Moca Technology and Services Joint Stock Company (Moca) has announced that it will cease providing its e-wallet services on both the Moca and Grab applications in Vietnam, effective 1 July 2024.
The Moca wallet, integrated within the Grab app, has been a popular payment method for Grab users in Vietnam.
Despite this change, Moca will remain a strategic partner for Grab’s online payment activities, offering intermediary payment services across the Grab ecosystem in Vietnam.
Grab users will continue to have access to cashless payment options through bank cards, ZaloPay accounts, and MoMo accounts.
Moca and Grab said that it will communicate detailed information about this transition through their official channels, ensuring users are well-informed and guided on managing their wallet balances.
Moving forward, Moca will no longer accept new e-wallet account requests as of 31 May 2024.
During the transition period from 31 May to 30 June 2024, Moca users can withdraw funds to linked accounts or bank cards and use any remaining balance.
From 1, July 2024, Moca will automatically refund any remaining balance to users, with the process expected to be completed by 31 July 2024.
In cases where automatic refunds are not possible, Moca will provide further instructions to ensure completion.
This move is part of Moca’s strategic plan to reallocate resources to focus on providing payment intermediary services in the country, aiming to enhance operational efficiency and promote sustainable growth.
Nguyen Xuan Viet Binh, Director of Moca said,
“Moca commits that this strategic change will be implemented in accordance with current legal regulations, as well as will update specific information and instructions to users. We also have a plan and process to refund the remaining balance on e-wallets (if any) to users accurately and strictly.
We are coordinating closely with banking partners to ensure that the refund of the balance on the Moca e-wallet takes place as accurately, safely and smoothly as possible, ensuring full compliance with current legal regulations.”
Alejandro Osorio, Managing Director, Grab Vietnam said,
“Since 2018, our strategic partnership with Moca has enabled us to bring a safe and seamless experience of cashless payments to customers. Grab users and micro, small and medium enterprises in Vietnam. We will work closely with Moca to ensure Grab users receive clear, specific instructions about this change; and ensure the balance refund process goes smoothly.
Moca is and will continue to be Grab’s strategic partner in Vietnam, by providing important payment intermediary solutions to continue promoting non-cash payments on the Grab platform.”
