Grab Teams Up with MoMo to Integrate In-App Cashless Payments

In a strategic move to enhance cashless payment options within its platform, Grab, the renowned super app operating across deliveries, mobility, and digital financial services in Southeast Asia, has partnered with Vietnamese FinTech MoMo, as highlighted in PYMNTS news. This collaboration, as announced in a press release on October 31, 2023, allows MoMo users to seamlessly make in-app payments within the Grab ecosystem.

MoMo users can now conveniently access and manage their funds from various sources, including MoMo eWallets, linked bank accounts, and MoMo Pay Later, a «Buy Now Pay Later» product, directly through the Grab app. This integration expands MoMo’s reach and services on one of Vietnam’s most popular platforms, further catering to Vietnamese users’ diverse daily needs, such as shopping, entertainment, travel, eCommerce, insurance, and public service payments.

With this strategic partnership, MoMo users gain the convenience of One Touch Payment, enabling them to fulfill nearly all their everyday needs through a single app. For Grab, this integration strengthens its portfolio of cashless payment solutions, offering a range of options, including linked cards and eWallets provided by FinTechs in Vietnam.

Alejandro Osorio, CEO of Grab Vietnam, expressed his enthusiasm for the collaboration, stating, «We welcome MoMo to our super app platform. MoMo’s entry will provide our consumers with yet another payment option, making cashless payments on the Grab app even easier for our users. As part of our continued commitment to contribute to Vietnam’s digitalization, Grab and MoMo will launch exciting and practical offers to users from both of our platforms.»

Nguyen Manh Tuong, executive vice chairman and CEO of MoMo, also highlighted the potential of this partnership, stating, «The team-up of Grab and MoMo brings in a comprehensive digital experience for the locals. In a very potential market with rapid digital transformation, this partnership will help both sides leverage opportunities and create greater values for users and business entities.»

Additionally, early adopters who choose MoMo for payments will receive special benefits worth up to VND 100,000, as mentioned in the release.

Grab, founded in 2012, has established itself as a leading super app operating in eight Southeast Asian countries, serving over 500 cities. The company aims to drive economic empowerment in the region. On the other hand, MoMo, a Vietnamese fintech unicorn, offers super app and payment services.

Notably, Grab’s expansion plans have faced regulatory challenges, as Singapore’s competition watchdog, the Competition and Consumer Commission of Singapore (CCCS), recently expressed concerns about Grab’s plan to acquire Trans-cab, the city-state’s third-largest cab company. The CCCS cited concerns about the potential impact of Grab’s ownership on Trans-cab drivers’ usage of rival ride-hail platforms, potentially raising barriers to competition and expansion for other ride-hail platforms.

The integration of MoMo’s payment solution into the Grab app signifies a significant step towards enhancing cashless payment options for users in Vietnam, while also expanding Grab’s range of services in the FinTech sector. This partnership holds promise for both companies, and it will be interesting to see how it shapes the digital landscape in Vietnam’s dynamic market.