Mobifone greenlighted to pilot Mobile Money services
The mobile carrier is set to provide the service at 600 stores and distributors in the first phase, with the view of expanding to 10,000 dealers during two years of pilot implementation.
Mobifone has received approval from the State Bank of Vietnam (SBV) for the pilot implementation of Mobile Money, the country’s direct carrier billing service.
|Mobile Money is set to accelerate Vietnam's digitalization process. File photo|
With such a move, Mobifone has become the first major mobile carrier in Vietnam getting the license for piloting the service in two years nationwide until November 18, 2023.
Mobile Money allows people to transfer money through a cellphone account instead of a bank account to make payments of less than VND10 million (US$428.9) per month, wire transfer, cash withdrawal, or reloading at Mobifone’s dealers across the country.
A novelty of this service is that customers would not be required to have a smartphone or internet connection.
In the first phase, MobiFone is set to provide the service at its 600 stores and distributors, and eventually to expand to 10,000 dealers.
The Ministry of Information and Communications (MIC) has suggested the pilot implementation of Mobile Money would help expand e-payment services to 100% of the population, especially those in rural, remote areas, or mountainous regions that traditional banking services or e-wallet are not yet available.
Mobile Money is among key solutions for Vietnam to push for non-cash payment, promote e-commerce, online public services towards a comprehensive transformation into a digital society, for which the adoption of the new service is estimated to boost economic growth by 0.5 percentage points.
To achieve the goal of becoming a cashless society, the government targeted to reduce cash payments from 11.3% in 2019 to less than 10% by the end of this year, and 8% by 2025.
- News highlights for April 1, 2023
- Vietnamese banks that 'disappear' from the market
- Japan's SMBC acquires 15% stake in VPBank for US$1.5 billion
- Vietnam c.bank reduces policy rates
- More female leaders needed in Vietnam’s banking sector: IFC
- Corporate bond issuers allowed extending maturity period by 2 years
- Hanoi mulls strategy to reform tax system until 2030
- VNZ, first stock in Vietnam, hits million-dong price
- Investors cautious in stock market in Year of the Cat
- Vn-Index set for steady growth in 2023
Vietnam's site listed among world top destinations for hot air balloon rides
News highlights for April 2, 2023
Fascinating look at Hanoi in black and white photo collection
Hanoi fosters mass cycling
Business executives to face disciplinary action for failure to stop smuggling activities
Travel enthusiasts flock to Hanoi Tourism Festival 2023
Effective public investment as a top political mission: PM
Hanoi named among Vietnam's most beautiful places
Hanoi among cities with most trees in the world