Vietnamese mobile operator Vinaphone has partnered with Vietcombank for the launch of a new mobile money transfer service. VietNamNet reports that the new product, known as ‘MoMo’, enables a customer to transfer a maximum of VND5 million (USD233) per day via text message to another handset; the recipient will then be able to receive the money at one of the operator’s transaction points. The service also allows customers to pay for electricity, telephone and internet bills. It is currently available at 900 transaction points in nine cities and provinces in the south of the country, including Ho Chi Minh City, Binh Duong, Dong Nai, Ba Ria-Vung Tau, Long An, An Giang, Kien Giang, Ca Mau and Dong Thap, but the service will be expanded across Vietnam in the future. Ho Duc Thang, deputy director of Vinaphone, said MoMo is aimed at residents in remote areas who are unable to access banking services. Meanwhile, the mobile money product of market leader Viettel, ‘BankPlus’, has so far attracted 1.3 million customers since it was launched in 2011.
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