• An Giang
  • Binh Duong
  • Binh Phuoc
  • Binh Thuan
  • Binh Dinh
  • Bac Lieu
  • Bac Giang
  • Bac Kan
  • Bac Ninh
  • Ben Tre
  • Cao Bang
  • Ca Mau
  • Can Tho
  • Dien Bien
  • Da Nang
  • Da Lat
  • Dak Lak
  • Dak Nong
  • Dong Nai
  • Dong Thap
  • Gia Lai
  • Ha Noi
  • Ho Chi Minh
  • Ha Giang
  • Ha Nam
  • Ha Tinh
  • Hoa Binh
  • Hung Yen
  • Hai Duong
  • Hai Phong
  • Hau Giang
  • Khanh Hoa
  • Kien Giang
  • Kon Tum
  • Lai Chau
  • Long An
  • Lao Cai
  • Lam Dong
  • Lang Son
  • Nam Dinh
  • Nghe An
  • Ninh Binh
  • Ninh Thuan
  • Phu Tho
  • Phu Yen
  • Quang Binh
  • Quang Nam
  • Quang Ngai
  • Quang Ninh
  • Quang Tri
  • Soc Trang
  • Son La
  • Thanh Hoa
  • Thai Binh
  • Thai Nguyen
  • Thua Thien Hue
  • Tien Giang
  • Tra Vinh
  • Tuyen Quang
  • Tay Ninh
  • Vinh Long
  • Vinh Phuc
  • Vung Tau
  • Yen Bai

First mobile network providers allowed to pilot mobile money service

VGP – The State Bank of Viet Nam has allowed two mobile network providers to pilot mobile money service in a bid to reduce the use of cash nationwide.

11/19/2021 17:22

Illustration photo

The MobiFone Telecommunications Corporation (MobiFone) and the Viet Nam Post and Telecommunications Group (VNPT) are the first mobile network providers to carry out the pilot policy for two years.

This method of payment will be especially helpful in remote areas where residents are unbanked.

By the end of 2020, Viet Nam had 132.52 million mobile phone subscribers, while the proportion of adults with bank accounts is only 64 percent.

In March, the Prime Minister approved the pilot application of mobile money, which allows the use of mobile phone accounts to pay for small-value goods and services, effective from March 9, 2021.

The Government expects that by 2025, around 80 percent of Vietnamese citizens will use digital payment methods with the non-cash payment rate reaching 50 percent. Besides this, around 75 percent of water and electricity bills would be paid through a non-cash payment alternative, and 90 percent of points of sale will adopt cashless payment options./.

By Kim Loan