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Uber ties up with Vietnamese mobile wallet MoMo for digital payments

Cash payments currently account for more than 90 per cent of all transactions in Vietnam

AP | PTI  |  Hanoi 

Uber
Uber drivers' cars are seen parked during a protest outside the Ministry of Transportation building in Taipei, Taiwan

Technologies Inc. on Wednesday signed a deal with MoMo, Vietnam's leading financial technology firm, enabling riders to pay for trips using MoMo's e-wallets in a country where most transactions are done in cash.

The partnership is Uber's first deal with a fin-tech company in Southeast Asia. It aims to catch up with regional rival Grab, which has its own service.


Backed by and Goldman Sachs, has 5 million users who use its to pay utility bills, buy plane tickets and do online shopping.

Brooks Entwistle, Uber's chief business officer in the Asia Pacific, said he expects the partnership to help the two grow and to change Vietnam's cash-dominated economy.

Cash payments currently account for more than 90 per cent of all transactions in The government has announced plans to reverse that ratio over the next three years, making 90 per cent of transactions cashless.

"We see this partnership between and as a big step in Vietnam's journey toward digital revolution," Entwistle said.

First Published: Wed, November 29 2017. 14:31 IST
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