Over 463,000 people have used mobile money services in Vietnam since operators Viettel and VNPT launched the cashless payments last year.
Vietnam Plus reported, so far 77,200 retail establishments accept mobile money as a form of payment, according to the Ministry of Information and Communications.
To motivate customers to adopt the service Vittel had set up 80,000 points to provide customers with information and assist in registering for its service. Half of the Vietnamese population do not have a bank account and payments for goods under VND100,000 ($4.40) are made in cash.
Mobile money is also seen across Africa and is touted to aid in digital transformation and expand cashless services to people who live in remote regions of developing countries.
The Ministry of Information and Communications will launch more mechanisms to promote and supervise the development of mobile money in the country this year.
Mobile money seems to be developing fast in the Southeast Asian nation as state-owned operator VNPT only launched a pilot service in November last year nationwide.