NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

Friday, December 1, 2017

Uber Technologies Inc. on Wednesday signed a deal with MoMo, Vietnam’s leading financial technology firm, enabling Uber riders to pay for trips using MoMo’s e-wallets in a country where most transactions are done in cash.

The partnership is Uber’s first deal with a fin-tech company in Southeast Asia. It aims to catch up with regional rival Grab, which has its own e-wallet service.

Backed by Standard Chartered Bank and Goldman Sachs, MoMo has 5 million users in Vietnam who use its e-wallet to pay utility bills, buy plane tickets and do online shopping.

Photo courtesy of uditha wickramanayaka.