Mr. Bui Son Nam, Deputy General Director of MobiFone said that it is expected that Mobile Money will account for about 10% of MobiFone’s revenue like overseas markets allow to provide this service.
MobiFone said that it is expected that Mobile Money will account for about 10% of MobiFone’s revenue just like overseas markets allow this service.
Recently, the Ministry of Information and Communications said that at the latest in June 2020, it will deploy money transfer and payment services via mobile accounts with services and goods with small face value (Mobile Money). The Ministry of Information and Communications recommends that enterprises carefully prepare schemes and facilities for quick deployment when licensed to provide services.
State Bank Governor Le Minh Hung said the State Bank had submitted to the Prime Minister the Decision to pilot Mobile Money to pay for other small-value services.
Sharing about opportunities for carriers when deploying Mobile Money, Mr. Bui Son Nam, Deputy General Director of MobiFone said that if only previously people with bank accounts could use e-wallets, then with Mobile Money service for those who do not have a bank account.
Therefore, Mobile Money will expand the scope of customers participating in electronic payment. When carriers deploy this service, 100% of mobile phone customers can use cashless payment services. Mobile Money is very convenient for payment of small value services such as payment of electricity, water or small value goods.
Mobile Money service itself will bring safety and convenience to people when exchanging and buying and selling with each other can pay easily, without fear of falling or losing money.
Currently, the draft allows the provision of a limited Mobile Money service at the payment of VND 10 million / month.
Mr. Bui Son Nam said that this is also a reasonable level for payment, service of small value goods. MobiFone has already prepared the infrastructure for this service and is waiting for licensing. After that, MobiFone will guide customers to use the service and create a habit of using mobile payment instead of cash payment as at present.
From MobiFone’s perspective, the market for Mobile Money service is opening up a huge room when more than 50% of people do not have a bank account.
Even people with a bank account will probably still be able to use Mobile Money because of its usability and the value-added goods services. MobiFone will set up and link many points of sale of goods and services that accept Mobile Money payment to promote this service.
“I think that it is possible to proceed to the payment of essential services such as electricity, water, television without cash but through electronic payment, it will cause a boom in Mobile Money services.
Thus, the service providers themselves also save a lot of costs because they do not have to hire workers to collect these amounts, especially in rural, remote and isolated areas. If the Government is determined to promote non-cash payments, this is the most useful tool, ”Mr. Nam said.
Answering the question of ICTnews expected how Mobile Money will account for the total revenue of MobiFone, Mr. Bui Son Nam said that initially this service could not grow fast but will grow better when the market acquainted school and the Government has a policy of promoting non-cash payment.
It is expected that Mobile Money will account for about 10% of MobiFone’s revenue as foreign markets allow this service.
A representative of MobiFone said that traditional telecommunication services such as voice and SMS are declining very fast and MobiFone must accelerate digital content and electronic payment services to compensate. Therefore, Mobile Money is an opportunity for telecom operators to increase revenue.
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