Proposal to increase the Mobile Money limit to 100 million VND.

From its inception, Mobile Money has aimed to improve access to financial services, especially in rural, mountainous, remote, border, and island areas, where access to traditional banking services is limited due to underdeveloped transportation, telecommunications, and banking networks.

Increase Mobile Money limits to attract users. (Illustrative image)

The pilot program for Mobile Money services was launched under Decision No. 316/QD-TTg dated March 9, 2021, of the Prime Minister . According to the State Bank of Vietnam, after nearly three years of implementation, the service has achieved positive results, ensuring safety and contributing to the development of cashless payment activities.

However, because it is still in the pilot phase and lacks an official legal framework, implementing organizations are being cautious, affecting decisions to increase investment budgets for service development. Therefore, it is urgent to complete the legal framework so that Mobile Money services can officially begin operations.

In the draft decree on mobile money services that the State Bank of Vietnam is currently seeking feedback on, customers are allowed to use Mobile Money to pay for goods and services abroad. This is a new step, institutionalizing the policy of economic integration and facilitating small-value cross-border transactions for citizens.

Specifically, the regulatory agency proposed raising the Mobile Money limit to 100 million VND. Currently, the pilot program for this new service allows a maximum of 10 million VND per month per Mobile Money account for all transactions (withdrawals, transfers, and payments), which is not suitable for the current income and business activities of the people and therefore fails to attract customers.

According to the draft, the 100 million VND limit does not apply to transactions for essential services such as public services, electricity, water, tuition fees, hospital fees, social insurance, etc. (an additional 100 million VND/month limit will be added for transactions for essential services). This creates great flexibility, making mobile money a more convenient payment tool for people's daily needs.

The draft decree adds regulations allowing users to deposit cash and receive money from payment accounts and e-wallets, aiming to enhance the competitiveness of Mobile Money in the market.

Regarding administrative procedures, the issuance of licenses for mobile money service providers serves as the basis for the State Bank of Vietnam to manage and supervise the operations of service providers, thereby mitigating risks, preventing violations of the law, and protecting the legitimate rights and interests of customers using this service.

Source: https://hanoimoi.vn/de-xuat-nang-han-muc-mobile-money-len-100-trieu-dong-708297.html