The pilot program on providing the Mobile Money service is expected to increase non-cash transactions, especially in remote areas. To improve users' experience, fintechs should work with network operators, experts say.

The newly-launched mobile money pilot programme is expected to heat up competition for domestic players but also open collaboration opportunities to cash in on the niche market.

The successful implementation of Mobile Money is one of the major targets of the Ministry of Information and Communications (MIC).

The payment market is expected to see big changes with the appearance of Mobile Money.

Customers using Mobile Money, a freshly-approved pilot project, may be charged a certain fee, according to the Vietnam Telecommunications Authority under the Ministry of Information and Communications.

With Mobile Money, people in mountainous areas or islands can remit money and make payments for goods and services through SMS on their mobile phones.

Mobile Money on a trial basis will create a precedent for applying the sandbox mechanism to other services and new professions to appear in digital society.

As of the end of the third quarter, Vietnam has around 93.78 million bank cards in circulation, in which the majority are magnetic cards.

As businesses in Vietnam race to provide financial services for the unbanked and underbanked population through various fintech solutions, the Vietnamese government is closely following this industry trend 

New approaches, especially regarding activities of banks, are required to boost the reach of mobile money agents and expand financial inclusion in Vietnam.

The pandemic has created big changes in society as people shop, gather and learn online, and use smartphones and TVs for entertainment more regularly.

As Vietnam heads towards a cashless economy and mobile technology is becoming ubiquitous, the adoption of mobile money next month is predicted to lure local and foreign firms into joining the game.

The regulation on mobile payment will not allow users to recharge from scratch cards but they must conduct deposits and withdrawals from the registered bank account.

The concept of digital transformation has become clearer during the Covid-19 crisis.

Mobile money is about to be launched in Vietnam despite worries about management methods.

The government of Vietnam is moving ahead with a plan to put mobile money into use to reduce social contact and cash circulation.

A mobile money pilot project has been submitted to the Prime Minister for approval, marking a bold step for the development of payments using telecommunication accounts in Vietnam, Governor of the State Bank of Vietnam Le Minh Hung said.

Telecommunications providers like VNPT, Viettel and MobiFone will join in the payment market.

Over 50% of the Vietnamese population does not have a payment account at banks, therefore, mobile money would offer a non-cash payment method for a large base of customers.

The government decree on non-cash payment, once promulgated, will pave the way for mobile money to develop in Vietnam.