Proposal to increase Mobile Money limit to 100 million VND
The State Bank is seeking comments on the dossier for drafting a Decree regulating mobile money services. In particular, the State Bank proposes that the total transaction limit through mobile money accounts of a customer at a service provider (including withdrawals, transfers and payments) be a maximum of VND 100 million per month.
Currently, the Mobile Money service limit is limited to no more than 10 million VND per month for each account, including withdrawal, transfer and payment transactions.
This new regulation applies to cash withdrawal, money transfer and payment transactions, except for transactions in special areas such as: online payment on the National Public Service Portal; payment of electricity, water, telecommunications, tuition, hospital fees; insurance premiums, social insurance, health insurance, etc.
"The limit of 10 million VND per month for total transactions is considered not suitable for actual needs and reduces the attractiveness of the service compared to other methods. Raising the maximum total limit to 100 million VND per month will create great flexibility, helping mobile money services become a more convenient payment tool for people's daily needs" - the State Bank's proposal clearly stated.
There are more than 10.22 million Mobile Money accounts registered and used.
Towards international payments of small transactions
The draft decree regulating Mobile Money services also allows users to deposit cash and receive money from payment accounts and e-wallets. According to the State Bank, expanding this function will help Mobile Money compete fairly with e-wallets in the payment market.
A notable new point is the draft expanding the scope of international payments for small value transactions. Users can use Mobile Money to buy goods and services from abroad - a step forward demonstrating the policy of integration and facilitating people in cross-border transactions.
The draft also tightens account management requirements. Specifically, organizations providing Mobile Money services must maintain a balance at a cooperative bank that is always greater than or equal to the total customer account balance at all times.
According to reports from the three network operators piloting the service – VNPT-Media, Viettel and MobiFone – by the end of December 2024, there were more than 10.22 million Mobile Money accounts registered and used, of which 72% were from rural, mountainous, border and island areas.
In total, mobile money accounts have conducted more than 193.8 million transactions, with a cumulative value of more than VND6,435 billion since the start of the pilot until the end of 2024.
Source: https://nld.com.vn/de-xuat-tang-han-muc-nap-rut-tien-di-dong-mobile-money-gap-10-lan-hien-tai-196250704144844897.htm
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