Three mobile network operators - Viettel, VNPT and MobiFone - have applied for the implementation of their own Mobile Money pilot projects (Illustrative photo: VNA)These projects will allow the use of mobile phone credit to pay for small-valuegoods and services.
The Ministry ofInformation and Communications (MIC), the Ministry of Public Security (MPS) andthe State Bank of Vietnam (SBV) had worked together to assess the projects,Deputy Governor of the SBV Nguyen Kim Anh told Tuoi tre(Youth) newspaper.
The application dossiers for licences have been sent back to the firms forimprovement, in accordance with the Prime Minister’s Decision regarding thepilot run of the services, he added.
The Decision statesthat firms operating the services must apply artificial intelligence (AI) andbig data at points of sale to verify users, as well as devise mechanisms tokeep watch on the cash transactions and ensure the accurate amounts.
According to the SBV,upon the completion of procedures, the providers will be allowed to pilot theservices for two years.
Approval of theproject aims to bolster cashless payments via mobile devices as well as accessto and use of financial services, particularly in rural and remote areas, tocapitalise on the country’s telecommunications infrastructure and network.
The credit limit willbe no more than 10 million VND (435 USD) per month for all transactions on eachaccount.
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.
According to theGlobal System for Mobile Communications Association (GSMA), Mobile Moneycurrently covers 290 different types of transactions in 95 countries worldwidewith 1.04 billion registered accounts. Mobile Money transfer agents worldwideare seven times more common than ATMs and 20 times more than bank branches./.
VNA
