MoMo, Western Union partner for money transfer in Vietnam
Vietnamese digital payment firm Momo and American multinational financial services company Western Union on March 20 announced a strategic collaboration enabling customers to receive Western Union money transfers on the MoMo app.
It is the first time a money transfer operator’s services have become available on a leading super app in Vietnam.
Accordingly, it takes MoMo users about one minute to receive international money transfers from relatives in over 200 countries and territories.
The recipient only needs to access MoMo and enter the 10-digit Money Transfer Control Number provided by the sender to receive the money immediately from their relatives abroad. With an ecosystem of nearly 50 partner banks, in just a few simple steps through the international money transfer service supported by MoMo, the money will be transferred to the recipient's account.
Exclusive insights from Western Union research showed that a staggering number of consumers in Vietnam (81%) want money transfer providers to integrate capabilities into one ‘super app’.
Atish Shrestha, head of Indochina, Thailand and Myanmar at Western Union, said adding this service to MoMo’s ecosystem reinforces its position as the leading fintech company in Vietnam.
It also bolsters Western 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 the Financial Services Business Unit, said through low cost and speedy remittance services, MoMo wishes to bring people closer together, bridging the gap between Vietnamese overseas and their families in the country.
According to the World Bank, Vietnam was in the top 10 largest remittance receiving countries in the world and third largest in Asia and Pacific, receiving approximately US$19 billion last year.