By the end of May 2024, the number of Mobile Money users in Vietnam surpassed 8.8 million, marking a 3.3% increase from the previous month. Notably, nearly 280,000 points now accept Mobile Money as a payment method.

The Government has issued a resolution regarding the extension of the pilot use of telecom payment accounts for small-value goods and services until December 31, 2024.

Mobile Money is a service that uses telecommunications accounts to pay for goods and services, promoting cashless payments, especially in rural areas.

To make Mobile Money non-cash payments popular, it is necessary to create a more favorable environment for users.

Cake by VPBank digital bank and Be the on-demand multi-service consumer platform have inked a comprehensive cooperation agreement with Viettel Money - Viettel Group's digital financial and commercial ecosystem.

Le Anh Dung, deputy director of the Payment Department under the State Bank of Vietnam, noted that the Mobile Money service has grown positively.

The benefits of Mobile Money for Vietnamese are undeniable, but it is difficult to change people's spending and payment habits.

Mobile Money started in late 2021 on a trial basis. Initial results have been good, but many problems still exist.

The total number of customers registering for and using the Mobile Money service reached more than 1.1 million by the end of March.

Mobile money (MM) has not gained much popularity in the country among mobile phone users due to several shortcomings.

Mobile Money was under consideration for three years, with the expectation of becoming a "personalized wallet" for every Vietnamese citizen, but after three months of trial, the results are not as good as expected.

More than 463,000 people have used Mobile Money as of February 11, over one month after Viettel and VNPT launched the cashless payment service, according to the Ministry of Information and Communications.

Telecommunications isn't the booming industry it once was, thanks to the mobile market becoming saturated in recent years. This shift is forcing telecom providers to look for "new spaces" - one of which is Mobile Money.

The introduction of the Mobile Money service in Vietnam raises a question of its possible attractiveness, as people can easily use the Internet for their financial activities.

The central bank received three applications for Mobile Money service and has licenced all of them - VNPT, MobiFone and Viettel.

The Vietnam Posts and Telecommunications Group (VNPT) has become a Mobile Money service provider after its official launch of the service on November 25.

MobiFone has become the first telecoms company to provide Mobile Money services in Vietnam after receiving permission from the State Bank of Vietnam on November 18.

Vietnam will pilot Mobile Money service across the country for two years before officially launching it, according to Deputy Governor of the State Bank Dao Minh Tu.

The Ministry of Information and Communications will licence the Mobile Money service in early October to promote digital transformation and the digital economy in Vietnam.