Mobile Money

After the initial pilot phase, the Government issued Resolution No. 192 to extend the trial of the Mobile Money service until December 31, 2024.

The service would go through a nationwide pilot implementation phase for two years.

Mobile Money is aimed at providing payment services for underprivileged groups of customers, who could not have chance to access traditional banking services.

Vietnamese telecom companies are accelerating the preparation for the launching of direct carrier billing services in next few months.

The regulation on mobile payment will not allow users to recharge from scratch cards but they must conduct deposits and withdrawals from the registered bank account.

More efforts are being made to speed up the economic recovery process while many countries are struggling with the Covid-19 pandemic.

Many local shoppers have preferred online payment services to cash payment in the ongoing social distancing period.

The banking authority has worked with relevant ministries and branches in launching direct carrier billing service.

Over 50% of the Vietnamese population does not have a payment account at banks, therefore, mobile money would offer a non-cash payment method for a large base of customers.