MNO Wallets v eMoney Wallets

For anyone considering launching eWallet services, there is a need to understand mobile money regulations’ nuances for mobile operators vs. eMoney regulations’. An interesting article recently published in highlighted the differences in Mobile Money regulations for Mobile Network Operators and eMoney for Banks and payment service providers.

Of particular interest was:

  • 40 eWallet providers in Vietnam.
  • The Government trying to encourage MNO’s to become Fintechs?
  • The scope for Mobile Money and eWallets is high due to 70% of Vietnam’s population being unbanked.
  • There is a demand for Super Apps, whereby the consumer needs a range of different payment-related services.
  • That the MNO’s have a more significant reach than the eWallet operators?
  • That eWallets could be challenged by MNO Mobile Money Wallets, which are not linked to a bank account.
  • Confusion over the eMoney regulations for MNO’s vs. banks and payment service providers.
  • That MNO Mobile Money Wallets are not linked to Bank Accounts.

In summary, more questions are being raised about the opportunity for Telcos and MNO’s in the Fintech space. One question is, have MNO’s missed the boat? Or, despite their enviable infrastructure, do they have the suitable DNA to launch and manage digital payments and financial services?

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