MoMo, Vietnam’s fintech unicorn, and Grab Vietnam have on Wednesday announced the integration of MoMo’s payment solution into the Grab app.
The duo said in a statement that this partnership aims to provide users with a secure and hasslefree cashless payment experience. Also, it allows the two brands to become more integrated in the everyday life of local consumers.
MoMo users who wish to make payments on the Grab app can easily access and manage their funds from various sources available on the MoMo app.
This includes MoMo e-wallet, linked bank accounts and MoMo Pay Later – a pioneering product in the local market that aligns with the global trend of ‘Buy Now Pay Later’.
With this partnership, MoMo has been available on the most popular platforms serving Vietnamese users with daily needs of shopping, entertainment, travel, e-commerce, insurance, public services payment, etc.
For Grab, this integration enables the superapp to further expand its portfolio of cashless payment solutions on the platform to maximize convenience for Grab users.
Grab now offers a large variety of cashless payment options from linked cards to e-wallets provided by leading fintechs in Vietnam.
“MoMo’s entry will provide our consumers with yet another payment option, making cashless payments on the Grab app even easier for our users,” said Alejandro Osorio, Chief Executive Officer, Grab Vietnam.
“We believe this will encourage more MoMo users to experience and benefit from Grab’s reliable and relevant everyday services,” he added.
Nguyen Manh Tuong, Executive Vice Chairman, Chief Executive Officer of MoMo, said that they believe the open ecosystem of MoMo serves as a key for augmenting values for consumers.
“Not only serving as a payment solution or providing financial services, we’ve built our app to meet the local market demand for diverse quotidian services,” he said.
He also said the team-up of Grab and MoMo brings in a comprehensive digital experience for the locals.
“In a very potential market with rapid digital transformation, this partnership will help both sides to leverage opportunities and create greater values for users and business entities,” he added.
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