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Banking & Finance

PVOil & MoMo partner in cashless payments

Released at: 15:08, 28/10/2019

PVOil & MoMo partner in cashless payments

Photo: Khanh Chi (VET)

Two sign partnership agreement to promote non-cash payments for gasoline.

by Hung Cao

The PetroVietnam Oil Corporation (PVOil) and Vietnamese e-wallet provider MoMo signed a strategic cooperation agreement last week to provide a new payment solution to PVOil customers, targeting a doubling of cashless payments over the next six months.

Drivers in Vietnam will able to buy gasoline from PVOil using their MoMo e-wallet from November 1.

Customers in Hanoi and Ho Chi Minh City have been able to pay for oil and gasoline at certain PVOil and Comeco gas stations through their MoMo app since October 27 under a pilot program.

This is an effort by both businesses to help customers in Vietnam access and experience mobile payment methods quickly, conveniently, and safely. The cooperation between the two is in line with the government’s Resolution No. 02/2019 on promoting cashless payments for public services.

“MoMo users are able to pay for a diverse range of services in Vietnam 24/7,” said Mr. Pham Thanh Duc, CEO of MoMo. “In 2019, implementing the government’s policy on promoting non-cash payments for public services and public administration costs, MoMo has had extensive cooperation with major cities and provinces, schools, and hospitals, etc. deploying electronic payments for administrative agencies, tuition, and hospital treatment.”

“MoMo’s biggest goal is to serve every essential need of the Vietnamese people. This partnership with PVOil is therefore a great honor for MoMo, bringing modern payment methods to millions of customers of PVOil and MoMo.”

“PVOil now sells some 5,000 cu m of fuel each month via non-cash payments by scanning QR codes,” said Mr. Cao Hoai Duong, General Director of PVOil. He expects the figure to increase to 10,000 cu m in the next six months thanks to the rising number of customers opting to make payments via the MoMo app.

In February, PVOil launched the PVOil Easy program, offering companies non-cash payment methods at its gas stations using the QR Code scanning system. Some 80 per cent of its corporate customers have switched to the easy non-cash payment method.

As one of Vietnam’s leading fuel traders, PVOil has over 3,000 gas stations nationwide, accounting for 20 per cent of the market.

With this cooperation, customers who use their MoMo e-wallet to pay for gasoline and oil at PVOil and Comeco gas stations nationwide will receive a 50 per cent refund (not exceeding $1.3, equal to about 1.5 liters of gas).

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