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.
![](http://media.hanoitimes.vn/2021/05/14/logo_hntimes.png)
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.
Other News
- HSBC raises Vietnam’s GDP growth forecast to 6.5% in 2024
- Hanoi to push for smart tax agency
- Taxes revenue from online shopping in Vietnam nearly triple in H1
- Banks inject over US$20 billion into economy in June, surpassing five-month total
- Corporate bond issuance almost triples in H1
- Vietnam climbs 11 places in budget transparency ranking
- Finance ministry cut fees for fifth time
- Corporate capital demand set to accelerate in H2
- US says Vietnam not manipulating currency
- Number of securities accounts in Vietnam reaches new high
Trending
-
State Funeral held for Communist Party Chief Nguyen Phu Trong
-
Vietnam news in brief - July 26
-
Legal tools required to tackle air pollution issues in Hanoi
-
How fake news hooks us?
-
South Korean writer spends 10 years on book about CPV General Secretary
-
Rustic charm of Hanoi's street vendors: Timeless beauty
-
iHaNoi sees 52,000 registered accounts, 20,000 daily visits
-
Youth-Led Environmental Initiative in Hanoi
-
Unique lotus flower art on display in Hanoi
-
Liên kết hữu ích