January 10

Mobile Money Waits for Legal Corridor to Become Formal Payment Method in Vietnam

Mobile Money let mobile subscribers pay money online without the possession of a bank account. To do that, they need to deposit money into their Mobile Money account via a bank or a telecoms agency. The State Bank only monitor the main account of these telecoms enterprises to avoid payment risks. Any person wishing to use this new method must submit precise identity information to their chosen telecoms company.

Mobile Money has already displayed its own advantage. While owners of popular e-wallets in Vietnam like Momo, Zalopay, or ViettelPay at the moment have to transfer their money from a bank account to their wallet, Mobile Money users only need a mobile account to carry out their small-amount payment process. There is no time and location limit in this method.

Photo courtesy of truk.

Source: Saigon News (link opens in a new window)

digital finance, digital payments, financial inclusion, fintech