(VOVWORLD) - Vietnamese digital payment firm MoMo and American multinational financial services company Western Union yesterday announced a strategic collaboration enabling customers to receive Western Union money transfers on the MoMo app.
 The ceremony to announce the cooperative strategy between MOMO and Western Union (photo: MOMO) |
It is the first time a money transfer operator’s services have become available on a leading super app in Vietnam.
It will take MoMo users about one minute to receive international money transfers from relatives in over 200 countries and territories. The recipient only needs to access MoMo and enter the 10-digit Money Transfer Control Number provided by the sender to receive the money immediately from their relatives abroad.
With an ecosystem of nearly 50 partner banks, in just a few simple steps through the international money transfer service supported by MoMo, the money will be transferred to the recipient's account.
Atish Shrestha, head of Indochina, Thailand and Myanmar at Western Union, said adding this service to MoMo’s ecosystem reinforces its position as the leading fintech company in Vietnam. It also bolsters Western Union’s recently announced Evolve 2025 strategy to offer high-value, accessible digital and retail financial services, he said.
According to the World Bank, Vietnam was in the top 10 largest remittance receiving countries in the world and third largest in Asia and Pacific, receiving approximately 19 billion USD last year.