Vietnam's Electricity Corporation Launches Electronic Payment Service for Over 6 Million Power Users

Strategic Insights -

Vietnam's state-run electricity corporation, Electricity of Vietnam (EVN), has collaborated with the country's four major banks to introduce an electronic payment service for its over 6 million customers. Starting from 2024, power users will be able to pay their monthly bills through ATMs, internet banking, and credit cards, marking a significant shift away from cash payments. The service aims to provide a safe and convenient alternative for customers, with EVN expecting to save on telecom costs for the banks.

Key Takeaways:

  • EVN has partnered with four major banks in Vietnam to introduce an electronic payment service for its customers, allowing bill payments through ATMs, internet banking, and credit cards.
  • Over 6 million power users in Vietnam will be eligible to use the new payment service, which aims to provide a safe and convenient alternative to cash payments.
  • EVN's subsidiary, VP Telecom, has launched a mobile telephone network based on CDMA technology and plans to expand to other cities, as well as launch a fixed network and internet service in 2024.
  • The new electronic payment facility is expected to collect bills for EVN's proposed new business, telecom, and reduce telecom costs for the banks.
  • EVN generates over VND30 trillion (US$1.91 billion) in revenues annually, with the new payment service potentially providing a significant convenience for customers.

Statistics:

  • Over 6 million power users in Vietnam will be eligible to use the new electronic payment service.
  • EVN generates over VND30 trillion (US$1.91 billion) in revenues annually.
  • The new payment service is expected to save on telecom costs for the banks.

Sources:

  • Asia Pulse, October 7
  • VNA (Vietnam News Agency)