With the pilot program nearing its end, the Mobile Money service has not been renewed.

ANTD.VN - The Mobile Money service will be piloted until December 31, 2024. However, the State Bank of Vietnam stated that it has not yet received specific instructions from the Government leadership to provide a basis for drafting legal regulations.

The pilot program has not been extended.

The State Bank of Vietnam announced that it has received feedback from the majority of relevant ministries and units on the draft proposal for a Decree regulating the use of telecommunications accounts to pay for goods and services of small value (Mobile Money).

In its comments on this draft, the Ministry of Justice commented on the timeframe for the pilot implementation of the Mobile Money service. The Ministry of Justice stated that Government Resolution No. 192/NQ-CP dated November 18, 2023, stipulates that the pilot program for this service expires on December 31, 2024. However, the State Bank of Vietnam proposed submitting the Decree to the Government for consideration and promulgation in the fourth quarter of 2025.

Therefore, the Ministry of Justice requests the lead agency to submit a proposal to supplement information on handling any difficulties or shortcomings (if any) related to the use of the service by citizens (9.8 million accounts) in the event that the pilot period under Resolution No. 192/NQ-CP expires.

"The agency responsible for drafting the proposal needs to urgently develop the Decree to submit to the Government for promulgation in accordance with the Law on the Promulgation of Legal Documents, ensuring that there are no legal loopholes and no new difficulties or shortcomings arise in practice," the Ministry of Justice commented.

The Mobile Money service's trial period will end tomorrow.

Regarding this matter, the State Bank of Vietnam (SBV) stated that in its submissions to the Government and government leaders in 2024, the SBV highlighted the difficulties regarding the timeframe for drafting legal regulations on Mobile Money services and proposed extending the pilot period for this service until the legal regulations are issued and take effect.

Specifically, the State Bank of Vietnam has submitted two proposals to the Government regarding the extension of the pilot period for Mobile Money services (Proposal No. 155/TTr-NHNN dated November 8, 2024 and Proposal No. 176/TTr-NHNN dated December 11, 2024).

"However, to date, the State Bank of Vietnam has not received any instructions to extend the pilot period for Mobile Money services," the State Bank of Vietnam stated.

No instances of Mobile Money being used for illegal purposes have been reported.

In its comments on the draft Decree, the Ministry of Public Security also stated that it is necessary to develop and promulgate a Decree regulating Mobile Money services, creating conditions for Mobile Money services to operate, develop, and reach people in rural areas, remote areas, border regions, and islands.

According to the Ministry of Public Security, during the pilot implementation of the Mobile Money service, no issues related to the misuse of Mobile Money for illegal purposes have arisen so far.

Therefore, the Ministry of Public Security proposes considering removing some difficulties for businesses implementing the pilot program, creating conditions for the safe and effective development of Mobile Money services.

Many businesses providing Mobile Money services have also proposed that the State Bank of Vietnam (SBV) add regulations on transaction limits for Mobile Money services. Specifically, they suggest increasing the transaction limit for Mobile Money accounts to be equivalent to the transaction limits for e-wallets and prepaid cards as stipulated by current laws.

Simultaneously, biometric verification will be applied to the online Mobile-Money account opening process (removing the requirement that the mobile phone number must have been activated and continuously used for at least 3 consecutive months prior to the time of registration and use of the Mobile Money service).

Businesses also suggested considering allowing them to expand certain services after Mobile Money services are properly verified through multiple steps…

Source: https://www.anninhthudo.vn/sap-het-thoi-han-thi-diem-dich-vu-mobile-money-chua-duoc-gia-han-post599843.antd