Vietnamese FinTech MoMo is integrating its payment solution into Grab, the companies announced in a Thursday (Oct. 31) press release.
MoMo users who want to pay on the Grab app can now access and manage their funds from various sources, including MoMo eWallets, linked bank accounts, and MoMo Pay Later, a “Buy Now Pay Later” product.
The integration of MoMo into the Grab app allows MoMo to expand its services on one of the most popular platforms in Vietnam. MoMo already serves Vietnamese users with a wide range of daily needs, such as shopping, entertainment, travel, eCommerce, insurance and public services payments, the release said. With this partnership, MoMo users can perform One Touch Payment to fulfill almost all their everyday needs through a single app.
For Grab, this integration further expands its portfolio of cashless payment solutions, offering a variety of options, from linked cards to eWallets provided by FinTechs in Vietnam.
Alejandro Osorio, CEO of Grab Vietnam, expressed his excitement about the partnership.
“We welcome MoMo to our super app platform,” Osorio said in a statement. “MoMo’s entry will provide our consumers with yet another payment option, making cashless payments on the Grab app even easier for our users. As part of our continued commitment to contribute to Vietnam’s digitalisation, Grab and MoMo will launch exciting and practical offers to users from both of our platforms.”
“The team-up of Grab and MoMo brings in a comprehensive digital experience for the locals,” Nguyen Manh Tuong, executive vice chairman and CEO of MoMo, said in a statement. “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.”
Early adopters who choose MoMo for payments will receive special benefits worth up to VND 100,000, according to the release.
Grab, founded in 2012, is a leading super app operating across deliveries, mobility and digital financial services sectors in Southeast Asia. It serves over 500 cities in eight Southeast Asian countries and aims to drive economic empowerment in the region. MoMo, on the other hand, is a Vietnamese fintech unicorn that provides super app and payment services.
Last month, PYMNTS reported that Singapore-based Grab’s expansion plans were hindered by regulatory setbacks, as Singapore’s competition watchdog pumped the brakes on the ride-hailing giant’s plan to acquire Trans-cab.
The Competition and Consumer Commission of Singapore (CCCS) announced Oct. 16 it had concerns about the proposed deal, which would see Grab take ownership of the city-state’s third largest cab company.
“Third-party feedback received by CCCS suggests concerns on the effect of Grab’s ownership of the Trans-cab fleet on Trans-cab drivers’ usage of rival ride-hail platforms, which may raise barriers to expansion and entry for Grab’s rival ride-hail platforms,” the CCCS said at the time.
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