Recently, the Prime Minister of Vietnam issued Decision 316/QD-TTg approving pilot implementation of using telecommunication accounts for payment of low value commodities and services (Mobile-Money)
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Vietnam: Prime Minister's approval on pilot implementation of Mobile-Money in 2 years (Illustration)
To develop non-cash payments, increase access and use of financial services, especially in rural areas, mountainous regions, remote and isolated areas, borders and islands of Vietnam, the Prime Minister of Vietnam approved the pilot implementation of using telecommunication accounts for payment of low value commodities and services (Mobile-Money). Specifically:
(1) Pilot implementation enterprises shall only provide Mobile-Money service to enable remittance and payment for commodities and services that are legal in Vietnam as per applicable laws to serve the general public’s demand; Mobile-Money service shall only be provided for legal domestic transaction as per Vietnamese law in Vietnam Dong (VND) but not cross-border payment/remittance for commodities or services.
(2) Individual customers registering and using Mobile-Money service must provide ID Card (CMND)/Citizen Identity Card (CCCD)/passport displaying information used for registering mobile subscription of the customers and identified, verified by pilot implementation enterprises according to regulations of the Government on registration of mobile subscription; the mobile subscription must be activated and used continuously for at least 3 consecutive months up to the time of registering and using Mobile-Money service. Each customer is eligible to only 1 Mobile-Money account in each pilot implementation enterprise.
(3) Pilot implementation shall be carried out on a nationwide scale, in which pilot implementation enterprises must prioritize implementation of Mobile-Money in rural areas, mountainous regions, remote and isolated areas, borders and islands of Vietnam.
(4) Implementation period: 2 years from the date on which the first pilot implementation enterprise(s) is/are approved to carry out pilot implementation of Mobile-Money service.
(5) Pilot implementation enterprises shall provide Mobile-Money service for:
- Cash deposit into Mobile-Money accounts in business locations (business location are selected according to criteria under Point a Clause 1 Section V hereof); money deposit into Mobile-Money accounts from customers’ checking accounts (who are owners of the beneficiary Mobile-Money accounts) in financial institutions or customers’ e-wallets (who are owners of the beneficiary Mobile-Money accounts) in pilot implementation enterprises providing Mobile-Money service;
- Cash withdrawal from Mobile-Money accounts in business locations; money withdrawal from Mobile-Money accounts to customers’ checking accounts (who are owners of the Mobile-Money accounts) in financial institutions or to customers’ e-wallets (who are owners of the Mobile-Money accounts) in pilot implementation enterprises providing Mobile-Money service;
- Payment for commodities and services in locations that accept payments via Mobile-Money;
- Remittance between Mobile-Money accounts of customers in the same systems of pilot implementation enterprises, between Mobile-Money accounts of customers with checking accounts in financial institutions, between Mobile-Money accounts with e-wallets provided by pilot implementation enterprises.
Note: A limit of VND 10 million/month/Mobile-Money account is applied to all withdrawal, remittance and payment activities combined.
