Uber signs first Southeast Asian e-wallet deal with Vietnam's 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.
RECOMMENDED STORIES
Retirement Planning: SIP+SWP combination; Rs 15,000 monthly SIP for 25 years and then Rs 1,52,000 monthly income for 30 years
Top Gold ETF vs Top Large Cap Mutual Fund 10-year Return Calculator: Which has given higher return on Rs 11 lakh investment; see calculations
Retirement Calculator: 40 years of age, Rs 50,000 monthly expenses; what should be retirement corpus and monthly investment
SBI 444-day FD vs Union Bank of India 333-day FD: Know maturity amount on Rs 4 lakh and Rs 8 lakh investments for general and senior citizens
EPF vs SIP vs PPF Calculator: Rs 12,000 monthly investment for 30 years; which can create highest retirement corpus
Home loan EMI vs Mutual Fund SIP Calculator: Rs 70 lakh home loan EMI for 20 years or SIP equal to EMI for 10 years; which can be easier route to buy home; know maths
10:12 AM IST