Technology

Prime Minister agreed to pilot Mobile Money in 2 years


Enterprises providing e-wallet services and telecommunications businesses can apply for permission to pilot the deployment of Mobile – Money service from March 9. The pilot period of Mobile – Money service will last for 2 years.

Operators and e-wallet providers are allowed to pilot

Prime Minister officially agreed to pilot Mobile – Money in 2 years

The Prime Minister has just issued a Decision approving the pilot implementation of payment for goods and services with small value (Mobile – Money). The decision to allow the pilot implementation of Mobile – Money takes effect from the date of signing (March 9, 2021).

The permission for the pilot implementation of Mobile – Money service aims to contribute to the development of non-cash payments, increasing the access and use of financial services, especially in rural areas, mountainous, remote, border and island areas of Vietnam.

Take advantage of infrastructure, data, telecommunications network, reduce social costs to develop, expand non-cash payment channels on mobile devices, bring convenience to users. At the same time, the results of the pilot implementation of Mobile – Money service will be a practical basis for competent authorities to review, develop and issue official legal regulations for service provision. in Viet Nam.

According to the Decision just issued, the Prime Minister agreed to allow enterprises licensed to provide intermediary payment services for e-wallets and the license to establish public mobile terrestrial networks to use radio frequency bands. Electricity lines or subsidiaries (authorized by the parent company to use infrastructure, networks, and telecommunications data) are allowed to participate in the pilot.

These businesses are provided with services to customers whose ID / Citizen ID / Passport is identical to the customer’s mobile subscriber registration information and identified by the pilot enterprise. authentication according to regulations. Mobile subscribers have the period of activating and using continuously for at least 3 consecutive months up to the time of registering to open and use Mobile – Money service. The decision stated: “Each customer is only allowed to open 1 Mobile – Money account at each implementing business”.

To be deployed nationwide, however, the pilot enterprises must give priority to deploying Mobile – Money service in rural, remote, border and island areas of Vietnam. At the same time, businesses are only allowed to provide Mobile – Money services to transfer money and pay for legal goods and services in Vietnam according to current regulations to serve the needs of people’s lives. Mobile – Money service only applies to domestic transactions and not for cross-border services.

As a rule, the pilot period for Mobile – Money service is 2 years from the time the first enterprise conducting a pilot is approved to pilot this service.

Mobile – Money transaction limit is up to 10 million VND / month

According to regulations, the enterprise piloting the provision of Mobile – Money service is used to top up the Mobile – Money account at business locations, top up the Mobile – Money account from the current payment account. banking customers’ e-wallets;

Cash withdrawals from Mobile – Money accounts at business locations, Mobile – Money accounts to bank accounts or e-wallets.

Payment when buying goods and services of units accepting payment by Mobile – Money account. In addition, money transfers between the customer’s Mobile – Money accounts in the same system of the pilot enterprise, between the customer’s Mobile – Money accounts and the bank payment account or e-wallet provided by the pilot enterprise.

The Government also stipulates a transaction limit not exceeding 10 million VND / month for each Mobile – Money account for total transactions such as withdrawals, transfers and payments.

Many prohibited behaviors are raised during the pilot implementation. Accordingly, businesses pilot credit granting to customers using Mobile – Money service, paying interest on Mobile – Money account balance or any action that may increase the monetary value on the account. Mobile – Money account compared to the amount the customer has loaded into the Mobile – Money account.

Businesses piloting banking operations (lending, raising capital) or actions of providing or using Mobile – Money accounts for transactions for the purpose of money laundering, terrorism financing, or fraud. and fraudulent practices.

Rent, lease, loan or exchange, purchase and sell Mobile – Money account and Mobile – Money account information. The pilot enterprise using the money from the customer’s Mobile – Money account for other purposes of the pilot enterprise is prohibited.

According to many previous experts, the implementation of Mobile-Money will strongly promote non-cash payments, at the same time, creating significant convenience for people, especially rural residents. Especially after the Covid-19 epidemic, people are gradually adapting to online transactions, the deployment of Mobilev-Money will be an appropriate action to promote cashless payments.

Duy Vu

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