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Vietnam extends mobile money service pilot to late 2024

(XINHUA) – The Vietnamese government has extended the pilot use of telecom payment accounts for small-value goods and services until December 31, 2024, Vietnam News Agency reported yesterday.

The service allows customers to use their telecom accounts to conduct various transactions, including payment for small-value goods and services, money transfer, direct deposit, and withdrawal at outlets and transaction points of telecom providers throughout the country, without requiring a bank account, a smartphone, or an Internet connection.

There were more than 3.9 million mobile money service clients in Vietnam as of early May 2023, tripling the figure for the same period last year, according to the Ministry of Information and Communications.

Among them, 2.7 million or 69 per cent of users are in rural, remote and mountainous areas.