The number of Mobile Money service users in Vietnam has reached over 8.8 million as of the end of May 2024, making a 3.3% increase over the previous month, according to the latest report by the Ministry of Information and Communications.

Of these, the number of customers in rural, mountainous and remote areas has exceeded 6.3 million, accounting for 72% of all Mobile Money service users.

There are more than 275,000  acceptance points for Mobile Money payments nationwide. Photo: VNA

Mobile Money enables customers to pay for small items and services directly from their prepaid SIM card or mobile phone bill. The State Bank of Vietnam has approved the pilot rollout of this service nationwide for a two-year period, from  November 18, 2021, to November  18, 2023.

After the initial pilot phase, the government issued Resolution No. 192 to extend the trial of the Mobile Money service until  December 31, 2024.

The pilot implementation of Mobile Money is a major initiative by the telecommunications sector to promote cashless payments, especially in rural, mountain and island areas where mostly people are unbanked.

By May this year, there were more than 275,000 nationwide acceptance points for Mobile Money payments, an increase of 9% compared to the previous month. The total number of transactions (deposits, withdrawals, remittances, payments) using Mobile Money is over 119 million, up 8%. The total transaction value has reached over VND4.46 trillion (US$174.4 million), up 7%

At a meeting in May, Deputy Prime Minister Le Minh Khai instructed the State Bank of Vietnam to take the lead, in coordination with relevant ministries, agencies and units, in urgently studying and finalizing a report proposing legal regulations for Mobile Money services.

Accordingly, the Government is planning to conduct a specific and comprehensive evaluation of the data and results of the Mobile Money pilot over time. 

In addition, the impact, benefits, risks and consequences for the parties concerned, the payment system, banking operations and national financial and monetary security must be thoroughly assessed.