Mobile carrier VinaPhone has launched a new service that allows users to transfer money by texting.

VinaPhone, Bank for Foreign Trade of Vietnam (Vietcombank) andM-Service began the service on July 9, using the existing mobile networkof the former.

With the MoMo money transfer servicein place, users can send or receive money at the nearest MoMotransaction points of VinaPhone, with the money transfer limit via themobile system at 5 million VND for one customer a day. Customers arealways updated about all transactions by text messages.

From July 15 to September 30, customers can use the service for free,which is being piloted in nine southern localities, including Ho ChiMinh City, Binh Duong, Dong Nai, Ba Ria-Vung Tau, Long An, An Giang,Kien Giang, Ca Mau and Dong Thap.

Some 900 MoMotransaction points are already in service in the nine city andprovinces. After the trial period, VinaPhone expects to expand theservice to all southern provinces and then central and northernprovinces , with the service priced at 10,000 VND for a transfertransaction of 1 million VND.

A VinaPhone representative said the service targets residents in remote areas who have difficult access to banking services.

Similar to VinaPhone’s service, Viettel’s BankPlus has attracted 1.3million customers up to now. BankPlus customers can transfer money,check bank accounts and pay phone bills without having to install an appor use 3G.-VNA