Prime Minister approves mobile money pilot project
Prime Minister Nguyen Xuan Phuc has approved a mobile money pilot project that will pave the way for payments of a limited value to be conducted using telecommunications accounts.
Hanoi (VNA) - Prime Minister Nguyen Xuan Phuc has approved a mobile money pilotproject that will pave the way for payments of a limited value to be conducted usingtelecommunications accounts.
Mobile phone subscriberswho wish to use the service must provide ID that matches their registered andverified telecommunications accounts, in line with Government regulations. The accountmust be used regularly at least three months prior to the registration date ofthe mobile money service.
The pilot will berolled out nationwide, with priority being given to rural, remote, and mountainousand border regions, as well as islands.
It enables moneytransfers and payments for legal products and services in Vietnam only, using VND.Cross-border transactions are not permitted.
The pilot projectwill be carried out over two years from when the first business in the fieldreceives permission to launch the service.
The credit limitwill be no more than 10 million VND (435 USD) per month for all transactions oneach account.
Approval of the projectaims to bolster cashless payments via mobile devices as well as access to and useof financial services, particularly in rural and remote areas, to capitalise onthe country’s telecommunications infrastructure and network.
Project outcomes willact as a foundation for the building of regulations stipulating the operationof mobile money services in the country.
Vietnam has around129.5 million mobile subscriptions, around half of which use 3G and 4G, and43.7 million, or 45 percent of the population, using smartphones.
The Government hadtargeted cutting the ratio of cash payments to less than 10 percent by the endof last year, from 11.33 percent in 2019.
Mobile money wouldsignificantly contribute to accelerating cashless payments around Vietnam,where cash in circulation still accounts for 20 percent of the country’s GDP./.
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Illustrative image (Photo: wise.com) 
