This post is also available in: Tiếng Việt (Vietnamese)
The State Bank of Viet Nam has submitted a mobile money pilot project to the Government for approval this month, Governor Le Minh Hung has said.
The pilot project will allow mobile subscribers to use their telecommunication accounts to pay for goods and services up to a limited value.
Telecommunications providers like VNPT, Viettel and MobiFone will join in the payment market.
Mobile money, which can easily reach people living in remote areas without banks as most people now own smartphones, is expected to help move Viet Nam from cash to cashless payments.
At the same time, banks will not have to spend money to expand their networks, according to the central bank.
To promote the development of mobile money, it was necessary to develop a good security mechanism, the central bank said. In addition, it also required co-operation from telecommunications providers and efforts to upgrade technology infrastructure.
Prime Minister Nguyen Xuan Phuc approved the use of mobile phone accounts to pay for goods and services in January 2019.
The Government has been pushing mobile money as a solution to fight the COVID-19 pandemic.