The requirement, outlined in Decision 2345/QD-NHNN, is aimed at curbing fraud and preventing bank accounts from missing money.

According to the decision, transactions under VND10 million require one-time password (OTP) verification, provided that the total value of daily online transactions remains under VND20 million.

However, daily transactions exceeding VND20 million necessitate biometric authentication, which can be facilitated through chip-based identity cards, VNeID accounts, or biometric data stored in banks’ information systems.

When the cumulative daily total surpasses VND20 million, subsequent transactions, no matter how small they are, will require face and fingerprint authentication.

Users initiating their first online payment via mobile banking or conducting transactions on a new device will also need to undergo biometric authentication.

For credit institutions under special surveillance, Decision 2345 will take effect on January 1, 2025, instead of July 1, 2024.

Saigon Times