Moca, a mobile payment solution provider, has recently proposed Viet Nam retail banking and the Government to accelerate digital transformation and shift to cashless payments in public services.

The propose was made in the Vietnam Retail Banking Forum 2021, recently organised in HCM City.

At the forum, Vu Phuong Nga, deputy director of Moca Technology and Service Joint Stock Company, said: “We realise that there is still plenty of room for cashless payment, especially payments for public services.”

So far, Viet Nam has done very well in de-cashing services such as tax, customs, electricity and water billing, Nga said.

Moca proposed to boost cashless payment in health and education and looks forward to the cooperation between inter-agency and the central bank to make cashless payment a common practice for everyone.

The company has witnessed tremendous market and policy support, all of which contribute to the growth of Moca.

The Prime Minister released Directive No. 22/CT-TTg in 2020 on encouraging the deployment of non-cash payment systems in Viet Nam, which unintentionally offered an opportunity for the country to transition to a cashless society.

This was regarded as a positive driver for the market, typically shown in the extraordinary rise in the rate of cashless payments on the Grab app.

Additionally, Moca has seen massive development for functions outside of the Grab ecosystem, such as bill payment and online payment on e-commerce sites.

So far, Moca has expanded customer service on the Grab app, serving a variety of user demands, including transport, shopping, and meal delivery.

Furthermore, Moca has integrated with e-commerce partners such as FPT, Tiki, and The Gioi Di Dong, which are outside the Grab ecosystem.

Aside from retail partners, banking partners are an essential aspect of Moca's ecosystem. Retail partners such as Vietcombank, VietinBank, and Agribank are all key partners of Moca that have helped them establish a robust ecosystem that caters to a wider range of user demands. — VNS