MobiFone has become the first telecoms company to provide Mobile Money services in Viet Nam after receiving permission from the State Bank of Viet Nam on Thursday.

The service provision will be piloted until November 18, 2023, during which customers can use their telecommunications accounts to make different transactions such as payments, money transfers and saving, and cash withdrawals at banks and MobiFone transaction points across the country without having their own bank accounts or access to modern payment services.

In the first phase, MobiFone will provide Mobile Money services on its network of 600 transactions points across the country. It will expand the service coverage to more than 10,000 transaction points of its partners and dealers.

MobiFone’s service is expected to make e-payment accessible to all people, especially those in rural, mountainous and remote areas. It is hoped to contribute to promoting cashless payments and boosting the growth of e-commerce as well as speeding up comprehensive digital transformation.

To launch the pilot service, MobiFone has made careful preparations in infrastructure, network and human resources, thus ensuring highest service quality and security. — VNS