MoMo serves as an exclusive e-wallet at Saigon Co.op retail system

The strategic cooperation agreement between MoMo electronic wallet and Ho Chi Minh City Union of Trading Cooperative (Saigon Co.op) signed on Tuesday enables customers who shop at Co.opmart, Co.opXtra, Co.op Food to proceed payment by the wallet.

The move is expected to help promoting electronic payment in the supermarket system and the other activities in the society as well.

Consumers use MoMo e-wallet to proceed payment at Saigon Co.op's store. Photo courtesy of MoMo

Besides the cooperation, in 2020, the two companies plan to deploy a series of new services and applications based on technology platforms including vouchers, prepaid cards.

MoMo also teams up with Saigon Co.op in building electronic stores, introducing money transfer services for customers' convenience and safe while shopping.

“This is our comprehensive strategic coopration. We do not stop at electronic payment service. Our companies plan a long-term orientation in non-cash payment development of the society,” said Nguyen Anh Duc, Deputy General Director of Saigon Co.op.

Nguyen Anh Duc, Deputy General Director of Saigon Co.op. Photo courtesy of MoMo

“We found a common voice since we are Vietnamese businesses and had certain 'maturity' in the local market. MoMo has advanced technology and a good ecosystem that meet Saigon Co.op’s demands,” Duc added.

The ratio of customers choosing non-cash payment method at Saigon Co.op stores has increased sharply to 30% from previous 3-5% thanks to recent cooperation with MoMo. It deserves as an exclusive electronic payment platform at Saigon Co.op system, he added.

Upon the cooperation, all advantages of MoMo e-wallet will be provided to Saigon Co.op. In return, the retailer will make this e-wallet an exclusive electronic payment service provider at the retail system.

By popularising the payment method, the two companies greatly contribute to cash limitation in the market, said Pham Thanh Duc, general director of MoMo.

"We will serve consumers with modernized payment methods through MoMo wallet with the criteria of 'good quality with reasonable price'," Duc said.

The 30-year-old Saigon Co.op, one of the leading retailers in Vietnam, has 800 supermarkets, shopping centers, stores across Vietnam. It receives more than a million visitors and shoppers every day while MoMo is Vietnam's leading e-wallet with more than 13 million users.

Besides the ecosystem covering 63 provinces and cities, MoMo has direct connections with 24 leading banks in Vietnam, more than 100,000 payment acceptance points and a network of more than 12,000 service providers.

The two companies plan to proceed tens of millions of payments each year and the electronic payment value could be trillions Vietnam dong every year.

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