Multinational financial services firm Western Union has signed a collaboration deal with MoMo to facilitate money transfers in Vietnam.
This deal allows MoMo users to receive Western Union money transfers through the MoMo app. This is the first time Western Union’s services have become available on a super app in Vietnam.
Research from Western Union claims that 81% of consumers in Vietnam want money transfer providers to integrate capabilities into one super app.
The deal means MoMo’s 31 million customers can receive Western Union money transfers digitally from over 200 countries and territories around the world. Collecting funds can be completed within a few steps.
A customer simply searches for Western Union in the MoMo app and input their Money Transfer Control Number (MTCN). Once completed, they will be able to route their transfers to the MoMo app and then into their bank accounts held with any of MoMo’s 50 partner banks.
Western Union head of Indochina Atish Shrestha said, “At Western Union, we value digital innovation and accessibility. For the first time in Vietnam, a money transfer operator’s capabilities will be integrated within a super app, offering even better experiences to customers.
“We are excited to collaborate with a likeminded company as MoMo is – focused on offering innovative services that scale cross-border capabilities for consumers in Vietnam.”
MoMo senior vice president Do Quang Thuan added, “Through our research, we found that there was a rising need among overseas Vietnamese to send small amounts of money home to their families in Vietnam. Thanks to the new service, Vietnamese will now be able to receive Western Union money transfers through MoMo for many purposes such as family support and festive and celebratory occasions.”
Western Union recently teamed up with Beforepay. The collaboration allows customers to boost their cross-border money transfers with access to short-term lending.
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