Prime Minister Okays 2-Year Mobile Money Pilot

11:17:28 AM | 19/3/2021

The Prime Minister recently ratified a pilot deployment of mobile money - a technology that allows people to spend money on small-value goods and services using a mobile phone. The experiment will be effective for two years from the date the first companies get the pilot permit.

Businesses licensed to provide intermediary payment services and to establish ground public telecommunication networks using radio frequency bands shall be qualified to join the pilot scheme.

To use mobile money services, an individual must have an identity or passport number linked to his registered mobile phone and identified by pilot enterprises. Mobile phone users must have their phones activated for at least three months before registering to use the mobile money services. Each customer is allowed to open only one mobile money account at one pilot business.

The pilot is applied nationwide, with priority given to areas in rural, remote, border and island areas of Vietnam. Mobile money services are only applicable for domestic transactions and not for cross-border services.

By Thu Ha, Vietnam Business Forum