Mobile Money to be piloted in Vietnam in October

In early October, the Ministry of Information and Communications will license the Mobile Money service to promote digital transformation and the digital economy in Vietnam.

Speaking at the Prime Minister's online conference with the business community and local governments on September 26, Minister of Information and Communications Nguyen Manh Hung emphasized that electronic payment is considered the foundation for creating the digital environment. Mobile Money is the best solution for expanding electronic payment coverage.

“The final procedures for licensing Mobile Money in early October are being completed. This is expected to be a significant push to promote digital transformation and the digital economy,” he said.

The Prime Minister approved the pilot implementation of Mobile Money within two years on March 9, 2021. According to Nguyen Son Hai, Deputy General Director of VNPT Media, it is difficult for people to gain access to electronic payment methods such as e-wallets or bank accounts. The implementation of Mobile Money will benefit the economy greatly, and people will have more electronic payment options. When mobile phone density is universal, this is the foundation for digital citizenship and digital society.

“Piloting Mobile Money is a significant effort on the part of the government as well as related ministries, particularly the Ministry of Information and Communications.This, too, is a sandbox applied to a new, difficult, and sensitive service area, but it is a model that can be applied to many new services that the government will allow to pilot later. Mobile Money is the first sandbox associated with many ministries and sectors that will be piloted to meet societal needs "Hai stated.

According to Vu Hoang Lien, Chairman of the Vietnam Internet Association, Mobile Money service will provide many benefits to consumers and society by promoting non-cash payment.

"If Mobile Money is licensed soon, it will be the government's first sandbox for creating breakthroughs and strong momentum for new technologies and new services,” Lien said.

According to Pham Trung Kien, CEO of Viettel Digital, when the government allows the deployment of Mobile Money to pay for services and goods in small denominations, the number of users will be enormous because mobile network coverage is much wider than that of banks, even in remote and remote areas where people do not have a bank account. This will result in a surge in cashless payments in Vietnam. That is, anyone in Vietnam can use their phone to make non-cash payments overnight.