Mobile Money users in Vietnam rise rapidly

The number of Mobile Money service users in Vietnam reached more than 8.8 million customers by the end of May, an increase of 3.3% over the same period last month.

The latest data from the Ministry of Information and Communications (MIC) shows that the number of customers in rural, mountainous and remote areas reached more than 6.3 million customers, accounting for 72% of customers using Mobile Money services.

Mobile Money is a service that uses telecommunications accounts to pay for goods and services of small value.

Mobile Money service is licensed by the State Bank of Vietnam (SBV) to pilot nationwide for a period of two years, from November 18, 2021 to November 18, 2023.

After the initial pilot period, the Government issued Resolution 192 on extending the Mobile Money service pilot implementation period until December 31 this year.

The implementation of the Mobile Money pilot aims to promote non-cash payments, especially in rural, mountainous and island areas, where people do not have access to bank transaction points.

Unlike regular e-wallets, Mobile Money provides users with an account tied to a mobile subscription, without the need for a bank account.

This account is similar to a telecommunications account, but can be used to transfer money and pay for services and goods legally in Vietnam.

To date, across the country there were 275,879 points accepting payment by Mobile Money, an increase of 9.56% compared to April this year.

The total number of transactions including deposit, withdrawal, money transfer, payment using Mobile Money is more than 119 million transactions, up 8%.

Total transaction value reached more than 4.46 trillion VND, up 7%.

In response to the results achieved since the pilot, Deputy Prime Minister Le Minh Khai at the meeting in May assigned the SBV to preside and co-ordinate with related ministries, agencies and units to urgently research and complete reports and proposals on promulgating legal documents regulating Mobile Money services.

Accordingly, the Government's orientation is to have a specific assessment, complete data and close to the situation regarding the results of the recent Mobile Money service pilot.

In addition, it is necessary to fully assess the impacts, benefits, risks and effects on relevant entities, payment systems, banking activities and national financial and monetary security.

Plans and proposals must ensure security and safety of bank payment activities and the national financial and monetary system in accordance with the law and science technology development, international practices, ensuring management, rights and interests of related subjects./.