One of the noticeable new regulations at this Circular is allowing banks to deploy the form of online issuance of card to a cardholder being an individual.
Banks have discretion over measures, methods, technology to identify and verify the customer for issuance of cards using electronic method and decide the transaction limit of the customer’s card.
However, it is required to ensure that the total transaction limit (including cash withdrawal, wire transfer, payment) of the customer's debit or personalized prepaid card or credit card does not exceed 100 (one hundred) million Vietnam Dong in a month and that customer may neither withdraw cash in foreign currency in foreign countries nor make international payments (except banks meet technology requirements according to clause 4 Article 10a)
This Circular takes effect from January 1st, 2022.
|Published||Vietlaw's Newsletter No. 539|