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Mobile Money service has more than 835,000 users nationwide

The above statistics are an information content in the thematic report on measuring people’s activities on Vietnamese digital platforms in the first quarter of 2022, published by the Ministry of Information and Communications, the standing agency of the National Committee on number conversion chaired implementation.

Specifically, assessing Vietnam’s digital platforms for payment, the Ministry of Information and Communications said that the digital finance field has developed stably, firmly and relatively evenly among banks. Digital financial applications of 5 banks Vietcombank, MB Bank, BIDV, VietinBank and AgriBank have strong growth compared to the same period last year and are relatively even. In which, the number of monthly users of Vietcombank is 12.2 million; MB Bank is 7.82 million; BIDV is 7.62 million; VietinBank is 5.46 million and AgriBank is 4.86 million.

From the end of November 2021, telecommunications businesses including Viettel, VNPT, and MobiFone have been approved by the State Bank of Vietnam to pilot the Mobile Money service. This is an important piece to popularize the digital payment platform, especially for people in rural, mountainous, remote, border and island areas of Vietnam, where there is almost no presence. representation of the banking system.

In order to meet strict regulations on conditions for piloting Mobile Money services, telecommunications businesses have approached and implemented the pilot cautiously and with specific risk management measures.

After 3 months of piloting the Mobile Money service, certain results have been achieved and initially the set target of piloting a safe service has been achieved in the first stage of implementation, contributing to promoting the operation of the mobile money service. non-cash payment in Vietnam, increasing access to and use of financial services, especially in rural, mountainous, remote, border and island areas of Vietnam.

Specifically, the number of customers registering and using the service reached more than 835,000, of which 487,000 were in rural, mountainous, remote, border and island areas, accounting for 58.3%. The number of active Mobile Money accounts – having generated at least one transaction, reached 834,376 accounts, reaching 99.8%.

Mobile Money service has more than 835,000 users nationwide - Photo 1.

Statistics also show that the number of Mobile Money service business points is 2,642 points covering 63 provinces and cities nationwide; including 537 business points in rural, mountainous, remote, border and island areas. The number of units that accept to use Mobile Money accounts for payment is 11,254 units; and the number of transactions reached 7.5 million with a value of up to 280 billion.

In the context of pilot implementation when the Covid-19 epidemic still has many complicated developments, the Mobile Money service is considered to have created trust for customers to use the service, partly meeting the needs of the real world. step by step into life.

Mobile Money service has more than 835,000 users nationwide - Photo 2.
According to regulations, the time for piloting Mobile Money service is 2 years from the time when the first enterprise implementing the pilot is approved to pilot this service.

On March 9, 2021, the Prime Minister has just issued a Decision approving the pilot implementation of using telecommunications accounts to pay for goods and services of small value (Mobile Money). Allowing the pilot implementation of Mobile Money service aims to contribute to the development of non-cash payment activities, and to increase access to and use of financial services, especially in rural and regional areas. mountains, deep-lying, remote areas, borders and islands of Vietnam.

At the same time, make use of infrastructure, data, telecommunications network, reduce social costs to develop and expand cashless payment channels on mobile devices, bringing convenience to users. The results of the pilot implementation of Mobile Money service will serve as a practical basis for competent authorities to review, develop and issue official legal regulations for service provision activities in Vietnam.

Being deployed nationwide, however, businesses implementing the pilot are required to prioritize the deployment of Mobile Money services in rural, remote, border and island areas of Vietnam. Businesses are only allowed to provide Mobile Money services to transfer money and pay for legal goods and services in Vietnam according to current regulations to serve the needs of people’s lives. Mobile Money service is only applicable for domestic transactions and not for cross-border services.


According to Van Anh

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