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Vietjet to establish mobile wallet subsidiary

Wednesday, June 17, 2020, 18:41 GMT+7
Vietjet to establish mobile wallet subsidiary
A woman verifies her account on an e-wallet app on a smartphone in this undated file photo. Photo: Cong Trung / Tuoi Tre

The board of directors of Vietnam's low-cost carrier Vietjet Air has approved the establishment of an e-wallet service with a capital of VND50 billion (US$2.1 million).

The airline will own a 51 percent stake in the mobile wallet subsidiary, while it has not yet announced who will own the remaining 49 percent.

Vietjet’s deputy general director and CFO Ho Ngoc Yen Phuong is tasked with overseeing the incorporation of the new company.

Non-cash payments accounted for approximately $2.5 billion of the carrier’s revenue and 99.99 percent of the transactions in its ecosystem in 2019, Vietjet’s deputy general director Nguyen Thi Thuy Binh said at a recent conference held by Tuoi Tre (Youth) newspaper.

Vietjet's customers use its platform not only to purchase air tickets but also for other services such as hotel reservations and car rental, Binh said.

The airline has determined that cashless payment will become an indispensible channel, helping consumers have one more paying option as carrying cash is no longer necessary.

There were more than 20 million e-wallet accounts in Vietnam as of January 2020, 94 percent of which were operated by MoMo, ViettelPay, Moca, AirPay, and ZaloPay, according to a report by market research start-up Asia Plus.

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