Terry KS Vietnam (July 19, 2013): Vietcombank, the first state commercial bank chosen for pilot privatization by the government in Vietnam and the local Telco Vinaphone launched a money transfer service through mobile phones namely MoMo, the Vietnam News reported.
With MoMo, customers in in remote areas or places without automatic teller machines can transfer a maximum of VND5 million (US$230) each day and recipients can collect the money at any 900 transaction points in nine cities and provinces in the south of Vietnam by showing the text messages received.
In addition, customers also can use MoMo to pay electricity, telephone and Internet bills.
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