MOBILE-MONEY SERVICE PILOT EXTENDED TO LATE 2024

The Government has issued a resolution regarding the extension of the pilot use of telecom payment accounts for small-value goods and services until December 31, 2024.

Accordingly, the State Bank of Vietnam was assigned to partner with the Ministry of Information and Communications, the Ministry of Public Security, the Ministry of Justice, and relevant agencies to review and report the issuance of legal documents regulating Mobile-Money service before May 2024 to competent authorities.

In 2021, the Prime Minister approved the pilot of Mobile-Money service nationwide for two years, starting from March 9, 2021.

The service allows customers to use their telecom accounts to conduct various transactions, including payment for small-value goods and services, money transfer, direct deposit and withdrawal at outlets and transaction points of telecom providers throughout the country, without requiring a bank account, a smart phone, or Internet connection.

According to the Ministry of Information and Communications, the number of clients using Mobile-Money service exceeded 3.9 million as of early May 2023, tripling the figure for the same period last year.

Among them, the number of clients in rural, remote and mountainous areas reached over 2.7 million, accounting for 69 per cent of the total.

There were 9,953 Mobile Money service points nationwide, up 12 per cent from March; and 15,326 units accepting payment via Mobile Money, up 0.2 per cent. The total number of withdrawals, transfers and payments through Mobile-Money was over 26.1 million, with a total value of roughly VNĐ1.7 trillion (US$70.1 million).

Source: VNS