The e-wallet aggressively recommends that users authenticate their accounts

According to the new regulation in Circular 23/2019 / TT-NHNN issued by the State Bank (SBV) at the end of November 2029, all e-wallet account holders are required to perform the process of authenticating user information. . This must be done before 7/7/2020.

All e-wallets are required to identify users before 7/7. Photo: Hai Dang

Following the direction, the e-wallets are actively communicating, regularly updating the regulations on account authentication to help users from service interruption. Besides, the wallets all support the State Bank’s opinion on user identification.

“We value this regulation in accordance with the general practice of the world. The authentication of information helps protect the interests of users as well as the crime prevention and money laundering prevention of the State” , said Mr. Nguyen Ba Diep – Vice Chairman, co-founder of MoMo.

MoMo claims to only use the user provided information to verify the accuracy of the account, support when users request for legal purposes, and not provide personal information of users. to any 3rd party.

The representative of Moca e-wallet said that the verification of user information will enable all e-wallets to create a secure payment platform, minimize the risk of fraud, identity theft, money laundering and activities. violating other laws. The wallet representative also said it would continue to accelerate the process of validating user profiles before the specified deadline.

All wallets have programs that encourage users to authenticate their accounts. Photo: Hai Dang

“The number of users participating in validating Moca wallet open records is very positive, 3 times higher than our prediction. This shows that users are increasingly concerned and more proactive in safety issues, protecting secure your e-wallet account, “the Moca information.

For customers who have not identified the wallet, Payoo said that when accessing on the application or website, a notice will be displayed to remind customers to add information before 7/7/2020. This notice is displayed with repeated frequency to appeal to customers. In addition, Payoo also sends notices to customers in email and SMS channels.

Nearly half of the users have authenticated the account

As a rule, to continue using e-wallets, by July 7, 2020, all wallet account holders need to provide documents such as citizen identification, identity card or valid passport, birth certificate (for individuals who are Vietnamese citizens less than 14 years old); entry visas or proof of exemption from entry visas (for foreigners) and link your bank account to an electronic wallet account.

After 7/7, unauthenticated e-wallet accounts will be temporarily locked out of the service. The owner of the e-wallet can return transactions after completing the authentication. Money in users’ e-wallets is preserved, or withdrawn to an associated bank account at any time.

In a recent government meeting, Mr. Dao Minh Tu – Deputy Governor of the State Bank – said there were some cases of e-wallet users being exposed to information and affecting safety. Therefore, identity verification is required with payment accounts at banks or debit cards.

The user authentication aims to help secure electronic payments, not being taken advantage of illegal activities.

As of May, 34 non-bank organizations have been licensed by the SBV to provide intermediary payment services. Payment intermediaries provided 4.24 million verified wallets, linked to bank accounts, of a total of nearly 9 million registered wallets (i.e. nearly 50%).