Viettel's Mobile Money app (Photo: VNA) The amount of the fee will be considered by serviceproviders taking into account the low-value payments made through the serviceto encourage users, particularly those in rural and far-flung areas.
The office said that the difference between Mobile Moneyaccounts and current means of payment is that users do not need any bankaccounts or go to banks or automated teller machines (ATMs) to withdraw, sendin and transfer money.
It is expected to help people in the areas without banksgain access to a payment system and support the development of cashlesspayments.
In addition, the State Bank of Vietnam can manage liquidityof telecom businesses and ensure the interests of commercial banks when telecombusinesses provide Mobile Money services.
Currently, major telecom enterprises are making preparationsto carry out the service.
On March 9, Prime Minister Nguyen Xuan Phuc approved the MobileMoney pilot project, which will be carried out over two years from the date thefirst business in the field receives permission to launch the service.
The credit limit will be no more than 10 million VND (435USD) per month for all transactions on each account.
It enables money transfers and payments for legal productsand services in Vietnam only, using VND. Cross-border transactions are notpermitted.
Vietnam has around 129.5 million mobile subscriptions,around half of which use 3G and 4G, and 43.7 million, or 45 percent of thepopulation, using smartphones.
The Government had targeted cutting the ratio of cashpayments to less than 10 percent by the end of last year, from 11.33 percent in2019.
Mobile money would significantly contribute to acceleratingcashless payments around Vietnam, where cash in circulation still accounts for20 percent of the country’s GDP./.
VNA
