Vietnam considering mobile money trials this year
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Vietnam’s Ministry of Information and Communication has held an international workshop on the ability of mobile money to promote financial inclusion, as part of preparations for potential mobile money trails.
The two-day workshop was designed to provide a comprehensive overview of mobile money, and put forward recommendations for Vietnam’s adoption of the technology.
At the event, Minister of Information and Communication Nguyen Manh Hung said the government is evaluating approving mobile money trials this year, the report states.
Vietnam would become the 91st nation in the world to adopt mobile money services, the minister said. By the end of last year, nearly 900 million people in 90 nations were using mobile money services to conduct transactions worth around $1.3 billion per day.
The minister also noted that mobile money will help promote cashless payment in a market were only around 40% of the population have bank accounts but mobile penetration is well over 100%, and will allow low-income people in remote or hard to reach areas to access paid online services.
Questions & Answers
Q.Which government ministry is involved in preparing for mobile money trials in Vietnam?
Which government ministry is involved in preparing for mobile money trials in Vietnam?
Vietnam’s Ministry of Information and Communication has been holding workshops and evaluating the approval of mobile money trials this year, as part of their preparations for implementation.
Q.What key benefit does the Vietnamese government see in introducing mobile money?
What key benefit does the Vietnamese government see in introducing mobile money?
The government believes mobile money will promote cashless payments and financial inclusion. It will allow low-income people in remote areas to access paid online services, especially given high mobile penetration compared to bank account ownership.
Q.How widespread is mobile money use globally, according to the minister?
How widespread is mobile money use globally, according to the minister?
By the end of last year, nearly 900 million people in 90 nations were using mobile money services. These services facilitated transactions worth approximately $1.3 billion every day.
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