NganLuong works like a payment wallet solution which also includes other payment options such as escrow, airtime and credit card processing. In addition, NganLuong allows customers to deposit money into their NganLuong accounts via various sources including bank account, cash, post, ATM kiosk and telco SMS before merchants withdraw the money.
Payments in Vietnam have been slow to take off mainly because cash-on-demand remains the most convenient and de facto payment method for merchants and consumers. Credit cards are nowhere. MOL investing in NganLuong could provide the necessary capital for the two companies to market and educate the market in online payments.
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