MobiFone has just become the first Vietnamese telecommunications operator to be granted permission to trial the provision of mobile money services across the country, with the pilot term lasting until November 18, 2023.
Speficially, the State Bank of Vietnam (SBV) on November 18 issued Decision No.1818/QD-NHNN authorising the pilot implementation of long-awaited mobile money services for MobiFone.
Mobile money aims to utilise telecoms accounts to pay for small-value products and services and the target audience would be the unbanked population in remote areas.
Customers can use their telecommunications accounts to perform a variety of transactions, such as payment for small-value goods and services, money transfer, as well as deposit/withdrawal directly at MobiFone's nationwide banking and transaction network, among others, without the need for a bank account, a smartphone, or an internet connection.
MobiFone will deliver these services at more than 600 outlets and transaction locations across the country in the first phase. Following that, it will continue to spread across the entire system's more than 10,000 transaction points, together with other partners and agents.
With the aforementioned benefits, the benefits of mobile money service to consumers and society are substantial. The mobile money service will make electronic payment services available to everyone, especially those in rural, mountainous, distant, and isolated areas, which banking services and e-wallets cannot accomplish.
In accordance with the government's directive, mobile money will further boost the non-cash payment wave, develop e-commerce, enhance online public services, and promote complete digital transformation in all parts of society.