Online payment in Vietnam was booming in 2019, especially with huge foreign capital investment in and hundreds of Fintech companies’ emergence. But what’s more impressive? – There is a digital wallet that has changed the face of mobile payment in Vietnam called Momo. With a series of great deals like cashback, discounts, gift vouchers,…, Momo Super App 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 2016 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 to amount to US$10,073 million in 2020.
The e-wallet mobile payment is blooming in the scene, too. According to 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 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 to both customers and suppliers, MoMo super app is now common not only in Vietnam, but also in top innovative fintech companies in the world!
If you are wondering what MoMo is or how MoMo becomes a super wallet, here’s a look at this Vietnam mobile wallet!
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What is MoMo?
MoMo E-Wallet provides all smartphone users with one-touch online payment solutions with hundreds of services. Not limited to money transfer, Momo digital wallet expands into bill payments as well as other areas like movie tickets, airline flights, etc.
Momo Super App
Following the successful Asian tech players like Tencent’s WeChat, Indonesia’s Go-Jek and 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 and transportation.
More than 100 “mini-programs” are secured in Momo now. Momo Super App 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 Starbucks to get a cup of coffee, wouldn’t it be easier and more efficient to buy just using a smartphone?
Through Momo QR code, you can scan, edit the price and 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.
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 to the Fintech 100 report, MoMo grosses over 8 million customers and 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 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 its CEO, Pham Thanh Duc, this funding is “game-changing” for the company.
The company posted its largest ever transaction volume and number of active users.
How does Momo become Super Wallet?
Besides exploiting giant customer database, investors are also looking forward to the “super-app” vision of MoMo. Since this e-wallet will 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.
MoMo Super Wallet is present in everyday life. People can take a taxi in the morning to the office and pay with Momo super app. Users also pay for lunch, buy goods at supermarkets, book cinema tickets and 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 Ministry of Industry and 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 recent Super Cashback Day event, Momo Super App has achieved impressive numbers. After just one day, Momo wallet was ranked as Top 1 downloaded free app on iOS App Store and Top 3 on Android’s Google Play Store. Suddenly increasing in downloads, this online e-wallet is changing the payment habit of Vietnamese consumers.
- MoMo has big advantages with 12 million users, 12,000 partners, 100,000 POS
- MoMo was voted the most popular electronic wallet in Viet Nam in 2019.
- Has raised $133.8M funding over 3 rounds of fundraising.
- The company partners with 24 domestic banks and 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 realizing that vision by accelerating the adoption of digital payments and enabling equal opportunities for all Vietnamese to benefit from the digital economy,” – Mr. Tuong said.
MoMo will also continue to invest in technology, including in areas such as AI, security and big data capabilities, in order to deliver innovative financial services solution and serve the unmet needs of consumers.
E-Wallet market battle in Viet Nam
The online payment market in Vietnam has great potential, and now is the ‘golden time’ for e-wallets to develop. According to the State Bank of Vietnam, there are 30 businesses have been granted licenses to provide e-wallets. But only four of them have a higher number of transactions, including MoMo, ZaloPay 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 product of Vietnam Esports, backed by SEA Group. AirPay in Vietnam not only has an ecosystem from Shopee, but also benefits from customers who buy game cards from Garena and 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 and TV as well as money transfer via QR code, etc.
With lots of potentials, the battle of “super applications” will be increasingly competitive and 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 and are trying to familiarize people with non-cash payments.
Will M_Service’s Momo make history like WeChat? Will ZaloPay continue to succeed as it did on the ride front? Or will Airpay go back and forth? – Time will tell all.
Read also: Fintech| The rise of super app in Vietnam
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