Uber signs first Southeast Asian e-wallet deal with Vietnams MoMo
The deal is Uber`s first e-wallet partnership in Southeast Asia, home to 600 million people, and could help the firm catch up with main regional rival Grab which has its own e-wallet service.
US ride-hailing company Uber Technologies Inc on Wednesday signed a strategic deal with Vietnamese financial technology firm MoMo to let passengers pay for rides using MoMo`s e-wallet, the pair said in a statement on Wednesday.
The deal is Uber`s first e-wallet partnership in Southeast Asia, home to 600 million people, and could help the firm catch up with main regional rival Grab which has its own e-wallet service.
"Vietnam is one of Uber`s fastest-growing Asian markets... MoMo`s five million app users already pay for utility bills, airline tickets and other services with the wallet," Uber and MoMo said in a joint statement.
Last year, Goldman Sachs Group Inc and a private-equity arm of Standard Chartered PLC invested a combined $28 million in "fintech" firm MoMo, offering a means of tapping into Vietnam`s young, tech-savvy population.
"The partnership with Uber will open a seamless and cashless transport experience for the many Vietnamese without credit cards," MoMo Chief Operating Officer Nguyen Manh Tuong said in the statement.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.