The number of Mobile Money service users in Vietnam reached more than 8.8 million customers by the end of May, an increase of 3.3% over the same period last month.

On November 18, the Government issued a resolution regarding the extension of the pilot use of telecom payment accounts for small-value goods and services (known as Mobile Money) until December 31, 2024.

For Vietnam to fully tap into the digital future, experts say institutions and policies must be reformed to reflect Government commitments.

Thanks to efforts of the Government and the State Bank of Vietnam (SBV), cashless payment services have been promoted in rural and remote areas.

Measures to expand the use of cashless payments in rural and far-flung areas were discussed at a seminar hosted by the Government News on December 13.

The Ministry of Information and Communications reported that the number of Mobile Money subscribers has quadrupled since the service was launched in January this year, 67% of whom were from rural, mountainous, border, island and remote areas.

The total number of customers registering for and using the Mobile Money service reached more than 1.1 million by the end of March.

Mobile money (MM) has not gained much popularity in the country among mobile phone users due to several shortcomings.

More than 463,000 people have used Mobile Money as of February 11, over one month after the Viettel Military Industry and Telecoms Group (Viettel) and the Vietnam Posts and Telecommunications Group (VNPT) launched the cashless payment service, according to the Ministry of Information and Communications.

Telecommunications isn't the booming industry it once was, thanks to the mobile market becoming saturated in recent years. This shift is forcing telecom providers to look for "new spaces" - one of which is Mobile Money.

Starting from today, November 22, customers can use phone accounts such as MobiFone and Vinaphone to conduct transactions such as payments, money transfers, and cash withdrawals at banks.

The Vietnam Posts and Telecommunications Group (VNPT) has become a Mobile Money service provider after its official launch of the service on November 25.

MobiFone has become the first telecoms company to provide Mobile Money services in Vietnam after receiving permission from the State Bank of Vietnam on November 18.

With a few clicks on an e-wallet platform installed on her mobile phone, Do Nhu Hoa, a 38-year-old office worker in Hanoi, can easily pay for her electricity and water bills.

Vietnam will pilot Mobile Money service across the country for two years before officially launching it, according to Deputy Governor of the State Bank Dao Minh Tu.

Three mobile network operators - Viettel, VNPT and MobiFone - have applied for the implementation of their own Mobile Money pilot projects.

Local telecommunications network providers have been approved to pilot several Mobile Money services next month after more than two years of waiting. These services will allow the use of mobile phone credit to pay for small-value goods and services.

As the Prime Minister has officially allowed the pilot of mobile money – digital payment, many cellular operators will have an opportunity to enter this potential digital payment market.

The successful implementation of Mobile Money, a pilot project that will pave the way for payments of limited value to be conducted using telecommunications accounts, is one of the major targets of the Ministry of Information and Communications (MIC).

Prime Minister Nguyen Xuan Phuc has approved the pilot application of 'mobile money', which allows the use of mobile phone credit to pay for small-value goods and services.