15/11/2023 (Vietnam) - On October 31, Vietnamese FinTech MoMo announced its integration into the Grab app, expanding its payment solution services. This integration allowed MoMo users to make payments within the Grab app while managing their funds from various sources, including MoMo eWallets, linked bank accounts, and MoMo Pay Later, a "Buy Now Pay Later" product.
MoMo's integration into Grab further enhanced its services on one of Vietnam's most popular platforms, offering a wide range of services such as shopping, entertainment, travel, eCommerce, insurance, and public services payments. This partnership streamlined payments for MoMo users, enabling One Touch Payments for various everyday needs within a single app.
For Grab, this integration diversified its cashless payment options, incorporating linked cards and eWallets from Vietnamese FinTech providers, making it even more convenient for users.
Alejandro Osorio, CEO of Grab Vietnam, expressed excitement about the partnership, emphasizing their commitment to enhancing digitalization in Vietnam and providing users with more payment options.
Nguyen Manh Tuong, executive vice chairman and CEO of MoMo, highlighted the comprehensive digital experience this partnership brought to users and businesses in a rapidly changing market. Early adopters of MoMo for payments also received special benefits as part of the announcement.
Founded in 2012, Grab was a leading super app in Southeast Asia, offering a wide range of services. MoMo, on the other hand, is a Vietnamese fintech unicorn providing super app and payment services.
Recently, Grab faced regulatory setbacks in its expansion plans, as Singapore's competition watchdog raised concerns about its proposed acquisition of Trans-cab, Singapore's third-largest cab company. The Competition and Consumer Commission of Singapore (CCCS) expressed concerns about the potential impact on competition in the ride-hail market, potentially creating barriers to expansion for competitors.