When is Mobile Money launched?

Source: Internet

The Prime Minister has approved the pilot implementation of using telecommunications accounts for making payments for small value goods and services (Mobile Money) from March 9.

Telecommunications businesses will have to prepare dossiers of application for the Mobile Money service trial and send them to the State Bank (SBV), then this authority will consider and consult ministries such as the Ministry of Information and Communication and the Ministry of Public Security. And then there will be a decision on agreeing to testing license for the operator. At that time, the firm can start to deploy services.

Responding to the press on this issue, Deputy Governor of SBV Nguyen Kim Anh said as soon as telecommunications businesses meet conditions and are approved to provide Mobile Money services, people wishing to use this service, especially people in rural, remote and isolated areas can register to open, top-up and use Mobile Money.

According to the Deputy Governor of the State Bank of Vietnam, telecommunications firms need to develop a dossier of request for the pilot implementation of Mobile Money service to ensure that they fully meet the conditions specified in Decision 316/QD-TTg, and send to the State Bank of Vietnam for reviewing and assessment.

Based on the proposal dossiers of telecommunication enterprises, the State Bank will be a focal point and work with the Ministry of Information and Communications and the Ministry of Public Security to consider and approve the deployment of the Mobile Money service.

When registering to use the Mobile Money service, according to a representative of the State Bank, the customer will have to provide an ID card or citizen ID, passport that coincides with the registration information of customer's roaming subscriber.

Besides that, the State Bank noted each customer is only allowed to open one Mobile Money account with each telecommunications company. Customers can’t rent, borrow, exchange, give or buy or sell Mobile Money accounts to ensure safety and security when using the service.

According to experts, with nearly 125 million roaming subscribers, some 30% of adults do not have a bank account and the opportunity for the development of Mobile Money service in Vietnam is huge. The introduction of Mobile Money is expected to contribute to increasing the non-cash payment rate and promoting comprehensive finance in accordance with the Government's policy.

On the business side, three major mobile network operators that are Viettel, VNPT and MobiFone said they have fully prepared technical infrastructure and training for the department in charge of recharging, payment, identity solutions and electronic authentication of customers from the end of 2020 to be ready for customers to register and develop services when providing the service.

The leader of a telecommunication enterprise estimated only 20-30% of the total of nearly 125 million roaming subscribers currently use the service with a maximum limit (VND 10 million), the amount that will flow through Mobile Money channel can reach tens or hundreds of thousands of billions of dong.

Therefore, the representative of the Telecommunications Department (Ministry of Information and Communications) said the department is asking businesses to submit their dossiers as quickly as possible, trying to run this pilot in this March.