Western Union money transfers now available on MoMo app

Tuesday, Mar 21, 2023 11:19

Representatives of Western Union and MoMo speak about their companies’ partnership to pay money transfers through the MoMo app on March 20. — VNS Photo

Western Union and MoMo on March 20 announced a tie-up that will enable customers to receive money transfers through the former on the latter’s app.

Atish Shrestha, Indochina head of Western Union, said MoMo’s 31 million customers could now get their Western Union money transfers digitally from over 200 countries and territories.

Customers could search for ‘Western Union’ on the app and input their money transfer control number to route their transfers to it and then into their bank accounts at any of MoMo’s 50 partner banks, he said.

“For the first time in Viet Nam, 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 MoMo, inspiring each other with innovative thinking and concepts for building a cross-border financial ecosystem that addresses consumer needs, both today and tomorrow.”

This service reinforces MoMo’s position as the leading fintech company in Viet Nam and Western Union’s recently announced Evolve 2025 strategy to offer high-value, accessible digital and retail financial services.

Do Quang Thuan, senior vice president in charge of financial services business at MoMo, said: “MoMo is the first fintech company in Viet Nam to offer a service such as this … to support Vietnamese receiving cross-border remittances.

“Through our research, we found there was a rising need among overseas Vietnamese to send small amounts of money home to their families in Viet Nam. Thanks to the new service, Vietnamese will now be able to receive Western Union money transfers through MoMo.”

According to the World Bank, in 2022 Viet Nam received the 10th largest remittances of any country in the world and third largest in East Asia and Pacific with approximately US$19 billion. — VNS

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