VNPT is planning to launch mobile money services to allow customers to use their telecommunications accounts to pay for goods and services.
The Operator brought up the plan in a recent meeting with Vietnam's deputy prime minister, Vuong Dinh Hue. The Goverment has in principle agreed to pilot the use of mobile phone accounts to pay for goods and services, according to VNPT.
Nguyen Manh Hung, Minister of Information and Communications, said that the telecommunication infrastructure was not only for communications, but had become the infrastructure of the digital economy, digital society and of the fourth industrial revolution. Electronic payment via mobile phones (mobile money) is a rising global trend and an inevitable eventuality. In Viet Nam, the demand for electronic payment options has increased significantly in recent years.
By 2020, Viet Nam’s FinTech market is expected to reach US$7.8 billion. Digital payment solutions account for 89 per cent of the fintech market in Vietnam. The personal and corporate finance sectors are also expected to grow by respectively 31.2 per cent and 35.9 per cent by 2025, according to research by strategy consulting firm Solidiance.