MoMo deploys feature to receive money from banks via phone number

MoMo Financial Technology Group officially launched the feature of Receiving money via account number which is MoMo phone number, as a pioneering payment intermediary unit connecting and opening a direct money receiving flow from the banking system.

The method of receiving money from the bank via phone number helps Vietnamese people receive money quickly, safely and conveniently.

New method helps Vietnamese people receive money quickly, safely and conveniently

From now on, in addition to the QR code method, MoMo users can receive money from any bank via an account number that is a phone number, even if the sender does not use MoMo.

Accordingly, when making a transaction, the sender only needs to access the banking application, select “MoMo” in the beneficiary bank list, enter the recipient’s MoMo phone number, and confirm the transaction. The entire process is processed through the NAPAS system, ensuring instantaneous, fast, and safe transaction speed.

This feature enhances the transaction experience and expands access to digital finance to tens of millions of users. With just one connection point, MoMo, users can receive money, spend, pay or invest, instead of having to switch through many different platforms.

Not only does it have a significant impact on customer experience, it is also a step forward to affirm the technological, operational and security capabilities of fintech enterprises in Vietnam. MoMo being selected as the first partner in the roadmap to deploy the connection standard demonstrates strong confidence from the banking system and management agencies in this platform, thanks to its ability to process millions of transactions in real time every day, meeting the strict standards of the banking and finance industry.

Mr. Nguyen Ba Diep, Co-founder of MoMo Financial Technology Group, shared: “The implementation of the connection standard to receive money from all banks that are member organizations of NAPAS is a great step forward for Vietnam's payment infrastructure. MoMo is proud to be the pioneering Payment Intermediary to deploy this service in the spirit of the new legal framework of the State Bank and in the direction of convenient and safe cashless payments”.

Currently, more than 20 major banks such as Vietcombank, BIDV , Techcombank, VPBank, VIB... have supported this money transfer method. The list of connections will continue to be expanded, helping users in both urban and rural areas to maintain balances, spend flexibly and enjoy a seamless, unified financial experience on the MoMo platform.

KIM THANH

Source: https://www.sggp.org.vn/momo-trien-khai-tinh-nang-nhan-tien-tu-ngan-hang-qua-so-dien-thoai-post819143.html