There are 9,953 Mobile Money service points nationwide. — Photo vnexpress.net

Viet Nam had more than 3.9 million people using Mobile Money service by the beginning of last month, an increase of 6.3 per cent compared to March and three times higher compared to the same period last year.

Statistics of the Viet Nam Telecommunications Authority (VNTA) under the Ministry of Information and Communications show that the number of Mobile Money users in rural, mountainous, and remote areas reached more than 2.7 million customers, accounting for 69 per cent of service users.

Currently, there are 9,953 Mobile Money service points nationwide, an increase of 12 per cent compared to March.

The number of units accepting payment via Mobile Money reached 15,326 points, up 0.2 per cent.

The total number of transactions including deposit, withdrawal, money transfer, and payment by Mobile Money is more than 26.1 million transactions, with a total transaction value of more than VND1.7 trillion (US$71.7 million).

Mobile Money is a service using telecommunications accounts to pay for goods and services of small value.

Unlike conventional e-wallets, Mobile Money provides users with an account attached to mobile subscribers without the need for a bank account.

This account is similar to a telecommunications account, but is allowed to be used to transfer money and pay for legal services and goods in Viet Nam.

Mobile Money service is licensed by the State Bank of Viet Nam to be piloted nationwide for a period of two years, from November 18, 2021 to November 18 this year.

By co-ordinating to connect network operators with the existing ecosystem, the VNTA will promote Mobile Money service in island districts far from the mainland to increase the number of Mobile Money service points. — VNS