Sunday, October 25 2020


MoMo e-wallet aims to be a regional 'super app'

Update: September, 08/2020 - 07:22


Nguyễn Bá Diệp, Executive Vice Chairman and Co-founder of MoMo (left) and Nguyễn Mạnh Tường, Vice Chairman and President of the e-wallet want to develop Momo as a regional super app. — Photo courtesy of the firm

HCM CITY — E-wallet firm MoMo reported it had signed up a total of 20 million users since its debut 10 years in the local market, aiming to become a 'super app' in Southeast Asia.

The firm said its user number had surged 20-fold in the last five years. Notably, the number of users has doubled from 10 million at the start of 2019.

Nguyễn Bá Diệp, vice chairman and co-founder of MoMo, said the firm's growth is a positive signal for the fintech sector and the development of cashless payments in Việt Nam. 

Diệp said his firm's achievement was partly due to the Government’s policies bolstering cashless payments and close co-operation of partners and banks.

With more than 20,000 domestic and foreign partners and being accepted in more than 100,000 points of sale across the country, the e-wallet firm aims to become a regional super app, a closed ecosystem with lots of apps that offer seamless and integrated payment-relating activities, to promote the retail industry and digital transformation of the local economy

Nguyễn Mạnh Tường, vice chairman and president of the firm said: "As a super app, it will help partners solve the problem of revenue and cost through technology. MoMo will enable small businesses, street vendors and start-ups to go online with their payments."

"With the integration of big data, AI technology, the super app of MoMo will help its businesses partners to have the digital transformation easily and quickly."

Tường said they were developing a super-application system to become the "brain" for technology and finance in the Vietnamese retail and service system.

According to the firm, the COVID-19 pandemic has shown  the importance of digitisation for businesses and its super app "will be a big turning point for MoMo to continue as a pioneer model, leading the race and setting new rules in a competitive fintech market serving those businesses."

Established in 2007, the company M_Service launched the MoMo e-wallet three years later. It is one of the pioneers of Việt Nam's fintech and digital economy, forging partnerships with 25 commercial banks operating in the country.

New features with the integration of big data and artificial intelligence are set to be introduced to Vietnamese users later this year, according to the developers. — VNS

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