Some facts regarding Uber signing its first ever mobile Wallet deal in South East Asia
Trying to jump into the fray as related to intense rivalry in the market, Uber has formulated its initial payment bargain in Southeast Asia after it declared a collaboration with Vietnam-based mobile wallet service provider Momo.
Momo, which assimilated $28 million in funding and was spearheaded by Standard Chartered a year ago, will turn into a payment alternative inside the Uber application in Vietnam, with both money and credit cards. The application is the nation’s best online mobile installment service provider. It is manipulated by more than five million individuals to pay for charges, transport tickets and all the more makes a dealing with Uber that bodes well and is effective.
The rollout will be gain momentum with an initial 30 percent of Uber’s Android application clients featuring the alternative to pay through Momo starting today. This will slowly reach out other Android clients throughout the following month, with iOS — which follows behind Android fundamentally on market share as associated with Vietnam — to be rolled out soon enough.
Uber noted that Vietnam is one of its rapidly growing Asian markets yet it declined to reveal the user statistics. The collaboration is the first of its kind for Uber as associated with Southeast Asia, a location where it has an intense rivalry competing with the likes of Singapore-based Grab in seven markets and regional unicorn Go-Jek in Indonesia.
Uber already features a mobile wallet dealing with Paytm in India, however, due to administrative necessities and needs it is was struck down three years.
Uber noted that it was incessantly brainstorming ways to make Uber more consistent and at the moment there was nothing else to reveal. This was the reply when questioned about Uber’s ventures to build up more associations crosswise over Southeast Asia.
Both Grab and Go-Jek have emphasized a lot on digital mobile payments and transactions where both of them are busy at work developing their own standalone version of a mobile wallet service, that will, in the long run, go past paying for ride-sharing to pay for different products. Speaking of the former it raised funds of nearly $2 billion with the backing of SoftBank and Didi from China.
Speaking of the latter, Go-Jek which is sponsored by the Chinese internet mammoth Tencent is scheming and planning to develop its Go-Pay service as a separate mobile app by the turn of the next year. This service of Go-Pay could beforehand be used for a scope of services excluding motorbikes and on-demand cabs. The worth of the brand is summed to be at $3 billion worth of value and it will spread and make its presence felt outside of Indonesia with the manipulation of the Go-Pay service as its flagship and initial launch service as opposed to ride-sharing.
Speaking of Grab, it was busy in the interim where it gave focus to its GrabPay platform as of last year. In the initial days of this month, it rolled out the support for outsider dealers in Singapore that permits its application to be manipulated to pay for roadside food merchant shops. The goal that it has in mind is to scale up to 1000 merchants before the year ends and make its visibility and services widespread to other regions in the coming year.
The partnership between Uber and Momo does not indicate the efforts and the intensity regarding which its competitors have done and incorporated respectively. However, it does signify a brand new approach related to being associated with deals and collaborations which Uber in the past would not have contemplated and agreed to in the first place.
During a meeting in the early days of this month, Uber’s head of Asia Brooks Entwistle revealed that Uber is ready to partner along with the governments and even cab drivers so as to augment its enterprise ventures in the region of Southeast Asia. Entwistle additionally alluded to associations with payment firms and noted that Uber is investigating choices inside the on-request bicycle rental space.