Topic: mobile money

The pilot service is scheduled to end by December 31 this year.

Over 3.9 million people have used the Mobile Money service.

69% of users are in remote and mountainous areas.

More than 20 million transactions have been settled since the service began in November.

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.