The share prices of Novi's main publicly traded competitors, Remitly, Western Union WU +1.4 percent, and MoneyGram MGI +1 percent, all fell on news of the pilot's launch, with the mobile-first Remitly suffering the greatest drop
The study also discovered that, regardless of payment method, trust was the deciding factor in consumers' choice of a specific payment service provider (PSP) 55.7% of the time.
The Ministry of Information and Communications will license the Mobile Money service to promote digital transformation and the digital economy in Vietnam.
According to recent World Bank predictions, remittances might drop by up to 20% as the coronavirus takes its toll on migrant employment and pay levels.
After years of urging its citizens, not to "gamble" with virtual money, the Vietnamese government has decided to investigate the possibility of developing its own digital currency.
When the Covid-19 hit, the trend of digital transformation became a sprint for most sectors. And cross-border payment is no exception, including Western Union.