Vinaphone users can transfer money via their mobile phones with its new service. Photo dddn.com.vn

HA NOI (Biz Hub) — The Joint Stock Commercial Bank for Foreign Trade of Viet Nam (Vietcombank) and Vinaphone launched a money transfer service through mobile phones.

The service, called MoMo, is provided in nine cities and provinces in the south of Viet Nam with 900 transaction points.

Customers in remote areas, or places without automatic teller machines can transfer a maximum of VND5 million (US$230) each day. Receivers only need to show their text messages at a nearby transaction point to take the money. Transaction information will be sent via messages to the mobile phones of users.

Vinaphone users can register to get MoMo accounts at its branches and may use the service for free from July 15 to September 30. Then they are required to pay VND8,000-45,000 ($0.37-$2.12) for every transaction or pay 10,000-50,000 ($0.5-$2.3) if they do not have a MoMo account.

In addition, customers can use MoMo to pay for electricity, telephone and internet bills.

It is estimated that 16 million rural people will benefit from this service which is expected to expand across the country. — VNS