- Grab to discontinue e-wallet service in Vietnam from July 1.
- Move aims to restructure services, despite refunding user balances.
- Moca remains payment partner, with alternatives like ZaloPay and MoMo.
Singapore-based super app Grab announced its decision to discontinue its e-wallet service in Vietnam from July 1st, 2023.
Launched in 2018 through a strategic partnership with local payments firm Moca, the service will bid farewell to both the Moca app and Grab’s app in the country, where Grab first entered in 2014.
Streamlining services: a strategic revamp
According to Nguyen Xuan Viet Binh, acting country head of Grab Financial Group for Vietnam, the move comes after a thorough review aimed at restructuring the company’s services.
Despite the e-wallet’s departure, Moca remains a vital partner, providing payment intermediary services across all of Grab’s operations in Vietnam.
Keeping users happy
Binh assured users that any remaining balances in their e-wallets would be refunded. Additionally, Grab users can continue enjoying cashless payments through bank cards, ZaloPay accounts, and MoMo accounts – the latter two being digital wallets Grab partnered with just last year.
While the e-wallet exit may raise eyebrows, it signifies Grab’s commitment to adapting its services to local market dynamics.
As the super app juggles multiple verticals, strategic decisions like these could pave the way for a leaner, more focused approach in Vietnam and beyond.
To read the original article: https://www.techinasia.com/grab-ewallet-service-vietnam-from-july-1
