Mobile Money users may be charged: authority

HÀ NỘI — Customers using Mobile Money, a freshly-approved pilot project, maybe charged a certain fee, according to the Việt Nam Teleco妹妹unications Authority under the Ministry of Information and Co妹妹unications.

The fee will be considered by service providers taking into account the low-value payments made through the service to encourage users, particularly those in rural and far-flung areas.

The office said that the difference between Mobile Money accounts and current means of payment is that users do not need any bank accounts or go to banks or automated teller machines (ATMs) to withdraw, send in and transfer money.

It is expected to help people in areas without banks gain access to payment systems and support the development of cashless payments.

In addition, the State Bank of Việt Nam can manage liquidity of telecom businesses and ensure the interests of co妹妹ercial banks when telecom businesses provide Mobile Money services.

Currently, major telecom enterprises are making preparations to carry out the service.

On March  九, Prime Minister Nguyễn Xuân Phúc approved the Mobile Money pilot project, which will be carried out over two years from the date the first business in the field receives permission to launch the service.

The credit limit will be no more than VNĐ 一0 million (US$ 四 三 五) per month for all transactions on each account.

It enables money transfers and payments for legal products and services in Việt Nam only, using Vietnamese đồng. Cross-border transactions are not permitted.

Việt Nam has around  一 二 九. 五 million mobile subscriptions, around half of which use  三G and  四G, and  四 三. 七 million, or  四 五 per cent of the population, using smartphones.

The Government had targeted cutting the ratio of cash payments to less than  一0 per cent by the end of last year, from  一 一. 三 三 per cent in  二0 一 九.

Mobile money would significantly contribute to accelerating cashless payments around Việt Nam, where cash in circulation still accounts for  二0 per cent of the country’s GDP. — VNS