mandate collection to the payer.

If the payer agrees to authorize the deduction from the settlement account, the bank must process and record it into the settlement accounts of the payer and the beneficiary, debit the payer's account, and credit the beneficiary's account within the latest one working day from the date of receipt of the authorization to deduct from the payer's settlement account.

If the payer does not agree to authorize the deduction, the bank immediately notifies and returns the collection mandate to the beneficiary.

(iii) The authorization for automatic deduction from the settlement account must comply with legal provisions on authorization.

b) In cases where the payer does not have a settlement account at the bank serving the beneficiary:

(i) After controlling the lawful and valid mandate collection, the bank serving the beneficiary must have an appropriate method to track processed documents and send them to the bank serving the payer within the latest one working day from the date of receipt of the mandate collection.

(ii) Upon receiving the mandate collection and accompanying documents (if any) sent by the bank serving the beneficiary or the beneficiary, after controlling the lawful and valid mandate collection, the bank serving the payer must check the authorization to deduct from the settlement account and proceed to process and record it into the payer's settlement account as if the payer had a settlement account at the bank serving the beneficiary; simultaneously issue a money transfer order to the bank serving the beneficiary through an appropriate payment system.

(iii) Upon receiving the money transfer order sent by the bank serving the payer, the bank serving the beneficiary must record it into the appropriate account and notify the beneficiary of the credit within the latest one working day.

4. The bank shall promptly and fully report debits and credits to customers according to the agreed method and timing between the bank and the customer in compliance with the law.

Article 10. Collection Services

1. The beneficiary must provide the payment service provider with necessary documents and materials for the payment service provider to perform collection services in accordance with the content of the agreement between the payment service provider and the beneficiary and in compliance with relevant laws.

2. In cases where the payment service provider offers collection services with the support of an intermediary payment service provider (authorized by the State Bank to provide collection and disbursement support services), the agreement or contract may include provisions authorizing the intermediary payment service provider to enter into contracts or agreements with the beneficiary.

3. The payment service provider shall issue internal procedures to implement collection services for customers in compliance with the law, clearly defining the responsibilities and authorities of the parties involved to ensure safety and strictness.

Article 11. Payment Services

1. For disbursement services, the payment service provider shall carry out according to the requirements of the payer as stipulated in the agreement between the payment service provider and the payer and in compliance with relevant laws.

2. In cases where the payment service provider offers disbursement services with the support of an intermediary payment service provider (authorized by the State Bank to provide collection and disbursement support services), the agreement or contract may include provisions authorizing the intermediary payment service provider to enter into contracts or agreements with the payer.

3. The payment service provider shall issue internal procedures to implement disbursement services for customers in compliance with the law, clearly defining the responsibilities and authorities of the parties involved to ensure safety and strictness.

Article 12. Money Transfer Services

1. The process of implementing money transfer services through customer settlement accounts shall be carried out according to the process of payment order services.

The bank shall provide money transfer services ensuring prompt, thorough, accurate, secure, and confidential processing in compliance with the law; it shall issue internal procedures, which must include at least the following contents:

a) Preparation and control of documents:

(i) When the customer requests to deposit cash to have the bank transfer funds to the beneficiary, the bank shall guide the customer to fill out the transfer form in accordance with the bank's regulations, ensuring all necessary information of the sender and the beneficiary, including: full name, identification number, phone number, signature (of the sender), and other relevant information.

(ii) If the sender is an individual, when transferring funds, the customer must present identification documents. In cases where the sender is an authorized person, the customer must present the authorization document in accordance with the law. If the sender is a representative of an organization, in addition to presenting identification documents, they must also present proof of their legitimate representative status. The bank shall take measures to verify, cross-check, authenticate customer identity information, and store data in accordance with the law.

(iii) Upon receiving the customer's deposit slip, the bank checks and controls the documents and proceeds to count the cash deposited by the customer to execute the transfer in accordance with the regulations.

b) Processing documents and accounting:

(i) At the bank serving the remitter: After controlling valid and compliant documents:

In cases where the beneficiary has a settlement account at the same bank serving the sender: within the latest one working day from the completion of the deposit procedures, the bank shall record the transaction in the appropriate account for the sender and report the credit to the beneficiary.

In cases where the beneficiary has a settlement account at another bank: within the latest one working day from the completion of the deposit procedures, the bank shall record the transaction in the appropriate account and issue a transfer order to the bank serving the beneficiary through the appropriate payment system.

(ii) At the bank serving the beneficiary:

Upon receiving the transfer order, the bank serving the beneficiary proceeds to check and process:

If the transfer order is legal and valid, within the latest one working day from receiving the transfer order, the bank serving the beneficiary must record the transaction in the beneficiary's settlement account and report the credit to the beneficiary.

If there are errors in the transfer order, within the latest one working day from receiving the transfer order, the bank serving the beneficiary shall cooperate with the bank serving the sender to conduct an inquiry in accordance with the regulations. Upon receiving the response to the inquiry, within the maximum period of one working day, the bank serving the beneficiary shall execute the transfer order or return the transfer order to the bank serving the sender.

If the beneficiary's account is closed, within the latest one working day from receiving the transfer order, the bank serving the beneficiary shall return the transfer order to the bank serving the sender and clearly state the reason for returning the transfer order to the bank serving the sender.

In cases where the beneficiary does not have a settlement account at the bank: upon receipt of the transfer order, within the latest one working day from receiving the transfer order, the bank shall check the documents, record the transaction in the appropriate account, and notify the beneficiary based on the contact information provided by the sender.

In cases where the beneficiary receives cash: if the beneficiary is an individual, when collecting the money, the customer must present identification documents. If the collector is an authorized person, the authorized person must present the authorization document in accordance with the law. If the beneficiary is an organization, the representative of the organization must present identification documents and proof of their legitimate representative status when collecting the money. The bank shall take measures to verify, cross-check, authenticate customer identity information, and store data in accordance with the law.

Within the maximum period of thirty days from the date of reporting the credit to the customer as stipulated in point c clause of this section, if the beneficiary has been notified by the bank but does not come to collect the money or the bank cannot contact the beneficiary, the bank must issue an order to return the money to the bank serving the sender.

c) The bank shall promptly report the credit to the customer who has opened a settlement account at its own unit in accordance with the method and time agreed upon between the bank and the customer in compliance with the law.

Section 3
PAYMENT SERVICES THROUGH RURAL CREDIT UNIONS, MICRO FINANCIAL ORGANIZATIONS, AND ENTERPRISES PROVIDING POSTAL SERVICES FOR PUBLIC BENEFIT

FINANCIAL POSITION OF THE VIETNAMESE POST AND TELECOMMUNICATIONS ENTERPRISE PROVIDING PUBLIC POSTAL SERVICES

PUBLIC POSTAL SERVICES

Article 13. Payment services through rural credit funds and microfinance organizations

1. Credit cooperatives provide non-account payment services to their members and customers, including money transfer, collection on behalf, and payment on behalf services. Microfinance organizations provide non-account payment services to their customers, including money transfer, collection on behalf, and payment on behalf services.

2. Credit cooperatives and microfinance organizations shall establish internal procedures for money transfer, collection on behalf, and payment on behalf services without using bank accounts in accordance with Articles 10, 11, and Clause 2 of Article 12 of this Circular.

Article 14. Payment services through enterprises providing public postal services

1. Approval document for the provision of non-account payment services to customers (referred to collectively as the approval document):

An enterprise providing public postal services that is granted an approval document must operate strictly in accordance with the contents stipulated in the approval document.

It is not permitted to erase, alter, buy, sell, transfer, lease, lend, forge approval documents; nor may they delegate or entrust other organizations or individuals to carry out activities permitted under the approval documents.

2. The process of implementing money transfer services not through customer settlement accounts:

a) Postal service enterprises providing public postal services shall ensure prompt, thorough, accurate, safe, and secure money transfer services in compliance with the law; issue internal procedures, which must include at least the following contents:

(i) Clearly define each processing stage such as issuance, verification, control, storage of money transfer documents; handling money transfer orders; errors and corrections, inquiries, complaints; accounting according to current accounting regulations, maintaining complete accounting records;

(ii) Specifically stipulate the limits for money transfers and receipts at their service points based on physical infrastructure, technical facilities, operational machinery to ensure safety and compliance with the law during implementation;

(iii) Specify the responsibilities of each department and individual involved in managing, operating, and implementing the money transfer process, including at least the following: adhering to the procedure, transaction settlement, safety and confidentiality regulations, responsibility for coordinating inquiries and handling complaints, and liability for compensating customers for losses caused by their own mistakes;

(iv) Internal regulations on anti-money laundering in accordance with the law on anti-money laundering;

(v) Other related regulations.

(i) Upon receiving a request for money transfer, postal service enterprise employees must verify the information on the money transfer form. After verification, if the payment document issued by the customer is legal and valid, and the amount paid matches the amount on the money transfer order, the employee signs the document and processes the money transfer for the customer. The postal service enterprise must process and complete the money transfer for the customer within the latest one working day from the time it receives a legal and valid payment document from the customer;

(ii) Upon receiving a money transfer order, the postal service enterprise serving the beneficiary must check the document to ensure legality and validity, immediately record it into the appropriate account, and notify the beneficiary to collect the money or deliver it at the address requested by the sender according to the agreement; the postal service enterprise must take measures to verify, reconcile, authenticate customer identification information, and store data in accordance with the law;

(iii) Within a maximum period of thirty days from the date of receipt of the money transfer order and notification to the beneficiary, if the beneficiary does not come to collect the money or cannot be contacted to notify them of the money, the postal service enterprise serving the beneficiary shall return the money to the sender;

a) To provide collection on behalf services, the beneficiary must provide the postal service enterprise with necessary documents and materials as conditions for the postal service enterprise to collect money on behalf in accordance with the content of the agreement between the postal service enterprise and the beneficiary and relevant laws;

b) For payment on behalf services, the postal service enterprise shall act in accordance with the requirements of the payer as stipulated in the agreement between the postal service enterprise and the payer and relevant laws;

c) The postal service provider shall issue internal regulations to implement collection and disbursement services for customers in compliance with relevant laws.

+ Situation of capital sources, mobilization of capital from the public for lending according to the designated list.

a) Postal service enterprises shall report to the State Bank of Vietnam (through the Payment Department) on the implementation of money transfer services quarterly (before the fifth day of the month following the quarter being reported) and annually (before January 15 of the year following the reporting year) in accordance with Appendix No. 03 issued together with this Circular;

b) The postal service provider shall promptly report to the State Bank of Vietnam any related information in the following cases:

(i) At the specific request of the State Bank of Vietnam to serve state management purposes;

(ii) When there are unusual developments or incidents that may cause disruptions in the provision of services potentially affecting the operations of payment service providers or related organizations and individuals.

1. Approval procedure

a) Within ten working days from the date of receipt of complete files in accordance with Decree No. 52/2024/NĐ-CP dated May 15, 2024 of the Government on non-cash payments and any amendments or supplements thereto, the Payment Department shall examine and submit the file to relevant Departments, Bureaus, and units under the State Bank of Vietnam for their comments;

(i) The Information Technology Bureau shall examine and evaluate and issue a document to the Payment Department confirming the technical conditions, technological solutions, security capabilities, and the technical staff ensuring the provision of payment services without customer accounts by postal service enterprises in compliance with the law.

(ii) The agency responsible for anti-money laundering functions shall review and issue a document to the Payment Department assessing internal regulations on anti-money laundering, terrorist financing, and weapons of mass destruction financing to ensure the provision of payment services without customer accounts by postal service enterprises in compliance with the law.

c) Within thirty working days from the date of receipt of comments from units under the State Bank of Vietnam, the Payment Department shall compile comments from related units, review the file, and submit to the Governor of the State Bank of Vietnam for a decision to approve or reject the provision of payment services without customer accounts by postal service enterprises in writing.

2. Extension procedure

a) Within ten working days from the date of receipt of complete files in accordance with Decree No. 52/2024/NĐ-CP dated May 15, 2024 of the Government on non-cash payments and any amendments or supplements thereto, the Payment Department shall examine and submit the file to relevant Departments, Bureaus, and units under the State Bank of Vietnam for their comments;

(i) The Information Technology Bureau shall examine and evaluate and issue a document to the Payment Department confirming the technical conditions, technological solutions, security capabilities, and the technical staff ensuring the provision of payment services without customer accounts by postal service enterprises in compliance with the law.

(ii) The agency responsible for anti-money laundering functions shall review and issue a document to the Payment Department assessing internal regulations on anti-money laundering, terrorist financing, and weapons of mass destruction financing to ensure the provision of payment services without customer accounts by postal service enterprises in compliance with the law.

c) Within ten working days from the date of receipt of comments from units under the State Bank of Vietnam, the Payment Department shall compile comments from related units, review the file, and submit to the Governor of the State Bank of Vietnam for a decision to extend or reject the extension of the provision of payment services without customer accounts by postal service enterprises in writing.

Chapter III

RIGHTS AND OBLIGATIONS

OF THE PARTIES INVOLVED IN PAYMENT SERVICES

Article 16. Rights of organizations and individuals using payment services

1. To choose to use payment services provided by payment service providers; to request and receive notifications, guidance, and warnings from payment service providers to identify and prevent risks when using payment services.

2. To agree with payment service providers on rights and obligations when using payment services in accordance with legal provisions.

3. To request payment service providers to provide information about the implementation of payment services in accordance with agreements with payment service providers.

4. To lodge complaints and request payment service providers to compensate for damages when: payment service providers delay transactions as agreed, fail to perform transactions, or perform transactions inconsistent with payment orders, charge incorrect types or levels of fees as announced by payment service providers, or violate other agreements.

5. To exercise other rights as stipulated in this Circular and relevant laws.

Article 17. Obligations of organizations and individuals using payment services

1. To comply fully with all conditions and procedures for payment services as stipulated in this Circular and the agreement between the user and the payment service provider in accordance with the law.

2. To refund or cooperate with payment service providers to refund the full amount received in excess or erroneously transferred (including operational errors and system failures of payment service providers).

3. To bear legal responsibility for the accuracy and honesty of information and payment documents provided by them.

4. To protect personal and organizational account information and transaction details securely and confidentially during payment transactions; to promptly notify payment service providers of any errors, mistakes, or suspicions of misuse in payment transactions.

5. To fulfill other responsibilities as prescribed in this Circular and relevant laws.

Article 18. Rights of payment service providers

1. To require organizations and individuals using payment services to provide complete relevant information and fulfill obligations according to the agreement in compliance with the law during the use of payment services.

2. To refuse to provide payment services to organizations and individuals using payment services in the following cases:

a) Organizations and individuals using payment services do not meet all requirements when performing payment services as stipulated in this Circular or violate agreements between payment service providers and users.

b) When there is a written request from competent state agencies or evidence that payment transactions are aimed at money laundering, terrorist financing, or financing the proliferation of weapons of mass destruction as prescribed by laws on anti-money laundering, counter-terrorism, and the proliferation of weapons of mass destruction.

c) Customers listed in suspicious lists, blacklists, or warning lists related to fraudulent, deceptive, money laundering, terrorist financing, or financing the proliferation of weapons of mass destruction activities, or violations of laws by competent state agencies.

3. To require organizations and individuals using payment services to refund the full amount received in excess or erroneously transferred (including operational errors and system failures of payment service providers).

4. To have the right to charge fees for providing payment services in accordance with the law.

5. To exercise other rights as stipulated in this Circular and relevant laws.

4. Organizations providing payment services must comply with legal regulations regarding electronic transactions and ensuring safety, confidentiality, and risk management in banking activities. Establish risk management mechanisms: identify risks, categorize types of risks occurring for each type of service provided, ensure the integrity and accuracy of information data related to transactions, implement measures to assess, control, prevent risks, and comply with legal provisions.

5. Organizations providing payment services have the obligation to notify and warn customers about recognizing and avoiding risks when using payment services and to comply strictly with the content of the agreement signed with payment service providers; guide organizations and individuals using payment services on their responsibility to secure account information, other identifying factors, and electronic devices used in payments to avoid exploitation, fraud, and deception.

6. Organizations providing payment services must implement customer identification measures; monitor, detect, and report large-value transactions, electronic fund transfers, and suspicious transactions to competent state agencies in accordance with laws on preventing and combating money laundering and other relevant legal provisions.

7. Payment service providers shall bear liability for compensation for damages caused by their own fault in accordance with legal provisions.

10. Fulfill other responsibilities as stipulated in this Circular and relevant legal provisions.

Article 20. Responsibilities of payment service providers when cooperating with payment intermediary service providers, payment acceptance units, and international organizations

1. When providing payment services involving cooperation with intermediary payment service providers, payment service providers must have written agreements or cooperation contracts with participating parties, clearly stipulating the commitments of all parties regarding customer information confidentiality, payment transactions, and liability for losses caused by disclosing customer information or transactions.

2. Banks may only enter into cooperation contracts with intermediary payment service providers that have been licensed by the State Bank to operate intermediary payment services, to perform payment services within the scope of the licensed services, while coordinating with intermediary payment service providers in data verification, transaction authentication, customer information, implementing security measures in payment, and other obligations as prescribed by the State Bank regarding intermediary payment services.

3. Responsibilities of payment service providers towards Payment Service Users (PSUs):

b) Guide merchants to use payment procedures, payment methods, fraud detection measures, and request security for customer account and transaction information in goods and services payments;

c) Implementing internal regulations on procedures and processes for identifying and verifying PSUs to ensure accuracy, authenticity, and regular updates of PSU data:

(i) Categorize the nature, business model, proof of enterprise/trade registration; comply with the process of opening and using payment accounts or any non-cash payment means accepted for goods and services payments in compliance with regulations on preventing, combating money laundering, financing terrorism, and proliferation of weapons of mass destruction;

(ii) Conducting on-site inspections of business locations or online sales channels to verify the consistency of proof of business type;

(iii) Establishing criteria for selecting and developing PSUs;

d) Payment service providers must establish mechanisms to manage the identification of risks, categorize types of risks occurring for each type of payment service conducted through merchants; evaluate and classify merchants based on risk levels; regularly monitor and supervise, and take strict inspection and management measures during the implementation of contracts/agreements to detect and resolve or propose competent state authorities to handle violations in payment activities as prescribed by law; for high-risk merchants, there must be tools or measures to monitor and inspect merchants' payment transactions comprehensively and thoroughly including increasing the frequency of actual inspections or online sales channel inspections.

đ) Receiving and processing requests for inquiries and complaints from PSUs;

e) Require the ETPS to open a payment account at a bank or foreign bank branch to receive payment for the provision of goods and services. Require the ETPS to provide invoices and transaction documents at the ETPS according to the regulations of the service provider or when necessary to control the legality and validity of payment transactions;

g) The service provider must provide complete and accurate information and documents about payment transactions through the ETPS to the State Bank of Vietnam or competent state agencies upon request;

h) Report a list of ETPS as guided by the State Bank of Vietnam. The service provider reports to the State Bank of Vietnam information about ETPS with signs of fraud, deception, and violation of laws as set out in Appendix 04 issued together with this Circular. Information provision shall be carried out electronically in accordance with the technical connection guidelines of the State Bank of Vietnam;

The criteria for identifying ETPS with suspicious signs of fraud, deception, and violation of laws (hereinafter referred to as the Criteria Set) are based on references to the reasons for suspicion in Appendix 04 issued together with this Circular. The service provider must regularly review, modify, supplement, and update the Criteria Set based on documents, information, and data during the provision of payment services and during the monitoring and supervision of ETPS activities in the process of implementing contracts/agreements signed;

Payment service providers shall report lists of PSUs showing signs of fraud, forgery, or law violations as stipulated herein starting from January 1, 2025.

4. In cases where the service provider allows the intermediary payment service provider to enter into contracts or agreements in writing with the ETPS, the intermediary payment service provider must fully fulfill its responsibilities towards the ETPS as stipulated in Clause 3 of this Article;

5. The service provider sends a notification to the State Bank of Vietnam (through the Payment Department) when implementing cooperation with international organizations (organizations established abroad) in the field of payment to ensure that the implementation of cooperation complies with the operating license granted by the State Bank of Vietnam, relevant legal provisions, and is fully responsible under the law;

Article 21. Rights and responsibilities of the payment acceptance unit

1. ETPS must publicly display that they do not discriminate in pricing or charge additional fees for payment transactions for goods and services using non-cash payment methods compared to cash payments. ETPS must refund or have the service provider refund to customers the difference in price or additional fees collected contrary to regulations;

2. The payment acceptance unit has the right to request the service provider organization to review and lodge complaints regarding transactions with errors or suspected errors.

3. ETPS must regularly monitor and supervise their acceptance devices and tools (POS/mPOS/QR Code) at points of sale of goods and services to prevent misuse and bear responsibility for losses caused by the application of unauthorized QR codes when customers make payment transactions;

PART IV

IMPLEMENTING PROVISIONS

Article 22. Effectiveness

1. This Circular takes effect from July 1, 2024, except for the provisions of Clause 2 of this Article.

2. Clause 6 of Article 6 of this Circular takes effect from January 1, 2025;

3. The service provider reviews contracts/agreements in writing with ETPS signed before the effective date of this Circular to amend and supplement, collect additional documents, information, and data, and provide them to customers in compliance with Articles 20 and 21 of this Circular to complete before December 31, 2024. From January 1, 2025, the service provider must terminate the provision of services for contracts/agreements in writing with ETPS that have not reviewed and provided full information as required by this Circular;

4. This Circular replaces Circular No. 46/2014/TT-NHNN dated December 31, 2014, guiding non-cash payment services; Circular No. 38/2019/TT-NHNN dated December 31, 2019, regulating the provision of non-cash payment services without customer payment accounts by postal service enterprises; abolishes Article 3 of Circular No. 30/2016/TT-NHNN dated October 14, 2016, amending and supplementing several Circulars on payment service operations and payment intermediary services;

1. Payment Department

a) Shall be responsible for monitoring and coordinating with related units to resolve issues arising during the implementation of this Circular;

b) Serve as the focal point, coordinate with the Banking Inspection Agency, the Information Technology Department in inspecting compliance with regulations on the provision of non-cash payment services without customer payment accounts by postal service enterprises;

2. The Banking Inspection Agency, the State Bank of Vietnam branch in provincial and centrally-administered city;

a) Have the responsibility to inspect, check, and supervise compliance with the regulations of this Circular and handle violations within their authority, and report to the Payment Department for tracking;

b) Conduct inspections of the provision of non-cash payment services without customer payment accounts by postal service enterprises in accordance with the law, handle violations within their authority, and report results to the Payment Department and related units;

3. The Director of the Office, the Head of the Payment Department, the Director of the Banking Inspection Department, and the Heads of units under the State Bank of Vietnam, the State Bank of Vietnam branch in provincial and centrally-administered city, the Chairman of the Board of Directors (Board Members), and the General Manager (Director) of service providers are responsible for implementing this Circular;