State Bank of Vietnam mobilizes people to use biometrics

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Accordingly, on December 18, 2023, the SBV issued Decision No. 2345/QD-NHNN on implementing safety and security solutions in online payments and bank card payments related to updating biometric authentication for bank accounts. Specifically, from July 1, 2024, money transfers via online accounts or deposits into e-wallets of over VND 10 million as well as total transfers per day  of over VND 20 million must be biometrically authenticated.

On June 28, 2024, the SBV issued Circular No. 17/2024/TT-NHNN regulating the opening and use of payment accounts with payment service providers and Circular No. 18/2024/TT-NHNN regulating bank card activities. In particular, at Point c, Clause 5, Article 17 of Circular 17/2024/TT-NHNN, the SBV stipulated: "Banks and foreign bank branches shall guide customers to use payment accounts to ensure the principle: Only withdraw money for payment transactions by electronic means on the payment account when the verification of identity documents and biometric information of the account holder or representative (for individual customers) has been completed", applicable to individual payment accounts effective from January 1, 2025.

In order to ensure that from January 1, 2025, individual customers can use their payment accounts conveniently and smoothly according to the provisions of Circular No. 17/2024/TT-NHNN and Circular 18/2024/TT-NHNN dated June 28, 2024 of the SBV, the provincial State Bank requests agencies and units to propagate to cadres, civil servants, public employees and workers, and all people in the area in coordination with local bank branches on updating biometric information authentication for people's payment accounts.

Customers and individuals who have opened a bank account, transacted with the bank and used an ATM card can update their biometric authentication directly via the banking application (APP) or contact the nearest banking point of the bank brand where the account was opened for instructions on updating biometric authentication at the counter to ensure that payments through people's accounts are convenient and smooth from January 1, 2025.