Company Overview
MoMo was founded in 2007 and is headquartered in Ho Chi Minh City, Vietnam, with the parent company M-Service. The company launched Vietnam's first e-wallet in 2014, the first of its kind for mobile payments in the country7. After more than 10 years of development, MoMo has grown from a simple payment tool to a super application platform covering financial, business and life services.
In terms of funding journey, MoMo received $28 million in Series B funding from Standard Chartered Bank and Goldman Sachs in 2016 4, and in 2019, it received a Series C funding round from Warburg Pincus, an American private equity firm, which is rumored to be worth as much as $100 million6。 These funds have supported MoMo's rapid expansion and technological innovation in the Vietnamese market.
Products & Services
MoMo provides a full range of digital financial services, and its core products can be divided into the following categories:
1. E-wallets and payment services
as a basic function, MoMo e-Wallet supports a variety of funding sources, including account balances, bound bank accounts and bank cards, as well as MoMo's own investment and credit products 7。 Payment scenarios cover all aspects of daily life:
bill payment: utility bills, Monthly TV rental, phone recharge, etc<
- p style="line-height: 28.575px"> retail consumption: More than 80% of F&B outlets and 70% of supermarkets in Vietnam support MoMo payment
online shopping: Cooperate with more than 100 services, Including movie tickets, travel reservations, etc<
- p style="line-height: 28.575px"> personal transfers: support fast and convenient P2P transfers
2. Merchant Services and Business Ecosystem
MoMo has built a vast merchant network with 100,000 service outlets across the country. In 2024, the company will further expand its business services with the launch:
Momo Ads : Retail Media Network (RMN) service, using real-time bidding precision advertising system
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Modian+: store opening platform service, providing customized store opening modules and supporting cash flow, logistics, and marketing tools
live streaming e-commerce tool: provides live streaming production services and self-service live streaming apps for brands
3. Innovation in financial services
MoMo continues to expand the boundaries of financial products:
credit scoring system: Partnering with financial institutions to help users access financial services
Buy now, pay later (BNPL): Provide consumers with flexible payment options
corporate welfare e-commerce: provide welfare points to corporate employees through the Mo coin system
Technical Architecture & Security
MoMo adopts a modern fintech architecture to ensure system stability and security. While the technical details disclosed are limited, MoMo's technology infrastructure has reached an industry-leading level in terms of its large-scale transaction processing capabilities and deep integration with the banking system.
In terms of security, MoMo payments require users to enter a PIN or use biometrics for verification 7。 The system supports real-time payment result return, with a minimum payment amount of VND 1,000 (about USD 0.04) and a maximum payment amount of VND 50 million (about USD 2,100).
Market Positioning & Business Model
MoMo mainly serves the local Vietnamese market, and its product design fully considers the payment habits and financial needs of local consumers. With a market share of more than 70% in the e-wallet industry7, according to the Central Bank of Vietnam, MoMo is a veritable market leader.
The company adopts a diversified business model:
transaction fees: Fees are charged for certain payment transactions
financial services income: spreads or service fees from financial products such as credit and investment
Merchant Service Fee: Fees are charged to businesses that pay with MoMo
ad revenue: Earn ad revenue through the Momo Ads platform
MoMo places special emphasis on young users, with 25% of Vietnam's approximately 90 million smartphone users under the age of 256, this part of the digital natives is MoMo's focus on serving.
Regulatory Compliance & Industry Certifications
As a leading fintech company in Vietnam, MoMo needs to comply with strict regulations from the State Bank of Vietnam. The Company has obtained the necessary licenses for payment operations and is subject to regular review by regulators.
In terms of technical standards, MoMo's system meets the data security and privacy protection requirements of the financial industry. The company actively participates in the formulation and implementation of Vietnam's national payment standards, such as supporting Vietnam's unified QR code payment standards.
The company's development status
MoMo has maintained strong growth in recent years:
user base: over 31 million active users
merchant network: 100,000 service outlets
- nationwide
payment scenarios: covering retail, catering, utilities, entertainment and other fields
Business Ecosystem: Continue to expand new business lines such as advertising, e-commerce, and financial services
In 2024, MoMo will accelerate the deployment of retail digital services and launch innovative products such as RMN precision marketing, store opening platforms, and live e-commerce tools, further consolidating its position as a super app in Vietnam.
Evaluation and outlook
As a successful model of local fintech in Vietnam, MoMo has excelled in the following aspects:
market penetration: up to 70% 's e-wallet market share shows strong user recognition
scenario coverage: building a complete payment ecosystem, from daily consumption to financial services
innovation ability: continuous launch of Momo Ads, Modian+ and other innovative businesses to maintain market leadership
potential development directions include:
- >
- to neighboring Southeast Asian countries
technology upgrade: further use AI and big data to improve personalized services and risk control capabilities
Ecosystem deepening: Strengthen cooperation with banks, merchants, A win-win cooperation for consumers
regional expansion: although currently focused on the Vietnamese market, However, in the future, it may expand
Overall, MoMo has become an important driving force for the development of Vietnam's digital economy. Its payment infrastructure has clear advantages in terms of accessibility, convenience, and localization, and is able to meet the financial needs of all types of users. As Vietnam's digital economy continues to grow, MoMo is poised to further expand its market presence and evolve into a more comprehensive fintech platform.
