E-wallets must be linked to a bank account.

The State Bank of Vietnam requires e-wallets to be linked to bank accounts, ensuring proper procedures while making it easier for users to deposit or withdraw money.

In a recently released document, the State Bank of Vietnam requested e-wallet service providers to coordinate with partner banks to improve customer identification procedures and to thoroughly check and review all e-wallet accounts.

The goal is to ensure compliance with the procedures for linking bank accounts and activating e-wallets.

Accordingly, payment intermediary service providers must also reactivate or close all e-wallets that are not linked to bank accounts, or that were activated improperly, or that cannot be identified.

Users are testing the purchase of various types of tickets (movie tickets, airline tickets) on the PayTouch device. Payment can be made using e-wallets.

Under this new requirement, payment intermediary organizations are only permitted to provide services within the scope specified in their service license application, and must "strictly comply with the provisions of the issued license."

"The State Bank of Vietnam will strictly handle cases of violations of regulations on the provision of payment intermediary services," the document states.

In fact, linking a bank account to the wallet will make it easier for users to deposit and withdraw money.

Recent trends show that many banks are also strengthening cooperation with e-wallet service providers to deploy e-wallet top-up and withdrawal services on online banking channels.

Currently, some banks allow deposit transactions with limits of up to 50 million VND per day, or withdrawals with a maximum amount of 20 million VND per day.

Many international card organizations also collaborate with other entities to develop additional mobile payment methods so that consumers can pay bills not only with traditional cards.

According to Tien Phong Newspaper