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Vietnam continues to pilot Mobile Money service until end of 2024 |
The Government has just issued Resolution 192/NQ-CP on extending the time for the pilot implementation of services using mobile phone credit to pay for small-value goods and services (Mobile Money).
Following the resolution, the Government resolved to extend the pilot implementation time of the Mobile Money service in the Prime Minister-approved Decision No. 316/QD-TTg dated March 9 -2021 on the pilot implementation of Mobile Money.
Accordingly, businesses are allowed by the State Bank to pilot the use of telecommunications accounts to pay for small-value goods and services until December 31, 2024.
The Government assigned the State Bank to coordinate with the Ministry of Information and Communications, the Ministry of Public Security, the Ministry of Justice and relevant agencies to review and study the pilot service. These bodies should report to competent authorities on the promulgation of legal documents regulating Mobile Money services before May 2024.
Previously, in his Decision No. 316/QD-TTg, the Prime Minister approved the pilot implementation of Mobile Money service for 2 years, starting from March 9, 2021 nationwide. The Mobile Money service allows customers to use telecommunications accounts to perform many different transactions such as payment for goods and services of small value; transfer money, deposit - withdraw money directly at the network's stores and transaction points nationwide without a bank account. People without a smartphone can carry out these transactions and they also don’t need to have an internet connection.
Statistically, by early May 2023, the number of Mobile Money service users reached more than 3.9 million, 3 times higher than the same period in 2022. Moreover, more than 2.7 million customers in rural, mountainous, remote and mountainous areas have been using the service accounting for 69 percent of customers using the service. The total number of transactions including deposits, withdrawals, money transfers, and payments using Mobile Money is more than 26.1 million transactions with a total value of about VND1,683 billion (US$69,567,684).
In its recent official dispatch to the Prime Minister, the Ministry of Information and Communications summarized the pilot implementation of the Mobile Money service. The Ministry also proposed the Prime Minister allow the pilot to continue so businesses can continue perfecting and developing services and providing them to customers to bring convenience to people and society, especially in remote areas.
Deputy Prime Minister Le Minh Khai also just signed Document No. 1124/TTg-KTTH on piloting the use of telecommunications accounts to pay for goods and services of small value.
Accordingly, to continue strengthening state management, and ensuring the security and safety of the payment system, Deputy Prime Minister Le Minh Khai requested the Ministry of Information and Communications, the Ministry of Public Security, the State Bank of Vietnam and relevant agencies to strengthen inspection, examination, and supervision to ensure that the pilot service is implemented in accordance with regulations and laws.
The State Bank was urged to submit its legal documents on Mobile Money before May 2024 under the Government's direction in Resolution No. 192/NQ-CP to competent authorities.
