Standard Chartered Bank (Stanchart) has collaborated with MoMo, a mobile money service operated by M_Service, to launch its Straight2Bank Wallet payment service in Vietnam.
With this platform, corporations, governments and development organisations can make cashless payments to banked and unbanked individuals.
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The mobile money service will help corporate clients in Vietnam to now make payments directly into their beneficiaries’ MoMo mobile wallet.
The bank said that funds deposited in the MoMo wallet can be used for daily transactions like paying bills and insurance premium payments or electronic credits can be cashed out via MoMo agents and terminals across the country.
According to Standard Chartered, the service will benefit clients and their beneficiaries from improved cash flow and visibility with certainty in payment date.
Currently available in Kenya, Nigeria, Tanzania, Zambia, Pakistan, Bangladesh, Thailand, Indonesia and the Philippines, the bank is planning to expand the platform to additional markets in 2015.
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By GlobalDataM_Service executive vice chairman Nguyen Ba Diep said: "The cooperation between MoMo and the Bank is a fresh move to promote non-cash payments in the country, which is encouraged by the government.
"In the partnership, MoMo works as the Bank’s extended hands to provide financial services through our extensive agent network, and sending money to anyone in Vietnam can be as simple as sending a text message."
Standard Chartered global head of client access and product development Gautam Jain said: "This partnership is testament to how banks like Standard Chartered can work with mobile wallet providers to simplify payment transactions for corporate clients, and ultimately bring safer, faster and easier financial services for the people who need it most."
