Friday,  Jun 21, 2019,02:08 (GMT+7) 0 0
Grab, Moca to jointly offer mobile payment services
By Van Ly
Wednesday,  Sep 12, 2018,17:20 (GMT+7)

Grab, Moca to jointly offer mobile payment services

By Van Ly

Grab co-founder Tan Hooi Ling speaks at a press conference to announce the partnership between Grab Vietnam and Moca - PHOTO: VAN LY

HANOI - Ride-hailing firm Grab announced on September 11 its partnership with Vietnamese mobile payment service provider Moca to jointly provide mobile payment services to customers of Grab and its partners.

With Moca’s services, Grab service users can also top up their mobile credit and pay bills at restaurants and retail stores, such as McDonald’s and 7-Eleven.

At a press conference held on September 11 to announce the partnership, Grab co-founder Tan Hooi Ling identified Vietnam as a fast-growing and competitive market for ride-hailing firms.

Ling stated that Vietnam is a key market for Grab and also the first market in Southeast Asia in which Grab has launched the GrabBike service. Grab will celebrate the fifth anniversary of its operation in Vietnam early next year.

Grab Vietnam recorded impressive business results in January-August this year, with its GrabFood service reporting 2.2-fold growth, while its cargo delivery and digital-payment services expanded by 22% and 21%, respectively, in the eight-month period.

Grab is seen making US$1 billion in revenue this year, and the figure is expected to double next year. The firm is active in 234 cities in eight Southeast Asian countries and has cooperated with more than eight million small businesses, Ling added.

At the press conference, Grab Vietnam General Director Jerry Lim said the company had paid VND190 billion (US$8.2 million) in taxes last year and VND223 billion in the year to July. The amount this year may surge threefold against last year, he added.

He stressed that 20% of the Vietnamese people have used Grab’s services, and the firm targets raising the rate to 50% by 2020.

A full-time GrabBike driver’s average income is VND600,000-700,000 per day, double that of the average income of the Vietnamese people, according to Lim.

The firm has offered numerous services in the Vietnamese market, including Grab car and GrabBike. Food delivery service GrabFood will be officially launched in the country on September 17 after a pilot period. Grab currently has 175,000 driver-partners nationwide.

According to a report in Thanh Nien newspaper, Vietnam is a potential market for digital finance firms, with nearly 10 million e-wallet users. The total value of e-wallet transactions in 2016 reached VND53.1 trillion, well above the VND5 billion seen in 2009.

It is noteworthy that foreign digital payment service providers have increasingly penetrated the domestic market through acquisitions. For example, M Service JSC, the owner of Momo e-wallet, has received an investment of US$28 million from Standard Chartered Private Equity and Goldman Sachs.

Japan-based NTT Data Corporation has acquired 64% of Payoo’s charter capital. Similarly, Thailand’s TrueMoney Group owns 90% of Vietnamese online payment company 1Pay.

In addition, two Chinese online payment platforms, WeChat Pay and Alipay under Alibaba Group, have cooperated with local e-wallet service provider Vimo and the National Payment Corporation of Vietnam, respectively.

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