Mobile money pilot project submitted to PM for approval
(VOVWORLD) - A mobile money pilot project has been submitted to the Prime Minister for approval, marking a bold step for the development of payments using telecommunication accounts in Vietnam, Governor of the State Bank of Vietnam Le Minh Hung said during a meeting with the PM and the business community last week.
The central bank was also hastening procedures for a Government proposal to accelerate cashless payments. Mobile money allows mobile subscribers to use their telecommunication accounts to make payments up to a limited value. Last year, three big telecommunications service providers in Vietnam – Viettel, MobiFone and VNPT – registered to add payment intermediary to their business lines, paving the way for the mobile money market.
Mobile money would significantly contribute to accelerating cashless payments in Vietnam where cash in circulation still accounts for 20 percent of the country’s gross domestic product.