HO CHI MINH CITY/HONG KONG/SINGAPORE (Reuters) - Just next to Ho Chi Minh City's financial district, two dozen street vendors' stalls display colorful adverts for e-wallets backed by private equity firm Warburg Pincus, ride-hailing firm Grab and Singapore sovereign wealth fund GIC, among others. Between them, the stalls - selling everything from crab soup to Vietnamese Banh My sandwiches - accept payment from most of Vietnam's 28 different e-wallets, which also allow users to make cash transfers through their mobile phones. The wallets, which hope to take advantage of Vietnam's plan to become a cashless economy by 2027, compete fiercely to gain many users to help them to turn a profit, a battle for market share replicated across Southeast Asia.
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October 17, 2019 at 04:44AM
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