A series of new regulations on payment intermediaries have just been issued and taken into effect. Currently, the country has 50 payment intermediaries, including 48 organizations providing e-wallet services.
The Payment Department ( State Bank ) said that as of June 2024, Vietnam had reached 9.13 million Mobile-Money accounts, 11,885 established business points, 275,575 payment acceptance units, and 128 million transactions worth VND 4,782 billion. In the first 6 months of 2024, payment growth via QR Code increased by 104.23% in quantity and 99.57% in value compared to the same period in 2023.
Currently, the country has 50 payment intermediaries, including 48 organizations providing e-wallet services. As of June 30, 2024, more than 34 million e-wallets are active (accounting for 59% of the total 58 million activated e-wallets).
According to Vietnam National Payment Joint Stock Company (Napas), the payment market in Vietnam in 2023 will have the number of non-cash payment transactions reaching about 3.5 billion transactions, with a total value of up to more than 66 million billion VND.
The number of transactions via QR Code reached about 183 million transactions, a strong growth of 170% compared to 2022. The total value of transactions via QR Code reached about 116 trillion VND, an increase of 74% compared to 2022. Transactions Online payment (Ecom) reached about 210 million transactions, growing 15% compared to 2022. The total transaction value reaches about 150 trillion VND. 145.79 million cards are in circulation with total card payment turnover in 2023 reaching more than 1.8 million billion VND, an increase of about 18% compared to 2022.
For card payment activities, the value of withdrawal transactions is higher than payment transactions, however, the difference has gradually decreased in recent years and especially decreased sharply in 2023. Payment turnover cards increased over the years, however, decreased in 2023.
A Napas representative said that electronic payment is increasingly growing and becoming an important trend in the digital transformation process. Therefore, Napas has been continuously developing a shared payment infrastructure, a diverse range of products and services, meeting the connection needs of banks and payment intermediaries, and promoting electronic payments in Vietnam. Male. Meets the scope of domestic and cross-border payments.
Mr. Nguyen Dang Hung, Chairman of VietFintech Club, said that in the past 5 years, following the world's digital transformation trend, Vietnam's macro economy has had many changes, especially the strong development of the market. pay. The appearance of 50 licensed payment intermediaries, domestic and regional e-wallets as well as two major network operators piloting mobile money...
In that context, the Government has issued Decree No. 52/2024/ND-CP regulating non-cash payments (effective from July 1, 2024) and the State Bank has issued Circular No. Circular 40/2024/TT-NHNN (effective from July 17, 2024) regulating payment intermediary service activities has greatly affected payment intermediary service providers.
To promote non-cash payments, Mr. Hung hopes that in the coming time, the Government and SBV will issue a clearer, more specific, and complete legal framework to meet the needs of the people and development. of the payments market.
Currently, Napas is the only card-switching organization in the market. Previously, many technology businesses suggested allowing more units to provide this service to increase competition and reduce fees for users. With the current technology platform, many technology businesses can afford to participate in this service.
Currently, the regulations in Decree 52 have created a mechanism for licensing additional organizations providing financial switching and electronic clearing services.
Accordingly, in addition to the general conditions for establishing a payment intermediary in terms of charter capital, the project to provide payment intermediary services, personnel, and technical solutions... the unit wants to provide financial switching services. , electronic clearing services must meet a number of other regulations.
Specifically, an organization must settle the clearing results between related parties; and have connection agreements with at least 50 banks and foreign bank branches whose total charter capital in the year immediately preceding the year of submitting the application for License accounts for over 65% of the total charter capital of the banks, Foreign bank branches in the system of credit institutions and at least 20 organizations providing intermediary payment services; have an information infrastructure that meets the minimum requirements for ensuring level 4 information system security as prescribed by law, ensuring the ability to integrate and connect with the organization's technical system. Participating organizations have a connection agreement; Have a server system that complies with legal regulations and meets the capacity to process at least 10 million payment transactions/per day.
Participating organizations cannot connect more than 02 organizations providing financial switching and electronic clearing services.
For international financial switching services, the service provider must have a valid License to provide financial switching payment intermediary services; and have an organization settle the clearing results between related parties; There are internal regulations on standards for selecting connections to international payment systems to perform financial switching of global payment transactions; There are internal regulations on technical professional processes for international financial switching services requesting licensing and organizing the operation of international payment systems connected to organizations providing financial switching services. must be established and operate legally in a foreign country.
Within a maximum period of 6 months from the date of issuance of the License to provide intermediary payment services by the State Bank, the licensed organization must provide intermediary payment services to the market and is only allowed to provide intermediary payment services to the market after implementing a technical system that meets regulations.
(baodautu.vn)
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