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Tag: mobile money

  • Mobile money service attracts 2.2 mln users

    Mobile money service attracts 2.2 mln users

    The mobile money service, which allows users to deposit, withdraw, pay or transfer money on mobile devices, has signed up nearly 2.2 million subscribers in eight months.

    Of the customers, 69% are from rural and mountainous areas, according to the Ministry of Information and Communications.

    The service are jointly offered on a trial basis by three leading telecommunications service providers Viettel, MobiFone and VinaPhone. Viettel has roughly 1.4 million mobile money users, VinaPhone, 700,000, and MobiFone, nearly 500,000.

    Viettel and VinaPhone customers can transfer money from Mobile Phone accounts to bank accounts and vice versa. In the past, they had to deposit or withdraw money at transaction offices or authorized agents of the mobile network operators.

    As of late September, Vietnam had nearly 120 million mobile phone subscribers, including some 93.7 million using smartphones, according to the ministry.

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  • Vietnam pilots Mobile Money project for cashless payments

    Vietnam pilots Mobile Money project for cashless payments

    Vietnam’s Prime Minister Nguyen Xuan Phuc has given the green light for the Mobile Money pilot project, thereby allowing mobile phone subscribers to use their telecommunications accounts to make money transfers and payments up to a limited value for products and services strictly in Vietnam.

    This pilot project came into effect on 9 March 2021 and will be conducted over two years. It will be implemented nationwide, particularly in rural areas to improve access to financial services and encourage cashless payment via mobile devices.

    Businesses require licenses to provide intermediary mobile money services, as well as licenses for public mobile terrestrial telecommunications networks to tap on telecommunications network and data. Customers are required to register their mobile accounts with an identity card, citizen identification or passport and use mobile services for at least three consecutive months.

    This pilot project was first submitted to the Prime Minister for approval in May 2020, prompting Vietnam’s major telecommunications services providers like Viettel, VNPT and MobiFone to add payment as a line of business.

    Vietnam has a population of 129.5 million mobile subscribers, of which 43.7 million owns smartphones. This pilot will serve as a basis for the relevant authorities to develop legal regulations around the service in the country.

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  • Mobile money service launched in Bangladesh

    Mobile money service launched in Bangladesh

    Financial inclusion in Bangladesh just took a stride closer to reality with the launch of a new international remittance receiving service via a partnership between MasterCard, Western Union, bKash and BRAC Bank.

    The new service enables bKash’s registered customers to use their mobile phones to receive remittances from abroad directly into their bKash accounts.

    A subsidiary of BRAC Bank and a joint venture between BRAC Bank and Money in Motion LLC of USA, bkash serves the low income masses of Bangladesh to achieve broader financial inclusion by providing services that are convenient, affordable and reliable.

    With 70% of the population living in rural Bangladesh many of whom have no access to formal financial services, it is also the eight largest receiver of international remittances in the world. Under 15% of Bangladeshis are connected to the prescribed banking system whereas over 68% have mobile phones.

    World Bank South Asia Financial Inclusion Index 2014These phones are not only devices for talking, but can be used for more useful and difficult processing tasks. bKash was conceived primarily to use these mobile devices and the universal telecom networks to extend financial services in a protected manner to the under-served distant population of Bangladesh.

    By using the new service, bKash’s registered customers can receive remittances from every Western Union send market and channel directly into their bKash account, 24 hours a day.

    MasterCard’s Matthew Driver said: “This relationship is another step towards achieving our global commitment to make the financial system accessible to 500 million more people by 2020. Working with companies such as bKash and Western Union is crucial to taking advantage of the latest technology; digitizing money transfers and supporting financial inclusion efforts in the South Asia region and worldwide. The choice, flexibility and convenience of this new bKash service will help to expand financial inclusion to some of the most remote parts of this thriving nation.”

    Western Union’s Jean Claude Farah said international money transfers over mobile phones will accelerate financial inclusion in Bangladesh where there are currently more mobile phones than there are customers with bank accounts.

    In 2011, the Bangladesh Bank, the country’s central bank, issued the Mobile Financial Services (MFS) Guidelines and mandated that the model where MFS must be bank-led but also clearly indicated that partnerships with mobile operators must be forged to reach customers. The first two MFS providers to emerged as leaders early on were BRAC/bKash and Dutch Bangla-Bank/DBBL.

    Like many parts of developing Asia, financial inclusion is part of the government via the central bank’s strategic plan, aimed at ensuring these products meet the needs of the traditionally underserved segments of society. Among the services on priority list include expanding access to financial services to women, poor and rural populations; and formalizing financial services by promoting registered transactions.

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  • AirAsia makes Tune Money its wholly owned unit

    AirAsia makes Tune Money its wholly owned unit

    AirAsia Bhd is acquiring the remaining 60% interest in financial services provider Tune Money Sdn Bhd as well as its entire issued redeemable preference shares (RPS) for RM6.36mil in cash.

    In a filing with Bursa Malaysia, AirAsia said the payment of about RM0.038 per ordinary 10 sen share and RM150,000 per RPS to vendor Tune Money International Sdn Bhd (TMI) would be financed by the company’s internally generated funds.
    TMI and AirAsia share two common shareholders and directors, namely Tan Sri Tony Fernandes and Datuk Kamarudin Meranun.
    AirAsia said Bank Negara had stated on Sept 30 that it had no objections to the transaction.
    On the rationale for the acquisition, it said this would give additional benefits that could only be realised through full ownership and control of Tune Money.
    “Full ownership would allow greater control and facilitate accelerated decision-making with regards to AirAsia priority items that would help support the company’s business plan and commercial objectives.
    “Additionally, once AirAsia increases its stake in Tune Money to above 50%, Tune Money will no longer be classified as an associate and AirAsia will be able to incorporate Tune Money’s contributions to company revenue, which would improve AirAsia’s top line as well as ancillary revenue,” the low-cost carrier said.
    These, it added, were on top of the existing benefits that AirAsia enjoyed through its ownership of a stake in Tune Money, such as lower merchant discount rate, increasing ancillary spend by incentivising guests with meal and baggage discounts, and accelerating deployment of the BIG Loyalty programme by allowing points accrual from purchases outside the AirAsia ecosystem.
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