The number of Mobile Money users in Vietnam is increasing rapidly.

Specifically, the number of customers in rural, mountainous, remote and isolated areas reached more than 6.3 million customers, accounting for 72% of customers using Mobile Money services.

Unlike conventional e-wallets, Mobile Money provides users with an account linked to a mobile subscription without the need for a bank account. This account is similar to a telecommunications account, but is allowed to be used to transfer money and pay for legal services and goods in Vietnam.

Up to now, there are 275,879 points nationwide accepting Mobile Money payments, an increase of 9.56% compared to April 2024. The total number of transactions (deposits, withdrawals, transfers, payments) using Mobile Money is more than 119 million transactions, an increase of 8%. The total transaction value reached more than 4,462 billion VND, an increase of 7%.

In fact, many countries in the world have successfully applied Mobile Money. A typical example is the M-PESA model (Kenya) which has 30 million customers, transaction value reaching 78.8 billion USD, raising the rate of people accessing financial services to nearly 83%.

According to research by the Consultative Group to Assist the Poor, Kenyan family incomes increased by 5-30% thanks to this service, 194,000 households were lifted out of poverty and about 185,000 Kenyans moved from farming to business or retail.

Given the results achieved since the pilot, at a meeting in May 2024, Deputy Prime Minister Le Minh Khai assigned the State Bank of Vietnam to preside over and coordinate with relevant ministries, agencies and units to urgently research and complete reports and proposals on the issuance of legal documents regulating Mobile Money services.

Accordingly, the Government's direction is to have a specific, complete, and realistic assessment of the results of the Mobile Money pilot in the past time. In addition, it is necessary to fully assess the impacts, benefits, risks, and influences on related subjects, the payment system, banking activities, and national financial and monetary security.

The plan and proposal must ensure security and safety of banking payment activities, the national financial and monetary system, efficiency, compliance with the law, authority, prescribed procedures, in accordance with the development trend of science, technology, international practices, ensuring management work, rights and interests of relevant subjects.

Source: https://kinhtedothi.vn/luong-nguoi-su-dung-mobile-money-tai-viet-nam-tang-nhanh.html