Standard Chartered launches mobile wallet service in Vietnam
(28 August 2015 – Vietnam) Standard Chartered Bank has partnered with MoMo, a mobile money service operated by M_Service JSC, to launch Straight2Bank Wallet payments in Vietnam.
Vietnam’s smartphone population is among the largest in ASEAN.
Straight2Bank Wallet enables corporations, governments and development organisations to transact with both banked and unbanked individuals cashlessly.
M_Service is the first company in Vietnam licensed by the State Bank of Vietnam that currently provides a mobile wallet catering to the unbanked population.
The Wallet enables Standard Chartered’s corporate clients in Vietnam to make payments directly into their beneficiaries’ MoMo mobile wallet via the Bank’s Straight2Bank online platform.
The MoMo mobile wallet app is compatible with any of the local telecommunication networks, so any individual in Vietnam with a smartphone registered with MoMo will able to receive the funds electronically using the app.
These funds can be used for everyday transactions such as utility bills or insurance premium payments.
Alternatively, the electronic credits can be cashed out via any MoMo agent located across the country.
M_Service’s executive vice chairman, Nguyen Ba Diep said, “The cooperation between MoMo and the Bank is a fresh move to promote non-cash payments in the country, which is encouraged by the government.
“In the partnership, MoMo works as the Bank’s extended hands to provide financial services through our extensive agent network, and sending money to anyone in Vietnam can be as simple as sending a text message.”
Nirukt Sapru, Standard Chartered Vietnam chief executive, said, “The Vietnamese government is seeking to boost non-cash payments as the country is shifting away from a predominantly cash-based economy.
“As a leading international bank here, we are working with our partners to help develop infrastructure for the use of cashless payment methods.
“The solution we launched today with MoMo is tailor-made for our clients with great convenience and security to effectively minimise the risks they face when using cash.”
Gautam Jain, Global head of Client Access and Product Development at Standard Chartered, said, “This partnership is testament to how banks like Standard Chartered can work with mobile wallet providers to simplify payment transactions for corporate clients, and ultimately bring safer, faster and easier financial services for the people who need it most.”
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