Mar 05, 2018 / 17:23
People under 18 can use debit cards, credit cards and prepaid cards
The State Bank of Vietnam reported that since March 3, 2018, youths who are between 15 and 18 years old can open debit cards, credit cards and prepaid cards without the need to provide proof of income’s sources.
Moreover, persons who are from 6 to 15 years old can create debit cards associated with their parents’ and guardians’ accounts.
The new decree left some parents confused about how they would control their children’s spending.
Ngoc Mai in Ba Trieu district told Lao dong (Labour) newspaper that she found the policy infeasible.
“I will never let my children open credit cards with overdraft lines when they are under 18 years old as I do not know what they’ll spend,” she said.
Sharing the same concern, Nguyen Son in the downtown district of Hoan Kiem in Hanoi said that persons between 15 and 18 were not able to manage their personal spending.
“At that age, the management and supervision from parents and schools are important to their full development. Therefore, my children are not allowed to have their own credit cards,” he said.
However, according to the newspaper, it is not easy for persons aged 15 to 18 to register credit cards at commercial banks with high overdraft lines as it is difficult for them to repay the debt. An officer of the State Bank of Vietnam, moreover, stressed that the decree was a solution to reduce cash payments.
“Vietnam will promote payment without cash in the near future, therefore, rather than preventing their children from using credit cards, parents can set spending limits by transferring a fixed amount of money to their accounts to easily control their expenditures,” he said.
Hanoi authorities in March 2018 set a plan to set up cashless payment systems at all supermarkets, restaurants and department stores by 2020. Also, it is expected that 60% of households will use cashless payment platforms for their daily needs and 70% of citizens over age 15 to have bank accounts.
The new decree left some parents confused about how they would control their children’s spending.
People under 18 can use debit cards, credit cards and prepaid cards
|
“I will never let my children open credit cards with overdraft lines when they are under 18 years old as I do not know what they’ll spend,” she said.
Sharing the same concern, Nguyen Son in the downtown district of Hoan Kiem in Hanoi said that persons between 15 and 18 were not able to manage their personal spending.
“At that age, the management and supervision from parents and schools are important to their full development. Therefore, my children are not allowed to have their own credit cards,” he said.
However, according to the newspaper, it is not easy for persons aged 15 to 18 to register credit cards at commercial banks with high overdraft lines as it is difficult for them to repay the debt. An officer of the State Bank of Vietnam, moreover, stressed that the decree was a solution to reduce cash payments.
“Vietnam will promote payment without cash in the near future, therefore, rather than preventing their children from using credit cards, parents can set spending limits by transferring a fixed amount of money to their accounts to easily control their expenditures,” he said.
Hanoi authorities in March 2018 set a plan to set up cashless payment systems at all supermarkets, restaurants and department stores by 2020. Also, it is expected that 60% of households will use cashless payment platforms for their daily needs and 70% of citizens over age 15 to have bank accounts.
Other News
- Hanoi launches occupational safety action month
- Hanoi digitizes public transport ticketing
- A new lease on life for Hanoi's community library system
- Gen-Z workers driven by career advancement and work environment
- Wide range of World Water Day 2024 activities in Vietnam
- Hanoi police fine street vendors for overcharging foreign tourists
- USAID launches US$3 million project to protect Vietnam's natural habitat
- Hanoi to improve children's legal knowledge
- Hanoi celebrates Vietnam Book and Reading Culture Day 2024
- Hanoi's gift and flower market gets a boost on International Women's Day
Trending
-
Where do Vietnamese prefer to go for their next holiday?
-
Vietnam news in brief- April 19
-
Cultural similarities provide basis for Vietnam-Italy cooperation in various fields
-
Colorful stage shows in Hoan Kiem Lake pedestrian area
-
It happened as it had to happen
-
Hanoi street where dead appliances come back to life
-
Vietnam’s economy urged to rely on internal strengths to weather global uncertainties: ADB
-
Vietnam, Thailand advance realization of “Three Connections” strategy
-
MICHELIN Guide sets its sights on Vietnam’s central region