The State Bank of Vietnam is seeking opinions on the dossier for developing a Decree regulating mobile money services (Mobile Money). Accordingly, the notable content is the proposal to increase the total transaction limit through a customer's Mobile Money account at a service organization (including withdrawal, money transfer and payment) to a maximum of 100 million VND per month, instead of 10 million VND as at present.
The State Bank believes that the current limit of 10 million VND/month does not meet actual needs, reducing the attractiveness of Mobile Money compared to other payment methods. Raising the limit to 100 million VND per month will create more flexibility and convenience for people, especially in rural, remote and isolated areas.
This new regulation applies to regular withdrawal, transfer and payment transactions, except for some specific areas such as payment via the National Public Service Portal, electricity, water, telecommunications, tuition, hospital fees, insurance, etc.
The draft Decree also adds a provision allowing users to deposit cash, receive money from payment accounts and e-wallets, to enhance the competitiveness of Mobile Money in the market. Notably, the draft expands the scope of international payments for small-value transactions, allowing Mobile Money users to buy goods and services from abroad, contributing to promoting integration and facilitating cross-border transactions.
In addition, the draft tightens regulations on management of Mobile Money accounts. Specifically, service providers must maintain a balance at a cooperative bank that is always greater than or equal to the total balance of a customer's account at any time, to ensure the safety of the user.
