The Ministry of Information and Communications announced on April 11 that after 3 months of pilot implementation, the Mobile Money service has initially achieved the set goal of piloting a safe service in the first phase of implementation.

Specifically, Viet Nam recorded 835,000 Mobile Money accounts, including 487,000 in rural, mountainous, remote, border and island areas, accounting for 58.3% of the total.

The number of active Mobile Money accounts was 834,376. In terms of coverage, there were 2,642 mobile money business points across 63 provinces and cities nationwide, of which 537 were in rural, mountainous, remote, border and island areas.

Currently, the number of units that accept the use of mobile money accounts for payment is 11,254 with a total of 7.5 million transactions, making a total value of VND 280 billion.

The results of the pilot implementation of Mobile Money service will serve as a practical basis for competent authorities to review, develop and issue official legal regulations for this service provision in Viet Nam.

In March 2021, Prime Minister approved the pilot application of 'Mobile Money', which allows the use of mobile phone credit to pay for small-value goods and services.

The pilot application for mobile money services aims to contribute to the development of non-cash payments, improving the access and use of financial services, especially in rural, remote, border and island areas.

Reporting by PHONG LAN – Translating by M.DUNG