Currently the use of a telecommunications account to pay for small-value goods and services in the country, called Mobile-Money service, is being implemented in a pilot programme.
The Ministry of Information and Communications reported that the number of Mobile Money subscribers has quadrupled since the service was launched in January this year, 67 per cent of whom were from rural, mountainous, border, island and remote areas.
Telecommunications isn''t the booming industry it once was, thanks to the mobile market becoming saturated in recent years. This shift is forcing telecom providers to look for "new spaces" - one of which is Mobile Money.
With contactless payment becoming increasingly common in HCM City due to people’s fear of COVID-19, retail firms are investing more and more in digital infrastructure.
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.
Viet Nam will pilot Mobile Money service across the country for two years before officially launching it, according to Deputy Governor of the State Bank Dao Minh Tu.
Local network providers are expected to be licenced to pilot Mobile Money service next month after more than two years of waiting according to the approved roadmap.
Vietnamese authorities have begun a two-year trial of mobile money as they seek to promote non-cash payments and improve transaction efficiency in the economy.