ME Corp licensed to provide payment intermediary services

Tuesday, Oct 08, 2019 13:55

Most of intermediary payment services firms provide e-wallet services. — Photo SBV

The State Bank of Viet Nam (SBV) has licensed the Mobile Entertainment Corporation (ME Corp) to provide payment intermediary services.

Under the licence, ME Corp is allowed to provide electronic payment portal, cash collections and payment services, and e-wallet services.

When ME CORP wants to provide the payment support services to its customers it must connect with a SBV-licensed financial switching services and electronic clearing services organisation and meet all technical standards set by the organisation.

The SBV has so far licensed 30 non-bank institutions to provide intermediary payment services, of which 20 offered e-wallets and most of the institutions have foreign investments.

Most providers currently offer free or low-cost e-wallets in order to attract users. This explains why the transaction value via e-wallet has increased sharply.

Customers are also attracted to the payment method because it allows them to use mobile applications to quickly pay for goods and services in just a few seconds.

Established in 2010, ME Corp provides digital content on mobile platforms, including apps and games. — VNS

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