When is Mobile Money launched?

VCN - According to the Deputy Governor of the State Bank of Vietnam Nguyen Kim Anh, as soon as telecommunications businesses are allowed to provide Mobile Money, people wishing to use this service can register to open, top up and use the Mobile Money service.
0253-1305-digitalpayment-ai-we-chat-alipay-7-eleven-adidas-1569487872020
Source: Internet

The Prime Minister has approved the pilot implementation of using telecommunications accounts for making payments for small value goods and services (Mobile Money) from March 9.

Telecommunications businesses will have to prepare dossiers of application for the Mobile Money service trial and send them to the State Bank (SBV), then this authority will consider and consult ministries such as the Ministry of Information and Communication and the Ministry of Public Security. And then there will be a decision on agreeing to testing license for the operator. At that time, the firm can start to deploy services.

Responding to the press on this issue, Deputy Governor of SBV Nguyen Kim Anh said as soon as telecommunications businesses meet conditions and are approved to provide Mobile Money services, people wishing to use this service, especially people in rural, remote and isolated areas can register to open, top-up and use Mobile Money.

According to the Deputy Governor of the State Bank of Vietnam, telecommunications firms need to develop a dossier of request for the pilot implementation of Mobile Money service to ensure that they fully meet the conditions specified in Decision 316/QD-TTg, and send to the State Bank of Vietnam for reviewing and assessment.

Based on the proposal dossiers of telecommunication enterprises, the State Bank will be a focal point and work with the Ministry of Information and Communications and the Ministry of Public Security to consider and approve the deployment of the Mobile Money service.

When registering to use the Mobile Money service, according to a representative of the State Bank, the customer will have to provide an ID card or citizen ID, passport that coincides with the registration information of customer's roaming subscriber.

Besides that, the State Bank noted each customer is only allowed to open one Mobile Money account with each telecommunications company. Customers can’t rent, borrow, exchange, give or buy or sell Mobile Money accounts to ensure safety and security when using the service.

According to experts, with nearly 125 million roaming subscribers, some 30% of adults do not have a bank account and the opportunity for the development of Mobile Money service in Vietnam is huge. The introduction of Mobile Money is expected to contribute to increasing the non-cash payment rate and promoting comprehensive finance in accordance with the Government's policy.

On the business side, three major mobile network operators that are Viettel, VNPT and MobiFone said they have fully prepared technical infrastructure and training for the department in charge of recharging, payment, identity solutions and electronic authentication of customers from the end of 2020 to be ready for customers to register and develop services when providing the service.

The leader of a telecommunication enterprise estimated only 20-30% of the total of nearly 125 million roaming subscribers currently use the service with a maximum limit (VND 10 million), the amount that will flow through Mobile Money channel can reach tens or hundreds of thousands of billions of dong.

Therefore, the representative of the Telecommunications Department (Ministry of Information and Communications) said the department is asking businesses to submit their dossiers as quickly as possible, trying to run this pilot in this March.

By Hương Dịu/Thanh Thuy

Related News

The Breakthrough of non-cash payments in the public sector

The Breakthrough of non-cash payments in the public sector

VCN - Based on completing legal corridor and constantly investing in modern infrastructure, non-cash payments in the public sector have had impressive growth, bringing outstanding benefits to all participating parties, from people, businesses to state management agencies.
More connections to promote cashless payment

More connections to promote cashless payment

VCN - Non-cash payments have grown sharply in addition to continuous payment products and services of the banking system to facilitate people.
Cooperation in State revenue collection: Important step forward to Digital Treasury

Cooperation in State revenue collection: Important step forward to Digital Treasury

VCN – Coordination between the State Treasury and commercial banks in collecting state revenue has gradually promoted its effectiveness.
Promote non-cash payment activities in the State Treasury system

Promote non-cash payment activities in the State Treasury system

VCN - The State Treasury has just approved a Project on developing non-cash payments in the State Treasury system until 2025. Accordingly, the State Treasury strives to gradually reduce the rate of collection and payments by cash through the State Treasury by the end of 2025 and proceed to form a cashless treasury on the basis of modernizing payment methods.

Latest News

Vietnam needs comprehensive regulatory framework to attract green financing

Vietnam needs comprehensive regulatory framework to attract green financing

Vietnam needs a clear regulatory framework and solutions to promote the green finance market and encourage private capital flows into green fields, experts have said.
2025 budget estimation must be practical, accurate and efficient

2025 budget estimation must be practical, accurate and efficient

VCN - Directing the 2025 state budget estimation, Minister of Finance Ho Duc Phoc emphasized that units must ensure that the 2025 budget estimation must be practical, accurate, efficient, and meet the requirements for performing professional and political tasks assigned to central and local agencies.
The corporate bond market will be more vibrant in the second half of the year

The corporate bond market will be more vibrant in the second half of the year

VCN - In the first half of 2024, with bond maturity pressure continuing to increase, corporate bond issuance has shown many positive signs compared to the previous year. According to forecasts, businesses' need to borrow and issue corporate bonds will accelerate in the second half of 2024.
Prioritize resources and promptly supplement capital for policy credit

Prioritize resources and promptly supplement capital for policy credit

VCN- In the near future, to further promote the effectiveness of policy credit, the Ministry of Finance will continue to preside over and coordinate with relevant ministries, branches and the Vietnam Bank for Social Policies (VBSP) to implement many key solutions.

More News

Measures suggested to boost startups’ access to capital

Measures suggested to boost startups’ access to capital

The recent vigorous growth of startups in Vietnam has attracted domestic and foreign investors, but insiders recommended more efforts be made to facilitate startups’ access to funding from investors so that they can live up to potential.
Inflationary pressure seen from monetary policy

Inflationary pressure seen from monetary policy

VCN - The economy went through the first half of the year, inflation is still under control and forecast to reach the target set by the National Assembly and the Government. However, variables from the currency market such as exchange rates, interest rates, credit..., even gold prices, are issues that need to be paid attention.
Banks with the problem of promoting credit growth

Banks with the problem of promoting credit growth

VCN - It is estimated that by the end of June 2024, the economy's credit growth will reach nearly 4.5%. This number is still far from the yearly credit growth target of 14-15%.
Proposal to increase Special Consumption Tax on tobacco products

Proposal to increase Special Consumption Tax on tobacco products

VCN - At the workshop Special Consumption Tax on cigarettes held by Vietnam Tax Consulting Association and the Institute of Financial Strategy and Policy on July 16, experts and businesses clarified the goals and content of amended the special consumption tax policy on tobacco products. According to experts, there cannot be a solution that fully ensures the benefits of both consumers, the state and businesses, but it is necessary to choose the most optimal option to achieve the initially set goals.
Savings of individual customers at banks hit record high

Savings of individual customers at banks hit record high

In spite of low interest rates, figures from the State Bank of Vietnam (SBV) released this week show deposits of individual customers increased by more than VNĐ39.7 trillion in April, to reach more than VNĐ6.7 quadrillion.
Managing fiscal policy has achieved many positive and comprehensive results

Managing fiscal policy has achieved many positive and comprehensive results

VCN - On July 15, the Ministry of Finance held an online conference to summarize state budget financial work in the first 6 months of the year, implementing tasks in the last 6 months of 2024. Minister of Finance Ho Duc Phoc attended and directed the conference. Also attending the Conference were Deputy Ministers of Finance, leaders of units under the Ministry of Finance.
Determine tools, policy for inflation control

Determine tools, policy for inflation control

VCN - According to economic expert Associate Professor, PhD. Ngo Tri Long (photo), former Director of the Price Market Research Institute (Ministry of Finance), inflation is an issue that needs special attention, especially related to the management of monetary policy, interest rates, increasing prices of goods and services...
The impact of wage increases on inflation will not be too significant

The impact of wage increases on inflation will not be too significant

VCN - Addressing concerns related to wage and price increases, Dr. Nguyen Duc Do, Vice Director of the Institute of Economics - Finance (Finance Academy), believes there are not many factors causing sudden price surges in the last 6 months of 2024. Therefore, it can be expected that the rate of price increases in the last 6 months will be comparable to that in the first 6 months of 2024.
Imposing and raising special consumption tax contributing to change consumption behavior

Imposing and raising special consumption tax contributing to change consumption behavior

VCN - At the Workshop on Comments on Completing the Revised Law on Special Consumption Tax (SCT) organized by the Vietnam Confederation of Commerce and Industry (VCCI) on July 11, many experts and businesses contributed their opinions to clarify the importance and impact of the revised special consumption tax law, which emphasizes the addition of taxable areas or tax increases to change society's consumption behavior.
Read More

Your care

Latest Most read
Vietnam needs comprehensive regulatory framework to attract green financing

Vietnam needs comprehensive regulatory framework to attract green financing

Vietnam needs a clear regulatory framework and solutions to promote the green finance market and encourage private capital flows into green fields, experts have said.
2025 budget estimation must be practical, accurate and efficient

2025 budget estimation must be practical, accurate and efficient

VCN - Directing the 2025 state budget estimation, Minister of Finance Ho Duc Phoc emphasized that units must ensure that the 2025 budget estimation must be practical, accurate, efficient, and meet the requirements for performing professional and political
The corporate bond market will be more vibrant in the second half of the year

The corporate bond market will be more vibrant in the second half of the year

VCN - In the first half of 2024, with bond maturity pressure continuing to increase, corporate bond issuance has shown many positive signs compared to the previous year. According to forecasts, businesses' need to borrow and issue corporate bonds will acc
Prioritize resources and promptly supplement capital for policy credit

Prioritize resources and promptly supplement capital for policy credit

VCN - According to the VBSP, by the end of June, total policy credit capital rose 7.6% year-on-year to VND 372,723 billion, including entrusted capital from the local budget at VND46,929 billion, an increase of VND7,755 billion, accounting for 12.6%.
Measures suggested to boost startups’ access to capital

Measures suggested to boost startups’ access to capital

The recent vigorous growth of startups in Vietnam has attracted domestic and foreign investors, but insiders recommended more efforts be made to facilitate startups’ access to funding from investors so that they can live up to potential.
Mobile Version