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MoMoPay, sometimes called MoMo Wallet, is one of Vietnam's most recognised digital wallet platforms, offering cashless payment solutions primarily through mobile devices. It facilitates a wide range of transactions, including money transfers, bill payments, and purchases, making it a commonly used payment method throughout the country.
Cash’s popularity in Vietnam has dropped in recent years, especially after the Covid-19 pandemic. Now, over 89 per cent of Vietnamese consumers own an e-wallet account like MoMoPay.
This guide aims to provide global merchants with a detailed overview of MoMoPay's features and functionality to inform their understanding of the payment method's role in Vietnam’s financial ecosystem.
What is MoMoPay?
MomoPay was launched by a group of Vietnamese entrepreneurs as Vietnam’s first app-based digital wallet in 2014. It can be used for both personal and business transactions and functions as a digital wallet, allowing users to deposit funds, make payments, and transfer money securely and efficiently.
The app has gained substantial popularity due to its ease of use and its alignment with the local market's growing preference for mobile-based cashless transactions. By May 2023, it had gained 31 million users and achieved 68 per cent market share in the nation. It has an important role in the Vietnamese market: according to data from the National Public Service Portal, it is involved in nearly half of all e-wallet transactions.
MoMoPay occupies a significant position in Vietnam's payment ecosystem. It is widely used across urban and rural regions for everyday purchase scenarios, utility payments, and e-commerce transactions. With a large user base and a consistent focus on enhancing payment technology, the app contributes to Vietnam’s ongoing transition toward cashless solutions.
Core features of MoMoPay
1. Digital wallet with numerous payment options
MoMoPay users can pay in numerous different ways. Users can deposit money into their MoMo Wallet from their local bank to pay for various transactions. They can also pre-save their debit or credit card information in the app. Finally, because MoMoPay has integrations with local Buy Now Pay Later solutions like FlikPay or VTS, these can be used as well.
2. QR code payments in Vietnam and elsewhere
QR payments are exceedingly popular in Vietnam and much of Southeast Asia. In 2023, the value of domestic transactions via QR code payments in Vietnam reached approximately 192 trillion Vietnamese dong (USD$7.5 trillion).
That same year, five ASEAN countries of Vietnam, Indonesia, Malaysia, Singapore and Thailand signed a memorandum of understanding (MoU) to begin facilitating transactions between all participating countries through QR payments. This collaboration is intended to reduce the need to exchange foreign currency.
This means that Vietnamese customers could visit a participating ASEAN country and pay local merchants with their MoMoPay app balance. Conversely, customers outside of Vietnam could also transact with merchants who use MoMoPay, even if they have a different currency.
3. Lifestyle purchases directly in the app
Momo users can pay bills, purchase insurance policies, top-up in-game credits, and buy movie tickets directly from the app. Since 2023, MoMoPay can even be used to top-up other super apps like Grab or Gojek.
4. AI-powered financial services
MoMoPay is powered by blockchain and artificial technology (AI). This technology helps to protect app users from fraud and identity theft. Additionally, within the app, MoMoPay users can access exclusive cashback offers, gamified promotions, and financial products like investments and micro-loans — these fintech products are personalised by the same AI and blockchain tech.
Merchant considerations for using MoMoPay
Popularity in Vietnam
Merchants should be aware that MoMoPay primarily caters to the Vietnamese market. The app’s millions of active users and significant market penetration make it an ideal choice for merchants who want to engage with a Vietnamese audience.
Non-local businesses or merchants operating outside of Southeast Asia may not find this payment method as relevant unless serving Vietnamese or Southeast Asian customers directly. Additionally, processing fees and compliance requirements may vary depending on the business model.
Ease of setup
To begin offering MoMoPay as a payment option, merchants will need to sign up for a Merchant Profile and set up a Test Environment. After a verification check, the account will be given Production Credentials. The setup will only go live once approved by MoMo. API documentation is available in multiple languages, including English, for developers to incorporate MoMoPay into e-commerce websites, apps, or other digital platforms.
Merchants looking to set up a MoMoPay account can contact a global payments expert like Antom for dedicated support.
Versatile online and offline payment options
Merchants can use the MoMo platform to receive payments on a mobile website, their own business app, or offline.
- QR payments: Merchants could generate a QR with a fixed amount, then share this QR code to the customer to scan and pay.
- Payment links: Merchants can create and send these URL links in bulk. A customer will click on the link and be taken to a payment page, where they can pay with their MoMoPay balance or local and international credit and debit cards.
- Offline barcode scanning: For merchants with an offline store in Vietnam, MoMoPay can provide scanners which cashiers will use to scan a customer’s QR code — the customer will then enter their PIN or scan their Face ID and their MoMoPay balance deducted.
- Peer-to-peer transfers: Lastly, a merchant could request a transfer from a customer due to MoMoPay’s ability to facilitate peer-to-peer transactions.
Accepting payments from new markets with MoMoPay
MoMoPay represents an evolving segment of Vietnam’s digital payment market. With millions of active users, diverse transaction capabilities, and strong security measures, it is a significant payment solution in the country. Merchants operating in Vietnam or serving Vietnamese customers may encounter MoMoPay as a preferred payment option, making it worthwhile to familiarise themselves with its functionality, integration options, and user preferences.
