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More than 370 billion VND transactions, no risks yet

On May 11, 2022, the Payment Department (SBV) and the Department of Telecommunications of the Ministry of Information and Communications cooperated with Lao Dong newspaper to organize a seminar “Promoting the development of Mobile Money in Vietnam”.

1.1 million customers, more than 370 billion VND transactions by Mobile-Money

At the seminar, Mr. Le Anh Dung – Deputy Director in charge of Payment Department, State Bank of Vietnam evaluated some initial results achieved after nearly 6 months of pilot implementation of Mobile Money service to customers.

Specifically, after being approved for pilot implementation, 3 enterprises (Communication Corporation – VNPT-Media, MobiFone Telecommunications Corporation, Military Industry and Telecommunication Group – Viettel) made great efforts. deployed to provide services to customers right from the end of January 2021, and achieved initial positive results, ensuring security and safety, contributing to the development of non-cash payment (TMC), increasing increase access to and use of financial services, especially in rural, mountainous, remote, border and island areas of Vietnam.

Mobile-Money: More than 370 billion VND transactions, no risks - Photo 1.

Mr. Le Anh Dung – Deputy Director in charge of Payment Department, State Bank. (Photo: BaoLaodong)

By the end of March 2022, the total number of customers registering and using the Mobile Money service was more than 1.1 million, of which the number of customers registering and using the service was in rural and mountainous areas, In remote areas, border areas and islands, nearly 660,000 customers (accounting for more than 60% of the total number of customers registering and using the service).

Regarding the development of business locations, by the end of March 2022, more than 3,000 business points have been established, in which: the number of business points in rural, remote, border and island areas is approximately 900 points, about 30% of the total number of business points established.

Regarding the development of payment acceptance units, Mr. Dung said that the total number of IT merchants set up by the end of March 2022 is more than 12,800 IT merchants, of which mainly IT merchants provide essential services such as electricity, water, education…

Regarding transactions using Mobile Money service, by the end of March 2022, the total number of transactions has reached more than 8.5 million transactions with a total value of more than 370 billion VND.

Continue to promote Mobile-Money development

Deputy Director General in charge of Payment Department, State Bank said that the deployed Mobile Money service has taken advantage of infrastructure, data and telecommunications network, reducing social costs to develop and expand the channel. E-commerce centers on mobile devices, bringing convenience to users, meeting the actual needs of people and society.

Service quality of the pilot enterprises is generally guaranteed, there are no risks and major incidents in the service provision process, creating trust for customers to use the service and expanding further. access this service to a new group of customers who do not have a bank account, especially in rural and remote areas with difficult access to payment infrastructure and banking networks.

Mobile-Money: More than VND 370 billion of transactions, no risks yet - Photo 2.

Conference overview. (Photo: Lao Dong Newspaper)

In the first months of implementing Mobile Money service, the situation of Covid-19 epidemic was still complicated and prolonged; In many areas, localities, people and service providers still have to practice social distancing.

However, the number of customers registering to use the service is still positive, especially in rural, remote and isolated areas (reaching the rate of more than 60% of customers using the service as of March 31. 2022).

From that, it shows that the pilot implementation of Mobile Money service has met the practical needs of the people, especially the group of people who do not have a bank account or have not yet fully accessed banking services (unbanked). /underbanked), has been coming to life”, emphasized Mr. Dung.

Besides the achievements, the telecommunications businesses deploying the service also face some difficulties because the Mobile Money service is a new service. to propagate and promote the benefits of the service to attract and create habits for customers.

At the same time, the development of business locations in rural, remote and isolated areas consumes a lot of resources due to the geographical distance and the limited number of businesses in these areas.

In order to ensure the safe and effective implementation of Mobile Money service, increase the number of registered users to use the service as well as the growth in transaction volume/value, the Mobile Money service brings values. In the coming time, the State Bank will continue to coordinate with the Ministry of Information and Communications and the Ministry of Public Security to monitor, closely monitor and evaluate the pilot implementation of Mobile-Money service. .

At the same time, guide and answer problems or problems arising during the implementation of Mobile-Money service of the pilot enterprise.

The Deputy Director requested that businesses implementing the pilot also need to continue to deploy forms and measures to propagate and persuade business points in combination with economic incentives in the first stage of service deployment for customers. see non-financial benefits such as increasing the number of customers coming to the business, having more revenue from commission fees when having a regular customer base.

In addition, these enterprises must also ensure full compliance with relevant regulations on objectives, scope of pilot implementation, pilot content, implementation organization, and prohibited acts under the provisions of law. stipulated in Decision 316/QD-TTg.

Besides, coordinate with related units, deploy and promote payment of public services and government subsidies through Mobile Money service.

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