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.

VOV.VN -The initial nine months of the year witnessed cashless payments continue to enjoy fast growth to top VND36.28 quadrillion, equivalent of US$1.6 billion, according to a recent report compiled by the Government.

The Government has issued a resolution to create a sandbox for financial technology (fintech) in the country’s banking sector.

The prolonged COVID-19 pandemic has unexpectedly created "golden" conditions for the financial industry to accelerate digital transformation and shift to cashless payments.

The State Bank of Vietnam (SBV) has directed credit institutions to reduce some transaction fees from August 1 this year to support customers amid the outbreak of the latest COVID-19 pandemic.

Three mobile network operators - Viettel, VNPT and MobiFone - have applied for the implementation of their own Mobile Money pilot projects.

Visa financial services corporation announced that it has joined hands with Moca e-wallet on the Grab application.

Vietnam is marching towards becoming a cashless society with new methods of electronic payments being deployed widely, but security risks come hand in hand with new technologies and applications.

Demand for deposits by individuals have increased significantly in recent months as people tended to switch to cashless payment methods, especially in the context of the COVID-19 pandemic.

Forms of digital payment have become more popular in Vietnam, particularly e-wallets and QR codes.