State-run Vietnam Posts and Telecommunications Group, better known as VNPT, has debuted its Mobile Money service, allowing subscribers of its Vinaphone mobile network to perform a wide range of banking services and transactions.

The telecom giant launched the service on Thursday after securing approval from the State Bank of Vietnam. 

With Mobile Money, designed to suit people from all walks of life in Vietnam, Vinaphone subscribers can use their subscriptions as a bank account for money top-ups, withdrawal, transfer, and service payment.

The service is integrated with advanced technologies in banking and telecommunications fields such as electronic know your customer (eKYC) -- which involves the use of Internet or digital means of identity verification, artificial intelligence (AI), big data, machine learning, quick response (QR) code, and contactless payment solutions such as near-field communication (NFC) and sound waves.

With a diverse ecosystem of mobile, telecommunications, and Internet networks covering more than 30 million subscribers, 30,000 schools, more than 20,000 pharmacies, and over 7,000 medical facilities and hospitals, the service can fully meet people’s payment, shopping, and utility bill settlement needs.

At Thursday’s launch, Deputy Minister of Information and Communications Pham Duc Long expected that VNPT would find the most suitable and effective way to roll out Mobile Money nationwide, especially to disadvantaged groups such as the poor and people living in rural, remote areas.

Long recommended VNPT effectively run the service and ensure data security for customers, as contributions to promoting the development of a digital economy and society in Vietnam.

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