Vietnam's mobile money trial program to be extended till 2024

Mobile phone accounts can now be used to pay for low-value goods and services until the end of next year.

Authorities told the State Bank of Vietnam to review and report to higher ups before May 2024 the release of legal papers related to Mobile Money services.

They were to work with the Ministry of Information and Communications, the Ministry of Public Security, the Ministry of Justice, and other relevant agencies.

To make the government work better, Deputy Prime Minister Le Minh Khai asked these ministries and other related groups to take steps to make sure that the pilot use of the service follows the rules that are already in place.

The head of the Vietnamese government had earlier said that the Mobile Money service could be tested across the whole country for two years, starting on March 9, 2021.

Customers of this service can use their cell phone accounts to do a variety of things, like pay for low-value goods and services, send money, top up their phones, withdraw money, and more, all without a bank account, a smartphone, or an Internet link.

According to statistics from the Ministry of Information and Communications, more than 3.9 million people used Mobile Money in the first five months of the year. This is three times as many as used the service during the same time last year.