The central bank was also hastening procedures for a Government proposal to accelerate cashless payments. Mobile money allows mobile subscribers to use their telecommunication accounts to make payments up to a limited value. Last year, three big telecommunications service providers in Vietnam – Viettel, MobiFone and VNPT – registered to add payment intermediary to their business lines, paving the way for the mobile money market.

Mobile money would significantly contribute to accelerating cashless payments in Vietnam where cash in circulation still accounts for 20 percent of the country’s gross domestic product.