MICROCAPITAL BRIEF: Grab Adds MoMo as Mobile Payment Option for Ride-sharing, Deliveries, Digital Financial Services in Vietnam

Singapore-based Grab recently added the payment solution of Vietnam’s MoMo to its “super-app” so that Grab customers in Vietnam have an additional option for making cashless payments for services such as hailing a motorbike, shopping online, ordering meal delivery or buying insurance. MoMo allows users to send funds from sources such as the firm’s e-wallet and Pay Later services as well as from linked bank accounts.

MoMo CEO Nguyen Manh Tuong commented, “…The team-up of Grab and MoMo brings in a comprehensive digital experience for the locals. In a very [high-]potential market with rapid digital transformation, this partnership will help both sides to leverage opportunities and create greater values for users and business entities.”

Founded in 2007, MoMo has 140,000 cash-in points, 31 million users, 2,000 employees and 70 bank partners. In addition to offering financial services. MoMo’s app allows users to shop and play games.

Established in 2012 Grab serves eight Southeast Asian countries with products such as GrabPay, GrabFinance, GrabInsure, GrabInvest and GrabRewards. For the year 2022, the firm reported revenue of USD 1.4 billion on total assets of USD 9.2 billion.

By Renata Samadova, Research Associate

Sources and Additional Resources

PR Newswire press release
https://www.prnewswire.com/news-releases/its-now-just-a-snap-for-momo-users-to-pay-on-grab-app-301972645.html

MoMo homepage
https://www.momo.vn

Grab homepage
https://www.grab.com

Grab financials
https://www.investors.grab.com

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