Vietnam telcos ready to pilot mobile money
In this article (4)
Vietnamese operators MobiFone, VNPT and Viettel have all submitted proposals to participate in pilot mobile money services.
Vietnam’s prime minister Nguyen Xuan Phuc has directed the telecommunications ministry and the State Bank of Vietnam to develop a project that will allow operators to pilot mobile money services not linked to customers’ bank accounts.
The three operators have submitted applications to launch mobile money services that will allow customers to transfer money using mobile phones, including Vietnam’s unbanked population.
According to the report, the operators believe they have the capital, infrastructure and user base necessary to launch mobile money services and contribute to the development of non-cash payment in Vietnam.
The market could represent a promising avenue for expansion for the operators – Vietnam’s fintech market is set to reach $8 billion in 2020, with digital payment solutions accounting for around 89% of the market. Meanwhile only around 40% of the population have bank accounts, but mobile penetration is well above 100%.
Questions & Answers
Q.Which companies are involved in the mobile money pilot scheme?
Which companies are involved in the mobile money pilot scheme?
Vietnamese operators MobiFone, VNPT, and Viettel have all submitted proposals to participate in the pilot mobile money services. These are the three companies mentioned as ready to launch.
Q.What is the primary aim of allowing mobile money services not linked to bank accounts?
What is the primary aim of allowing mobile money services not linked to bank accounts?
The project aims to allow mobile money services that enable customers, including Vietnam's unbanked population, to transfer money using their mobile phones. This supports the development of non-cash payments.
Q.Why is Vietnam considered a promising market for mobile money services?
Why is Vietnam considered a promising market for mobile money services?
Vietnam's fintech market is projected to reach $8 billion in 2020, with digital payments making up 89% of this. Also, only 40% of the population has bank accounts, while mobile penetration is over 100%.