Viet Nam will pilot Mobile Money service across the country for two years before officially launching it, according to Deputy Governor of the State Bank Dao Minh Tu.

Illustrative image (Photo: VNA)

The development of services using mobile phone credit to pay for small-value goods and services (Mobile Money) is expected to promote financial inclusion and non-cash payment in Viet Nam, especially amid the complicated developments of the COVID-19 pandemic.

Currently, in Viet Nam, there are nearly 125 million mobile phone subscribers, while the proportion of adults with bank accounts is only 64 percent. Mobile Money is expected to make a drastic change in the payment of essential services.

According to the State Bank, this payment method will be especially helpful in remote areas, where people do not have bank accounts or access to modern payment services. 

This service will help expand more non-cash payment channels, especially in the context of COVID-19.

The Vietnamese-military-run group Viettel, the Viet Nam Post and Telecommunications Group (VNPT), and MobiFone Telecommunications Corporation (MobiFone) have registered to pilot the payment service.

Tu said that the joint management of the Ministry of Public Security, the Ministry of Information and Communications and the State Bank in this scheme will help ensure safety for users.

Deputy General Director of VNPT Media Nguyen Son Hai said that the Government's permission to pilot Mobile Money service will bring great benefits to the national economy, and provide more electronic payment tools for people.

This is a foundation towards developing a digital economy and digital society in the future, he added.

Truong Quang Viet, Deputy General Director of Viettel Digital Services Corporation of Viettel Group said Viettel has prepared technological infrastructure and human resources for piloting Mobile Money as soon as it is licensed.

Source: VNA