Western Union Money Transfers Now Available on MoMo App
March 20 2023 - 4:18AM
Business Wire
- Over 31 million MoMo customers can now receive Western Union
money transfers through the MoMo App
- For the first time Western Union services will be available
on a super app in Vietnam, through MoMo
Western Union and MoMo today 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 leading super app in Vietnam.
Convenient access on the
go
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’. Today’s
announcement means consumers will be able to do just that.
Established in 2007, MoMo is Vietnam’s leading super app, aiming to
improve the life of Vietnamese people by using technology to give
them access to simple and affordable financial services.
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.”
Serving diverse needs of customers
through inclusive innovation
Today’s announcement advances both companies’ digital strategies
by offering seamless customer experiences to consumers. Adding this
service to MoMo’s ecosystem reinforces its position as the leading
Fintech company in Vietnam. It also bolsters Western Union’s
recently announced Evolve 2025 strategy to offer high-value,
accessible digital and retail financial services.
“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.”
According to the World Bank, in 2022, Vietnam was the 10th
largest remittance-receiving country in the world and third largest
in East Asia and Pacific, receiving approximately USD19 billion.
These numbers underscore the importance of convenient digital
channels for cross-border money transfers, and the importance of
partnerships to drive global connectivity.
# # #
About Western Union
The Western Union Company (NYSE: WU) is committed to helping
people around the world who aspire to build financial futures for
themselves, their loved ones and their communities. Our leading
cross-border, cross-currency money movement, payments and digital
financial services empower consumers, businesses, financial
institutions and governments—across more than 200 countries and
territories and approximately 130 currencies—to connect with
billions of bank accounts, millions of digital wallets and cards,
and a global footprint of hundreds of thousands of retail
locations. Our goal is to offer accessible financial services that
help people and communities prosper. For more information, visit
www.westernunion.com.
About MoMo
MoMo is a Vietnamese Fintech unicorn, provides super-app and
payment service and is one of the fastest growing and largest
fintech apps in the world. Our mission is to improve the life of
Vietnamese people and merchants by using technology to give them
access to superior, simpler and affordable financial solutions and
daily services. Our award-winning super app platform is trusted and
loved by millions of users and merchants for its ease of use,
product design, and compelling ecosystem of partners. MoMo has over
2,000 employees and is headquartered in Ho Chi Minh City with
offices in Hanoi and Danang. For further information please visit:
www.momo.vn
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version on businesswire.com: https://www.businesswire.com/news/home/20230320005351/en/
Western Union Karen Santos;
Karen.Santos2@westernunion.com Saadia McGlinchey;
Saadia.McGlinchey@wu.com
MoMo Nguyen Huyen Phuong;
huyenphuong.nguyen@mservice.com.vn Bui Thi Phuong Thao;
thao.bui@mservice.com.vn
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