MoMo

Vietnam's mobile payments market is entering a phase of rapid expansion, driven by sustained economic growth, widespread mobile internet adoption, and strong government support for a cashless society. By 2025, nearly 40% of consumers in Vietnam are expected to use mobile payment methods when shopping online.

Within this broader digital shift, e-wallets have emerged as the dominant payment channel, demonstrating particularly strong growth momentum. Between 2018 and 2023, transaction volume and value in Vietnam's e-wallet segment grew at compound annual growth rates (CAGR) of 80.4% and 83.5%, respectively, making e-wallets the most widely used online payment method among consumers. Among the leading players, MoMo, ZaloPay, and Viettel Money stand out as the three most popular e-wallets, with MoMo ranking first with a coverage of over 70% of users.

As a pioneer in Vietnam's mobile payments industry, MoMo has been providing accessible, efficient, and affordable financial services to approximately 31 million users since its founding in 2007. After launching the country's first e-wallet in 2014, MoMo has evolved into a superapp offering a wide range of services, including payments, transfers, top-ups, utility bill payments, ride-hailing, and travel bookings, significantly enriching Vietnam's digital payments ecosystem. In addition, MoMo has built an extensive network of online and offline merchant partnerships, further strengthening its reach and market presence.

According to Statista (Q2 2024), MoMo is currently the most widely used e-wallet in Vietnam, with around 62% of respondents saying they are active users. Data from the State Bank of Vietnam further indicates that MoMo holds over 70% of the e-wallet market share, making it an essential payment channel for local merchants. Notably, MoMo supports a diverse range of funding sources, including wallet balances, linked bank accounts, and cards, as well as its own investment and credit products, which contributes to its strong payment success rates in Vietnam.

Properties

The following table lists the product properties supported by MoMo:

User experience

Note: The following payment flows on different terminals are for reference only. For supported merchants' terminal types, consult Antom Technical Support.

The following screenshots show the journey of paying with MoMo:

Web

App

1. The buyer selects MoMo to pay.

2. The buyer is redirected to the MoMo app.

3. The buyer confirms the payment.

4. The buyer enters the PIN or uses the biometrics to authenticate the payment.

5. Upon successful payment, the buyer receives a push notification from the wallet.

6. The payment successful page is displayed.

7. The buyer is redirected to the merchant's result page.

FAQ

1. Is MoMo secure?

Every consumer-initiated payment is authenticated through one or a combination of methods, including account passwords, one-time verification codes (OTP), and biometric authentication (fingerprint or facial recognition), significantly reducing fraud risk. For merchant-initiated transactions, users can view detailed debit information directly within the MoMo app and monitor authorised merchants linked to their accounts, which helps to minimise disputes.

2. Can MoMo help improve conversion rates?

Yes. MoMo enables users to bind their wallet to a merchant in advance, allowing for faster and more seamless checkout experiences. It also supports merchant-initiated payments for subscriptions and recurring billing, which increases customer retention and spreads customer acquisition costs over time. As Vietnam maintains foreign exchange controls, Antom provides compliant FX and cross-border settlement solutions.

3. What are the benefits of MoMo for users?

By linking MoMo to a bank account, users can access a range of enhanced features:

• Increased daily payment and withdrawal limits of up to VND 20,000,000;

• Faster checkout without the need to re-enter bank details for each transaction;

• Top-ups from linked bank accounts without transaction fees;

• Easy and convenient withdrawals from MoMo to bank accounts;

   

• A welcome bonus of VND 100,000 to explore MoMo's services.