Mobile Money services finding favor around Vietnam

The number of Mobile Money service users in Vietnam has increased sharply four months after it was piloted, according to figures from the Ministry of Information and Communications (MoIC).

Customers registered for the service now total 1,096,245, including 659,237 in rural and remote areas as well as border and island areas, accounting for 60.1 per cent of the total. Transaction numbers have reached 8.4 million, with a total value of some VND371 billion ($16.2 million).

Viettel leads in user numbers, followed by VNPT and MobiFone. In March, Viettel had 721,760 users registered, VNPT 366,574, and MobiFone 6,586. Operators said Mobile Money holds a great deal of potential for development, as up to 60 per cent of Vietnam’s population live in rural areas but most units currently accepting non-cash payments are in urban areas. Implementation will also help accelerate the process of financial digitization in Vietnam.

The pilot of the Mobile Money service is an important step in perfecting the country’s non-cash payment market, especially during the implementation of a government project on developing non-cash payments in the 2021-2025 period and the country’s digital transformation process and economic recovery.