HCMC – The police of Binh Phuoc Province have written to its agencies and departments asking them to warn residents against using the Myaladdinz online payment app, as apart from the risk of losing money and having their private information stolen, it is yet to be licensed by Vietnamese agencies.
Many social networking platforms and Facebook accounts have posted and shared information and videos advertising the online payment app, while some individuals in the province have organized several workshops to introduce it, according to the provincial police.
The app allows users to pay electricity and water bills, tuition fees and installments online, among other services, while they will be refunded by up to 80% of the invoice value. The more payments the customers make via the app, the more they will get as a refund.
However, when registering to use the app, customers are required to top up their accounts with at least US$100 or VND2.4 million.
The money in the Myaladdinz accounts are converted into gems, a unit used on the app, with each gem equivalent to US$1. Users making payments with gems will be refunded with gems rather than money, Thanh Nien Online reported.
Besides this, users are encouraged to top up their accounts to buy gems and earn a certain profit in return each day. They will also get a commission if they introduce the app to other people.
The Myaladdinz app basically takes money from newly registered users to pay for the previously registered customers, the Binh Phuoc police said, adding that if the app collapses, the users won’t be able to withdraw their money from the app.
As such, the provincial police have advised residents to stay alert and not to download the online payment app.