The news: Western Union will let customers in Vietnam receive remittances through local super app MoMo, per a press release.
Why it matters: Working with MoMo gives Western Union increased access to a major remittance market.
Growing mobile penetration makes digital wallets a viable growth avenue for remittances and other financial services in Vietnam. We expect 63.8 million people will use a smartphone this year—1 million more users than in 2022, per our Smartphone Users forecast.
Western Union’s opportunity: MoMo can help bolster Western Union’s digital remittance volume in Asia and make the firm more competitive.
MoMo’s benefit: Working with a legacy remittance provider to make receiving money transfers easier can help MoMo increase its value proposition. This feature can also drive engagement and solidify MoMo’s leadership standing within Vietnam’s mobile wallet sector.
Related content: Check out our Southeast Asia Proximity Mobile Payments Forecast 2022 spotlight report to learn more about mobile payment penetration in Vietnam.
This article originally appeared in Insider Intelligence's Payments Innovation Briefing—a daily recap of top stories reshaping the payments industry. Subscribe to have more hard-hitting takeaways delivered to your inbox daily.
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