VNPT Group provides Mobile Money services nationwide
Vietnam Post and Telecommunications Group (VNPT Group) has been licensed by the State Bank of Vietnam to deploy Mobile Money services. Thus, with the availability of infrastructure, technology and networks in 63 provinces and cities, VNPT can provide Mobile Money services nationwide from November 19.
An important boost to the development of the economy
Mobile Money is a mobile subscription-based electronic payment service (telecommunication account) without linking to a bank account, especially favorable for small-value goods transactions, which have been successfully deployed in many countries around the world recently.
Previously, in March 2021, the Government also approved the pilot implementation of telecommunication accounts to pay for small-value goods and services (Mobile Money). Accordingly, allowing the pilot implementation of Mobile Money services will contribute to the development of cashless payment activities, making it easy for people to access and use financial services, especially in rural, mountainous, remote, border and island areas of Vietnam.
Thus, with the approval of the State Bank of Vietnam, VNPT Group will be the first operator to deploy Mobile Money service in the country.
Previously, VNPT Group piloted Mobile Money within the group with more than 40,000 employees to rehearse professional scenarios as well as review and test the level of system smoothness. VNPT Group is now fully ready for infrastructure, technology, business networks as well as other conditions to deploy Mobile Money service as soon as it is licensed.
Mr. Ngo Dien Hy, Deputy General Director of VNPT Group, said that Mobile Money being licensed in Vietnam is expected to create an important push to promote the completion of the cashless payment market.
"Mobile Money's potential is huge, with up to 60% of Vietnam's population living in rural areas, but non-cash payments are concentrated in large cities. The deployment of Mobile Money will simultaneously help accelerate the process of financial digitization in Vietnam, so that no one is left behind, no one has limited access to financial services. This is a key issue, helping the economic blood vessels move, creating opportunities for strong development in the community and promoting its potential in all geographical and economic areas, especially in the context of the Industrial Revolution 4.0 continuously making leaps and bounds, Vietnam will also face many new challenges such as external competition, epidemic challenges and other difficulties."
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Mobile Money payment acceptors ready to go
With the strength of being a leading telecommunications and technology service provider in Vietnam, VNPT Group owns more than 1,000 transaction points, with more than 10,000 partner business points, nearly 200,000 personal and household service business points spread across the country. These facilities are ready to be converted into Mobile Money business points and will go into operation as soon as the service is licensed.
Besides, this business also owns a huge customer file with more than 30 million customers using mobile subscribers, millions of customers using other financial services in the VNPT digital ecosystem. VnEdu's education ecosystem alone has connected with more than 30,000 schools, more than 400,000 teachers and over 5 million parents. With the health ecosystem, this unit has also connected with hundreds of provincial/municipal hospitals and over 7,500 medical facilities, more than 13,000 pharmacies nationwide.
In particular, with the Platform platform on the National Public Service Portal, more than 3,000 public services, administrative procedures and essential services have been connected; 54 provinces, cities and 13 ministries and sectors have also synchronized data and payment of public services through this platform... This will be a favorable environment for VNPT to constantly expand touchless payment points for Mobile Money.
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In addition, when using Mobile Money service, customers also have easier to pay for essential services (electricity, water, sanitation), offline payment by QR code when shopping ... without the requirement for a bank account.
"Mobile Money is now one of the best secured financial services in terms of technology, especially connected security technology. This will be the key point to create peace of mind for customers when using not only Mobile Money but all other services in the VNPT digital ecosystem" added Mr. Ngo Dien Hy.
When Mobile Money service is officially put into operation, the implementation of appropriate business policies, preferential programs are also factors that VNPT Group takes into account to attract customers to access and use the service.
