At the event (Photo: MoMo) HCM City (VNA) - Vietnamese digital payment firm MoMo andAmerican multinational financial services company WesternUnion on March 20 announced astrategic collaboration enabling customers to receive Western Union moneytransfers on the MoMo app.
It is the first time a money transfer operator’s serviceshave become available on a leading super app in Vietnam.
Accordingly,it takes MoMo users about one minute to receive international money transfers fromrelatives in over 200 countries and territories.
The recipient onlyneeds to access MoMo and enter the 10-digit Money Transfer Control Number providedby the sender to receive the money immediately from their relatives abroad.With an ecosystem of nearly 50 partner banks, in just a few simple stepsthrough the international money transfer service supported by MoMo, the moneywill be transferred to the recipient's account.
Exclusive insights from Western Union researchshowed that a staggering number of consumers in Vietnam (81%) want moneytransfer providers to integrate capabilities into one ‘super app’.
AtishShrestha, head of Indochina, Thailand and Myanmar at Western Union, said adding this service to MoMo’s ecosystemreinforces its position as the leading fintech company in Vietnam.
It also bolstersWestern Union’s recently announced Evolve 2025 strategy to offer high-value,accessible digital and retail financial services, he said.
Do Quang Thuan, MoMo’s Senior Vice President in charge of theFinancial Services Business Unit, said through low cost and speedy remittanceservices, MoMo wishes to bring people closer together, bridging the gap betweenVietnamese overseas and their families in the country.
According to the World Bank, Vietnam was in the top 10 largestremittance receiving countries in the world and third largest in Asia and Pacific,receiving approximately 19 billion USD last year./.
