Deputy Governor of the State Bank of Vietnam Dao Minh Tu has said July 7 is the deadline for e-wallet owners to complete the identity verification.
Some Vietnamese e-wallets. — Photo atpcare.vn
The deputy governor gave this information at a Government press conference on Tuesday evening.
Article 9 of the Circular 23/2019/TT-NHNN regulated that e-wallet owners must provide accurate information in the application form for wallet opening sent to service providers before July 7.
Accordingly, unauthenticated e-wallet accounts will be temporarily locked out of the service after the deadline.
Owners of these e-wallets can do transactions after completing the authentication.
This is a revision of Circular 39 issued in 2014. The reason for the revision is to ensure safety for users of e-wallets.
Tú also recommended that people using this service not provide or disclose information to those who they do not trust.
The deputy governor also required intermediary payment organisations to be responsible for securing payment information for customers.
Also according to information from the State Bank of Vietnam (SBV), payment activities in the beginning months of this year still have seen significant growth compared to the same period last year despite the influence of the COVID-19 pandemic.
Transaction value via the inter-bank electronic payment system in the first three months of the year increased by over 21 per cent compared to the same period last year.
The trend in the economy has shifted towards cashless payments.
The statistics from SBV showed that the average transaction value via inter-bank e-payment system in the first 20 days of April increased by 8.85 per cent over the same period last year. — VNS
‘Bleeding money’ is the strategy that all the three biggest players – MoMo, Moca and ZaloPay – have been using to gain part of e-wallet market share.
Hefty sums found their way to Vietnamese e-wallets from diverse partners during the year, turning the segment into one of the investment hotspots.