Mobile Money pilot program in Vietnam extended to 2024
Mobile Money pilot program in Vietnam extended to 2024
The Vietnamese government recently passed a resolution according to which the pilot use of mobile phone accounts to pay for low-value goods and services was allowed to be extended to the end of next year.
The Vietnamese government has allowed the pilot use of Mobile Money service to be extended till the end of 2024. Photo: VGP |
The State Bank of Vietnam was told to work with the Ministry of Information and Communications, the Ministry of Public Security, the Ministry of Justice, and relevant agencies to review and report the issuance of legal documents linked to Mobile Money services to upper authorities prior to May 2024.
To enhance the effectiveness of state management, Deputy Prime Minister Le Minh Khai asked these ministries and relevant bodies to adopt measures to ensure that the pilot use of the service complies with the prevailing regulations.
Earlier, the head of the Vietnamese government had allowed the Mobile Money service to be trialed nationwide over the course of two years starting from March 9, 2021.
This service allows customers to use mobile phone accounts to carry out various transactions, such as making payments for low-value goods and services, money transfers, top-ups, withdrawals, and others, without the need to have a bank account, a smartphone, or Internet connection.
The number of customers using the Mobile Money service reached more than 3.9 million during the first five months of the year, up three-fold against the same period last year, as shown by data from the Ministry of Information and Communications.
