Grab to end e-wallet service in Vietnam from July 1

Grab driver on the streets of Ho Chi Minh City, otherwise known as Saigon / Photo credit: Grab

Grab announced today that it will stop offering its e-wallet service in Vietnam, which was launched in 2018 in a strategic partnership with local payments firm Moca.

Effective on July 1, the change will affect both the Moca app and Grab’s app in the country, which Grab entered in 2014.

Nguyen Xuan Viet Binh, acting country head of Grab Financial Group for Vietnam, said the decision came after a thorough review intending to restructure the company’s services.

Despite the end of the e-wallet service, Moca will still be a significant partner in Grab’s online payments in Vietnam, according to the statement. This partnership includes Moca providing payment intermediary services across all of Grab’s Vietnam operations.

Binh said that users will be refunded their leftover balances. Also, Grab users can still make cashless payments with bank cards, ZaloPay accounts, and MoMo accounts.

Grab announced partnerships with Vietnamese digital wallets ZaloPay and MoMo just last year.

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