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Vietnam has witnessed an explosion of digital wallets, such as MoMo, Grab's Moca, ZaloPay and VNPAY, used at businesses like this convenience store in Ho Chi Minh City. (Source photos by Lien Hoang and Ken Kobayashi) 
Business Spotlight

Vietnam emerges as Southeast Asia's next fintech battleground

E-wallet app MoMo looks to maintain its lead against deep-pocketed rivals

WATARU SUZUKI and LIEN HOANG, Nikkei staff writers | Vietnam

TOKYO/HO CHI MINH CITY -- For Vietnamese fintech startup MoMo, the key to winning the battle against Grab, Sea and other rivals for the country's 100 million consumers may be a simple cup of coffee.

Before Vietnam’s latest COVID lockdown, the Ho Chi Minh City-based company ran promotions with some of the country's biggest coffee chains, including Highlands Coffee, a fast-growing brand with more than 300 outlets. MoMo users got a discount for using the app to place and pay for an order that they then picked up at a scheduled time. The promotion was designed to give them a taste of the convenience of the all-in-one app.

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