Viettel could start the pilot launch of Mobile Money service early. (Photo: sgbank)

Also at the event, MIC stressed that Viettel and VNPT could start the pilot launch of the Mobile Money service.

The pilot program will last two years.

According to Vietnam News Agency, Vietnam has around 129.5 million mobile subscriptions, around half of which use 3G and 4G, and 43.7 million, or 45 percent of the population, using smartphones.

The Government had targeted cutting the ratio of cash payments to less than 10 percent by the end of last year, from 11.33 percent in 2019.

Therefore, mobile money would significantly contribute to accelerating cashless payments around Vietnam, where cash in circulation still accounts for 20 percent of the country’s GDP.

There are more than 270 different Mobile Money services in the world, most commonly used in Asia, Africa and Latin America.

Translated by Song Anh