HCM CITY (Biz Hub) — Standard Chartered Bank has partnered with M_Service JSC, which operates the MoMo mobile wallet service, to launched its Straight2Bank Wallet payment service in Viet Nam, which enables businesses and organisations to transact with both banked and unbanked individuals.

Using the service, the bank's corporate clients can make payments directly into their beneficiaries' mobile wallets.

MoMo is compatible with all local telecom networks, and so individuals with a smart phone registered with MoMo will be able to receive the money electronically.

They can withdraw cash through a network of more than 3,000 outlets in 38 provinces and cities across the country. It has now a clientele of around 500,000 individuals.

"The Vietnamese Government is seeking to boost non-cash payments as the country is shifting away from a predominantly cash-based economy…," Standard Chartered Bank Vietnam CEO Nirukt Sapru said. — VNS