Western Union and MoMo announced a strategic collaboration enabling customers to receive Western Union money transfers on the MoMo app. It is the first time a money transfer operator’s services have become available on a super app in Vietnam.
MoMo’s 31 million customers can now receive their Western Union money transfers digitally from over 200 countries and territories around the world. Collecting funds can be completed in just a few easy steps. Customers can search for ‘Western Union’ on the MoMo App and input their Money Transfer Control Number (MTCN). Once complete, they will be able to route their transfers to the MoMo app, and then into their bank accounts held with any of MoMo’s 50 partner banks.
“At Western Union, we value digital innovation and accessibility,” said Atish Shrestha, Head of Indochina at Western Union. “For the first time in Vietnam, a money transfer operator’s capabilities will be integrated within a super app, offering even better experiences to customers. We are excited to collaborate with a likeminded company as MoMo is – focused on offering innovative services that scale cross-border capabilities for consumers in Vietnam.”
Exclusive insights from Western Union research show that a staggering number of consumers in Vietnam (81%) want money transfer providers to integrate capabilities into one ‘super app’. The announcement means consumers will be able to do just that.
“It’s our pleasure that MoMo is the first Vietnam fintech company to offer a service such as this with Western Union in order to support Vietnamese receiving cross-border remittances,” said Do Quang Thuan, Senior Vice President in charge of the Financial Services Business Unit at MoMo. “Through our research, we found that there was a rising need among overseas Vietnamese to send small amounts of money home to their families in Vietnam.
Thanks to the new service, Vietnamese will now be able to receive Western Union money transfers through MoMo for many purposes such as family support and festive and celebratory occasions. Through low cost and speedy remittance services, MoMo wishes to bring people closer together, bridging the gap between Vietnamese overseas and their families in the country.”
