The proposed transaction limits on each business partner of financial institutions in the draft circular about payment agents are facing criticism from the Việt Nam Chamber of Commerce and Industry (VCCI). According to VCCI, the limits set in the draft proposal are outdated and may disrupt the provision of services in the modern economy.
The draft circular proposes transaction limits of VNĐ20 million per customer per day and VNĐ200 million per day and VNĐ5 billion per month for agents. VCCI argues that these limits were set in 2012 when the pilot implementation of payment agents was approved by the State Bank of Việt Nam. After 12 years, VCCI believes these limits should be adjusted to reflect market developments, increasing payment demands, and inflation rates.
VCCI suggests that transaction limits should be adjusted based on the transaction demands in each local area, the scale of operations, and the levels of risk for agents. They urge the State Bank of Việt Nam to amend the circular to apply limits only to new agents, allowing banks and their partners to renegotiate appropriate transaction limits.
Additionally, VCCI highlights the low fees charged by banks on payment transactions, ranging from 0.025% to 0.04%. Under the draft proposal, payment agents are allowed to collect fees not exceeding those of banks. This means that agents can only earn VNĐ50,000 – VNĐ80,000 per day with the daily transaction limit of VNĐ200 million, which VCCI considers too low to attract business partners.
VCCI emphasizes the need for policies to encourage financial institutions’ business partners to open payment agents in rural, mountainous, remote, border, and island areas of Việt Nam to promote financial inclusion. They point to a survey by the State Bank of Việt Nam, which shows that 105 out of 124 central banks around the world allow payment agents.
In conclusion, VCCI’s critique of the proposed transaction limits in the draft circular highlights the need for adjustments to reflect the current market conditions and promote financial inclusion in Việt Nam. Their recommendations aim to ensure that the payment agent system remains efficient and attractive for business partners while meeting the evolving needs of the economy.