Under Circular 30/2025, issued by the State Bank of Vietnam regarding amendments to non-cash payment services, all payment account names must match the information on citizens’ ID cards, effective April 1, 2026. The move aims to improve security and ensure safer financial transactions.
Accordingly, payment service providers are required to verify transaction orders to ensure their legality and validity. This includes confirming that account numbers and account holder names match those registered in account agreements and are accurately displayed on payment documents.
As a result, commercial banks will discontinue the use of account nicknames. While previously allowed for personalization, these aliases are now considered prone to transfer errors. Bank representatives stated that the removal of nickname services will not affect account balances or usage rights.
Customers can continue using their original account numbers, but are advised to update their payment information on relevant platforms to avoid disruptions. This tighter regulation on account naming is seen as a necessary step as cashless transactions continue to grow, helping to improve reliability and security for all banking service users.
