Vietnamese e-payment startups merge and eye expansion to Myanmar, Indonesia

Vietnamese E-payment Startups Merge And Eye Expansion To Myanmar, Indonesia

Two Vietnamese digital payments startups are merging to add scale for a new funding round and to expand within Southeast Asia, Bloomberg News reported.

Vimo Technology JSC, a mobile wallet provider, and Vietnam mPOS Technology JSC, which develops portable point-of-sale technology, will be combined and rebranded as NextPay Holdings. Nguyen Huu Tuat, chief executive officer of mPOS, will become CEO of the combined entity. Nguyen Hoa Binh, who founded the two Hanoi-based startups, will be NextPay’s chairman.

The combined company will have a presence in 11 cities across Vietnam with more than 35,000 acceptance points, targeting Vietnam’ s young, tech-savvy population of which 70 per cent use smartphones.

NextPay is further in talks with investors to raise about $30 million and anticipates closing the round soon, Tuat told the newswire. The capital will help the company as it plans to grow on its home market where cashless payments are booming and to expand into Myanmar and Indonesia in 2020.

“The business model of mPOS is quite similar to Square in the US, in that any merchant can accept payments easily, and Vimo is a mobile wallet similar to Alipay,’’ Tuat said, adding that “by merging these two businesses, we provide a one-stop payment solution for merchants.’’

Vietnam’s prime minister Nguyen Xuan Phuc is trying to usher the country into the modern era of digital payments, reducing the amount of US dollars in circulation and encourage the use of the Vietnamese dong. That means encouraging Vietnamese households to adopt credit cards, bank transfers and digital payments rather than carrying around piles of cash and bullion.

Share your vote!


Do you like this post?
  • Fascinated
  • Happy
  • Sad
  • Angry
  • Bored
  • Afraid

Two Vietnamese digital payments startups are merging to add scale for a new funding round and to expand within Southeast Asia, Bloomberg News reported. Vimo Technology JSC, a mobile wallet provider, and Vietnam mPOS Technology JSC, which develops portable point-of-sale technology, will be combined and rebranded as NextPay Holdings. Nguyen Huu Tuat, chief executive officer of mPOS, will become CEO of the combined entity. Nguyen Hoa Binh, who founded the two Hanoi-based startups, will be NextPay’s chairman. The combined company will have a presence in 11 cities across Vietnam with more than 35,000 acceptance points, targeting Vietnam' s young, tech-savvy...

Vietnamese E-payment Startups Merge And Eye Expansion To Myanmar, Indonesia

Two Vietnamese digital payments startups are merging to add scale for a new funding round and to expand within Southeast Asia, Bloomberg News reported.

Vimo Technology JSC, a mobile wallet provider, and Vietnam mPOS Technology JSC, which develops portable point-of-sale technology, will be combined and rebranded as NextPay Holdings. Nguyen Huu Tuat, chief executive officer of mPOS, will become CEO of the combined entity. Nguyen Hoa Binh, who founded the two Hanoi-based startups, will be NextPay’s chairman.

The combined company will have a presence in 11 cities across Vietnam with more than 35,000 acceptance points, targeting Vietnam’ s young, tech-savvy population of which 70 per cent use smartphones.

NextPay is further in talks with investors to raise about $30 million and anticipates closing the round soon, Tuat told the newswire. The capital will help the company as it plans to grow on its home market where cashless payments are booming and to expand into Myanmar and Indonesia in 2020.

“The business model of mPOS is quite similar to Square in the US, in that any merchant can accept payments easily, and Vimo is a mobile wallet similar to Alipay,’’ Tuat said, adding that “by merging these two businesses, we provide a one-stop payment solution for merchants.’’

Vietnam’s prime minister Nguyen Xuan Phuc is trying to usher the country into the modern era of digital payments, reducing the amount of US dollars in circulation and encourage the use of the Vietnamese dong. That means encouraging Vietnamese households to adopt credit cards, bank transfers and digital payments rather than carrying around piles of cash and bullion.

Share your vote!


Do you like this post?
  • Fascinated
  • Happy
  • Sad
  • Angry
  • Bored
  • Afraid

NO COMMENTS

Leave a Reply