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Banking & Finance

Saigon Co.op & MoMo to push shopping digitalization

Released at: 18:19, 19/12/2019

Saigon Co.op & MoMo to push shopping digitalization

Photo: Hung Cao (VET)

MoMo to serve as an exclusive e-wallet in Saigon Co.op's retail network.

by Hong Nhung

MoMo e-wallet has been chosen as an exclusive electronic payment platform at over 800 supermarkets, shopping centers, and stores operated by Saigon Co.op nationwide.

The strategic cooperation agreement between MoMo and the Ho Chi Minh City Union of Trading Cooperatives (Saigon Co.op) signed on December 17 enables customers who shop at Co.opmart, Co.opXtra, and Co.op Food to make payments using the MoMo wallet.

The move is expected to help promote electronic payments in the supermarket network and other activities in society. In addition to this cooperation, in 2020 the two plan to deploy a series of new services and applications based on tech platforms, including vouchers and prepaid cards.

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

“This is a comprehensive strategic cooperation,” said Mr. Nguyen Anh Duc, Deputy General Director of Saigon Co.op. “We will not stop at electronic payment services. We plan a long-term orientation towards non-cash payments among society.”

“We found a common voice, since we are both Vietnamese businesses and have a certain ‘maturity’ in the local market. MoMo has advanced technology and a good ecosystem that meets Saigon Co.op’s demands.”

The ratio of customers choosing non-cash payments at Saigon Co.op stores has increased sharply, to 30 per cent from the previous 3-5 per cent, thanks to its recent cooperation with MoMo. It deserves to be an exclusive electronic payment platform at Saigon Co.op system, Mr. Duc added.

All of the advantages of a MoMo e-wallet will be provided to Saigon Co.op, and in return the retailer will make the e-wallet an exclusive electronic payment service in its retail network.

“By popularizing this payment method, the two companies greatly contribute to cash limitation in the market,” said Mr. Pham Thanh Duc, General Director of MoMo. “We will serve consumers with modernized payment methods through MoMo wallet with a criteria of good quality and reasonable prices.”

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

Besides its ecosystem covering 63 cities and provinces, 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 expect to process tens of millions of payments each year at a value that could reach into the trillions of Vietnam dong annually.

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