According to a representative of the State Bank, Mobile Money Pilot System is consulted and, if approved, operators can deploy immediately.
Head of Payment Department (State Bank) Pham Tien Dung said the plan for telecommunications businesses to pilot Money Money was submitted to the Prime Minister on April 4 by the State Bank. After a month, the prime minister returned and asked for statements from the ministries and was carried out by the State Bank.
Mobile money including mobile payment services (retail and payment transactions) chemical mobile money transfers, intercompany transfers, small credit transactions, mobile phone account management … and similar services.
So users can pay remotely via mobile phones (electricity, water …), transfer / receive money, manage and save money (people in rural, deep and remote areas The remote control can save money on the phone instead of leaving money under projections or left money in person.
Mobile money implementers are telecommunications companies that have been licensed by the State Bank to provide payments. After approval by the government, 2 of 3 large telecommunications units can immediately connect, Vinaphone and Viettel. He revealed that Mobifone was also applying for a brokerage license.
Dung added that the expected payment limit for mobile money is 10 million dong (over $ 400) a month, while in other countries it averages $ 206 a month. "Such a frontier will then adapt to the developing market," Dung said at the workshop "Electronic money for mobile subscribers to support comprehensive funding.""May 23rd.
A State Bank payment department representative said Mobile Money is eMoney in nature, is an electronic wallet but does not have a bank account. "If separated, define an e-wallet – an electronic identifier stores the value of a customer deposit amount corresponding to a 1: 1 ratio, as we know it is loaded, it's Mobile Money," he said.
But the biggest difference of these two types is Know your customer. With the electronic wallet KYC is manufactured by the bank. When it comes to mobile money, service providers have to do it themselves. This means that the challenge for a network is a data warehouse customers must be real, they must do verification as a bank, avoid impersonating …
Head of Pham Tien Dung spoke at the conference. Photo: Anh Tu
The State Bank's view is that mobile money must not lead to any amount of money. The amount received by the telecommunications company must be appropriately loaded in a 1: 1 ratio. Mr. Dung for example, 100 dongles stored by agents are 100 dongy customers in their wallets without paying 90 dongs per 100 dongs in purses. "We must never do this, that is, to spend money, to use economic leverage. It must always be in line with the 1: 1 ratio," the director said.
The benefits to customers of using mobile money must also be guaranteed. In some countries, customer money is used in many ways, guaranteed by a variety of methods, such as bank deposits, investment in government bonds, or investments in low risk areas.
However, SBV assumes that the sum of Mobile Money balances must match the balance of the company, such as depositing a deposit with the bank and only using this secure account to use the wallet. Mobile money can lose money, go bankrupt, the money customers put in their wallets is still guaranteed at the bank.
Mr. Dung said the biggest obstacle to payments in Vietnam is the habit of behavior. “Mobile Money will be a channel of financial education. It allows people to know how to use financial services, indirectly help them understand and quickly use and support banking services. growing up, not affecting either side, ”said the chief of payments.
This commentary is very similar to that of Nguyen Manh Hung, Minister of Information and Communication. Mr. Hung said the bank might not be too concerned because mobile money with small transactions is training people to later become banks for customers. Leaders of the Department of Information and Communications also believe that Mobile Money supports access to financial services.