Tag: mobile money

Over 3.9 million people have used the Mobile Money service.

69% of users are in remote and mountainous areas.

The Vietnam Posts and Telecommunications Group (VNPT)’s VNPT Money has launched a feature for transferring and receiving money using VietQR codes with 36 banks on the Napas system. This service will increase the coverage of touchless payments via Mobile Money. There are now nearly 1 million Mobile Money users.

At the launch of a money transfer service between Mobile Money and bank accounts on October 6, Deputy Governor of the State Bank of Vietnam Pham Tien Dung said that after eleven months of pilot implementation, as of the end of August there were about 2.2 million Mobile Money users in the country, of which 68 per cent were in rural or remote areas. He said a goal has been set of 10 million people using Mobile Money by 2023.

Though the number of customers using Mobile Money services has reached nearly 2 million, a 440 per cent increase since the end of 2021, growth has slowed in recent months. The Ministry of Information and Communications (MoIC) is striving for monthly growth to hit 20 per cent, for 3.5 million customers using Mobile Money services by the end of this year.

According to the Ministry of Information and Communications, 1.76 million mobile phone subscribers now use Mobile Money services, an increase of four-fold compared to January, for average monthly growth of 20 per cent. Compared to the 125 million mobile phone subscriptions in Vietnam, however, the percentage of people using Mobile Money services is still quite small.

Solutions are required if Mobile Money is to develop further in Vietnam.

At the 2021 Summary Conference on January 14, the Authority of Telecommunications at the Ministry of Information and Communications set a task that, in 2022, all phone users will have mobile money accounts. Speaking at the conference, Minister of Information and Communications Nguyen Manh Hung suggested that the Authority complete 5G network coverage nationwide this year and at the same time start 6G research.

Mobile money services are expected to create a push to promote digital transformation and the digital economy but have not been able to be launched due to a number of technical issues and legal matters, Mr. Tran Duy Hai, Deputy Director of the Department of Telecommunications at the Ministry of Information and Communications, told a seminar discussing solutions to develop mobile money in Vietnam.

Due to its complexity as well as the high safety requirements for users, mobile money will be jointly managed in Vietnam by three ministries. Three providers will be permitted to offer the service: Viettel, VNPT, and MobiFone.