HCMC – The Vietnamese Government has approved an extension of the pilot use of telecom payment accounts for small-value goods and services until the end of 2024.
The State Bank of Vietnam, in collaboration with the Ministry of Information and Communications and the Ministry of Public Security, will conduct a review and propose issuing regulations governing mobile money services by May 2024.
Authorities will enhance inspections and supervision of the mobile money plan to prevent violations and irregularities, ensuring social order, the safety of the national monetary system, and banking activities.
Previously, the prime minister granted approval for the trial launch of mobile money services nationwide for a two-year period starting from March 9, 2021. Mobile money allows clients to use telecom payment accounts for various transactions, including small-value goods, services, money transfers, cash top-ups, or money remittances at nationwide stores or transaction locations of telecom service providers.
This service is convenient as it does not require individuals to have bank accounts, smartphones, or internet connections.
By May 2023, the number of clients using mobile money services had reached 3.9 million, a three-fold increase compared to the previous year, according to the Ministry of Information and Communications.