On November 5, 2025, the Governor of the State Bank of Vietnam (SBV) signed and promulgated Circular No. 41/2025/TT-NHNN, amending and supplementing certain provisions of Circular No. 40/2024/TT-NHNN regulating intermediary payment service (IPS) activities.
The Circular comprises 27 Articles, introducing the following key changes:
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On measures to ensure payment capability for collection and disbursement support services:
IPS providers are now allowed to choose among different methods to secure payment capability for collection/disbursement support services (such as maintaining payment guarantee accounts or other legally recognized measures), ensuring flexibility and practical implementation. -
On safety in IPS provision:
The Circular adds a requirement that IPS providers must regularly review and ensure that customers only use funds from payment accounts, bank cards, or e-wallets to perform payment transactions via IPS applications or platforms, in accordance with the law. -
On e-wallet opening procedures:
IPS providers offering e-wallet services must directly meet and verify the biometric information of the wallet holder or the authorized representative (for individuals or organizations), except when the wallet is opened electronically. They must also verify the customer’s phone number in cases where the wallet is linked to electronic payment transactions. -
On transaction limits for individual e-wallets:
The monthly transaction limit for individual e-wallets used for certain payment transactions is raised from VND 100 million (under Circular No. 40) to VND 300 million. -
On information provision obligations:
The Circular adds requirements for the IPS provider serving the payer to supply necessary information to the IPS provider serving the payee, upon request, for money transfers between e-wallets or between e-wallets and VND accounts/debit cards. -
On responsibilities of e-wallet service providers:
Providers must update customer information whenever there is doubt regarding its accuracy or completeness; comply fully with internal regulations on e-wallet opening and usage; and report to the SBV when changing their trade name or e-wallet brand, or when providing IPS services for payments involving foreign goods and services.
In addition, the Circular revises and supplements other aspects, including:
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Updating the names of SBV’s departments in line with its new organizational structure;
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Amending rules on e-wallet usage to ensure security and confidentiality in accordance with practical implementation; and
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Revising administrative procedures and responsibilities of SBV units involved in IPS-related processes.
Effective date:
The Circular takes effect from November 5, 2025.
Certain new provisions (Article 6; Article 12; Clauses 2, 3, 4 of Article 15) will come into force on January 1, 2026, allowing IPS providers sufficient time to prepare for implementation, adjust technological solutions, and refine internal processes accordingly.
STATE BANK OF VIETNAM
By VNBA News
