MobiFone becomes first Mobile Money service provider

MobiFone has become the first telecoms company to provide Mobile Money services in Vietnam after receiving permission from the State Bank of Vietnam on November 18.

The service provision will be piloted until November 18, 2023, during which customers can use their telecommunications accounts to make different transactions such as payment, money transfer and saving, and cash withdrawal in banks and MobiFone transaction points across the country without having their own bank accounts or accessing to modern payment services.

In the first phase, MobiFone will provide supply Mobile Money services in its network of 600 transactions points across the country. It will expand the service coverage to more than 10,000 transaction points of its partners and dealers.

MobiFone’s service is expected to make e-payment accessible to all people, especially those in rural, mountainous and remote areas. It is hoped to contribute to promoting cashless payment and boosting the growth of e-commerce as well as speeding up comprehensive digital transformation.

To launch the pilot service, MobiFone has made careful preparations in infrastructure, network and human resources, thus ensuring highest service quality and security.