The service allows customers who have their own Viettel Money’s and VNPT Money’s Mobile Money accounts to carry out direct money transfer with more than 100 million accounts at banks and vice versa.
Mobile Money is a payment method using telecom accounts, and allowing customers to deposit, withdraw, pay and transfer money in all kinds of mobile phones, not only smartphones.
According to the Ministry of Information and Communications, as of August 2022, Vietnam had nearly 2.2 million Mobile Money subscribers. Especially, the number of Mobile Money subscribers in rural, remote, border and island areas reached more than 1.5 million, accounting for nearly 70% of total Mobile Money subscribers in the country.
The debut of the money transfer service is expected to help customers who have Viettel Money’s and VNPT Money’s Mobile Money accounts transfer money directly to other individual bank accounts and vice versa. Especially, Viet QR payment method, set by the State Bank of Vietnam for QR codes, is also available in this service, contributing to boosting payment exchange procedure.
Money transfer service between Mobile Money accounts and other bank accounts can be carried out every time and everywhere, helping people across the country approach and use the service easily, fast and safely, contributing to the development of non-cash payment in rural and remote areas.
According to NAPAS General Director Nguyen Quang Minh, the event holds importance significance in connecting Mobile Money accounts and bank accounts, enabling people with Mobile Money accounts to easily use payment service of banks. It contributes to promoting non-cash payment in mobile phones. This is a practical activity of banks and telecommunications networks in developing payment infrastructure and national digital transformation.
For his part, General Director of Viettel Digital Le Van Dai underscored that this was a milestone for the comprehensive cooperation strategy among financial enterprises. Besides, Viettel Money and Mobile Money service of Viettel aim to popularize digital and non-cash payment to all people. With Viettel Money and Mobile Money, customers can conduct payment anytime, anywhere without Internet and smartphones.
In the coming time, the NAPAS will continue to work with its member banks and telecommunications networks to spread money transfer connection between Mobile Money’s accounts and bank accounts, diversify digital payment services, and make contributions to bettering the country’s finance and banking ecosystem, among others.
Translated by Minh Anh