Information verification required when using e-wallets
E-wallets are a type of intermediary of payment, directly connected to a bank payment account or debit card, so it is necessary to clarify the personal information of the owner of an e-wallet to enhance security and to avoid risks to users. According to the regulations of the State Bank, from 07/07/2020, any account that has not provided sufficient information to open an e-wallet will be temporarily locked. DTD will provide some legal information related to the new policy of the State Bank on the issue of e-wallets.
1. Regulations on opening an electronic wallet
Article 9 of Circular 23/2019/TT-NHNN, effective from January 7, 2020, requires users of e-wallets to provide some personal information to intermediary payment service providers.
Specifically, the file includes the following information:
- For personal e- wallet:
(i) full name; (ii) date of birth; (iii) nationality; (iv) telephone number; (v) Citizenship identification number. In addition, the user is required to present a citizen ID / ID card / passport (original or photocopy or scanned version).
- For the e-wallet of the user organization, authentication of the full transaction name and abbreviation is required; business code and tax code (if the organization has a tax code other than the business code); address of head office; Trading address; phone number. Information about the legal representative of an open e-wallet authenticator is similar to that of an individual opening a wallet.
For users who have registered e-wallet before January 7, 2020 but have not completed the information, within 06 months from January 7, 2020, payment service providers must collect, supplement customer information,...
2. Provisions in the process of using e-wallets
When using e-wallets, users must comply with the provisions of Clause 6, Article 9 of Circular 23/2019/TT-NHNN:
+ Only recharge to e-wallet from:
(i) Customer's payment account or debit card at the bank;
(ii) Receiving money from other e-wallets opened by the same e-wallet service provider.
- Purpose of using e-wallet:
(i) Payment for legal goods or services;
(ii) Transferring money to other e-wallets opened by the same e-wallet service provider;
(iii) Withdraw money from E-Wallet to customers' payment accounts or debit cards at banks.
It is strictly forbidden to use e-wallets to conduct transactions for money laundering, terrorist financing, fraud, fraud and other law-breaking acts.
3. Risks when confirming e-wallet information
By providing information for opening an e-wallet application, users are exposed to the risk of basic information, including identity information, phone numbers, bank card information (if e-wallets) linked to bank card) leaked. Although the Deputy Governor of the State Bank has declared that the confidentiality of customer information is the responsibility of the payment intermediary service provider, in fact, the risk of information leakage is completely possible.
Article 23 of Decree No. 101/2012/ND-CP stipulates that payment intermediary service providers are responsible for keeping confidential information related to account holders. If an intermediary providing payment services provides or discloses customer information inconsistently with the law, a fine will be imposed in accordance with Clause 03 Article 27 of Decree 88/2019/ND-CP, specifically:
“3. A fine of from VND 20,000,000 to VND 30,000,000 shall be imposed for any of the following violations:
a) Providing, disclosing customer information at the organization providing payment intermediary services in contravention of law”
In addition, users can also sue the payment service provider to claim compensation for information leakage (Article 18 of Decree 101/2012/ND-CP).
