Everything you need to know about mtn mobile money

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Online payment in Vietnam was booming in 2019, especially under huge foreign capital investment in & hundreds of Fintech companies’ emergence. But what’s more impressive? – There is a digital wallet that has changed the face of thiết bị di động payment in Vietnam called Momo. With a series of great deals like cashback, discounts, gift vouchers,… Momo Super phầm mềm is that all-in-one application you can’t resist using!

In fact, the digital payment sector of Vietnam has seen remarkable growth lately. From năm nhâm thìn to 2018, the number of fintech companies operating in Vietnam increased from 40 to nearly 100, including 26 intermediary payment service providers. According to Statista, the total transaction value in the Digital Payments segment is estimated khổng lồ amount to lớn US$10,073 million in 2020.

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The e-wallet smartphone payment is blooming in the scene, too. According to lớn the State bank of Vietnam (SBV), the value of e-wallet transactions in 2017 reached a total value of VND 53.1 trillion (USD 2.3 billion). For the time being, about 30 Vietnamese fintech companies have been granted licenses to lớn provide intermediary payment service, mostly e-wallets.

Since the competition among e-wallets is getting stiffer, MoMo E-Wallet is making its own moves away from the overarching preference for cash in the country. Providing great benefits khổng lồ both customers & suppliers, MoMo super ứng dụng is now common not only in Vietnam but also with đứng top innovative fintech companies worldwide.

If you are wondering what MoMo is or how MoMo becomes a leading super wallet, here’s a look at this Vietnam mobile wallet!


Table of contents


What is MoMo?

MoMo E-Wallet provides all điện thoại cảm ứng thông minh users with one-touch online payment solutions with hundreds of services. Not limited khổng lồ money transfer, Momo digital wallet expands into bill payments as well as other areas lượt thích movie tickets, airline flights, etc.

Momo Super App

Following the successful Asian tech players like Tencent’s WeChat, Indonesia’s Go-Jek & Singapore’s Grab, MoMo has rapidly developed into a lifestyle “super-app”. Today, it attracts up to 10,000 partners varying in different fields such as consumer finance, insurance, e-commerce, shopping & transportation.

More than 100 “mini-programs” are included in Momo now. Momo Super tiện ích presents an opportunity to give consumers a more immersive experience. Without downloading any external app, users can send money or pay bills, buy insurance policies, pay for goods at more than 100,000 payment points across Vietnam.

★ For example, you come to lớn Starbucks lớn get a cup of coffee, wouldn’t it be easier and more efficient lớn buy just using a smartphone?

Through Momo QR code, you can scan, edit the price & then purchase. So handy right? Anything that helps shorten your wait at Starbucks. What’s more? – Momo E-Wallet often gives you plus cashback points toward your bill.

Read also: WeChat: The super phầm mềm that exceeds 1 billion daily active users

Top 50 Global Fintech Innovators

MoMo has achieved tremendous success during the past 12 years. For its achievements, Momo is the only Vietnamese representative in the ‘Leading 50’ category. This is the first time a Vietnamese company has broken into this special group, positioned 36th. According lớn the Fintech 100 report, MoMo grosses over 8 million customers & a growth rate of 15% in monthly transaction volume and user base.

In the nation, M-Service’s MoMo mobile payment app is the undisputable leader with an estimated 10 million users! Earlier this year, Vietnam’s beloved e-wallet secured huge funds from big-name investors – through a Series C funding round, led by Warburg Pincus. The investment was in the region of $100 million, making it one of the largest single rounds ever raised by a Vietnamese startup. According to lớn its CEO, Pham Thanh Duc, this funding is “game-changing” for the company.

The company posted its largest ever transaction volume và number of active users.

How does Momo become a Super Wallet?

Besides exploiting a giant customer database, investors are also looking forward to lớn the “super-app” vision of MoMo. This e-wallet is projected to lớn meet all daily behaviors through the payment features namely savings, gas stations, schools, hospitals, etc. That is a key infrastructure that empowers Momo in growing into an all-in-one everyday super app.

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MoMo Super Wallet is present in everyday life. People can take a xe taxi in the morning to the office và pay with Momo super app. Users also pay for lunch, buy goods at supermarkets, book cinema tickets và make payments through the e-wallet. Momo is there one way or another.

MoMo – The leading E-Wallet

Digital wallet is gradually becoming an inevitable trend. Statistics from the Ministry of Industry & Trade claimed that: “Vietnam is one of the countries with the highest growth in e-payment worldwide with a rate of about 35% per year.”

In a recent Super Cashback Day event, Momo Super phầm mềm has achieved impressive numbers. After just one day, Momo wallet was ranked as vị trí cao nhất 1 downloaded free app on iOS ứng dụng Store & Top 3 on Android’s Google Play Store. Suddenly increasing in downloads, this online e-wallet is changing the payment habit of Vietnamese consumers.

Key Takeaways: 

MoMo has big advantages with 12 million users, 12,000 partners, 100,000 POSMoMo was voted the most popular electronic wallet in Viet phái mạnh in 2019.Has raised $133.8M funding over 3 rounds of fundraising.The company partners with 24 domestic banks và foreign payment networks so far, including MasterCard and Visa.

MoMo’s ecosystem has been applied in various areas such as consumer finance, insurance, money transfers, utility payments, entertainment, e-commerce, shopping, transportation, and F&B. Mr. Nguyen Manh Tuong, MoMo’s Executive Vice Chairman, believes that Vietnam is entering its next stage of growth.

“MoMo is committed to lớn realizing that vision by accelerating the adoption of digital payments và enabling equal opportunities for all Vietnamese khổng lồ benefit from the digital economy,” – Mr. Tuong said.

MoMo will also continue lớn invest in technology, including in areas such as AI, security and big data capabilities, in order to deliver innovative financial services solutions and serve the unmet needs of consumers.

E-Wallet market battle in Viet Nam

The online payment market in Vietnam has great potential, và now is the ‘golden time’ for e-wallets to lớn develop. According to lớn the State bank of Vietnam, there are 30 businesses have been granted licenses lớn provide e-wallets. But only four of them have a higher number of transactions, including MoMo, ZaloPay, Moca and AirPay.

In Vietnam, dozen of e-wallet players are fighting for a piece of the market. As for AirPay, the e-wallet is the hàng hóa of Vietnam Esports, backed by SEA Group. AirPay in Vietnam does not only have an ecosystem from Shopee but also benefit from customers who buy game cards from Garena & order food online via Now.

ZaloPay, a well-known name in Vietnam, was cited as a diverse mobile wallet ecosystem that includes different types of services. ZaloPay enables online payment for electricity, water, internet và TV as well as money transfer via QR code, etc.

With lots of potentials, the battle of “super applications” will be increasingly competitive và attractive in the near future. Digital wallets regularly update information about users and new services. But, they never issue reports about profits.

Most e-wallets are still taking losses & are trying khổng lồ familiarize people with non-cash payments.

Will M_Service’s Momo make history lượt thích WeChat? Will ZaloPay continue lớn succeed as it did on the ride front? Or will Airpay go back & forth? – Time will tell all.