Prime Minister Nguyen Xuan Phuc has OK’d experiment of mobile money – a technology that allows people to spend money on small-value goods and services using a mobile phone. 

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The experiment will be effective for two years, starting from March 9.

Businesses licensed to provide intermediary payment services and to establish ground public telecommunication network using radio frequency bands shall be qualified to join the pilot scheme.

To use mobile money services, an individual must have ID or passport number linked to his registered mobile phone.

Mobile phone users must have their phones activated for at least three months before registering to use the novel services.

The maximum transaction limit shall be VND10 million per month per mobile money account for such operations like money withdrawal, transfer, and payment.

Businesses providing mobile money services shall be prohibited from providing credit or paying interest to mobile money users.

Mobile money service providers are also banned from using mobile money accounts to make transactions relating to money laundering, terrorist financing, fraud, and illegal acts specified by law.

It is illegal to rent, borrow, exchange, sell, and purchase mobile money accounts and mobile money account information.

The pilot scheme aims to accelerate non-cash payments and access to financial services across the country, especially in rural, mountainous and remote areas./.