Uber partners with MoMo in payments

Ride-hailing platform Uber and Vietnamese FinTech MoMo have announced a strategic partnership that will allow Uber riders to pay for trips using MoMo’s mobile wallet, the most popular digital payment platform in the country.

The tie-up makes getting a ride seamless for the millions of Vietnamese who don’t have credit or debit cards but want the convenience of a cashless transaction. MoMo’s 5 million app users already pay for utilities, airline tickets, and other services with the wallet and will now have instant access to Uber and the safe, reliable rides the app facilitates.

The partnership, the first of its kind for Uber in Southeast Asia, is a big step forward in Vietnam’s journey towards the digital revolution and its government’s vision of a smart, connected nation.

“Asia has a unique payment ecosystem, and we are committed to serving customers the way they like to be served, and that means expanding payment options and embracing mobile wallets,” said Mr. Brooks Entwistle, Chief Business Officer at Uber Asia Pacific. “As a technology company, we applaud the impact FinTech leaders like MoMo are having in Vietnam. Our alliance with MoMo will drive the adoption of digital payments in this fast-growing market, opening up the Uber experience to millions more Vietnamese and helping the government reach its smart nation goals.”

Vietnam is one of Uber’s fastest growing Asian markets, with thriving motorbike and ridesharing businesses in Hanoi, Ho Chi Minh City, Da Nang, and Nha Trang. This partnership shows the company’s deepening commitment to serving riders, drivers, and cities in the country and the region more broadly, through a truly local lens.

“Our mission is to create a cashless society in Vietnam by building a modern mobile payment ecosystem,” said Mr. Nguyen Manh Tuong, COO of MoMo. “The partnership with Uber will open a seamless and cashless transport experience for the many Vietnamese without credit cards. This partnership represents a critical foundation for us to revolutionize the payment industry in Vietnam in the next two or three years.”

Starting from November 29, 30 per cent of Android users of the Uber app are able to pay for their rides using MoMo. The payment option is expected to be available to all Android users by the beginning of 2018.

[Source: vneconomictimes 30th November 2017]