MoMo, an online payment and e-wallet start-up, is picking up momentum in the Vietnamese Fintech market

Country: Vietnam
Year: 2014momo

Founded in 2014, MoMo is the flagship brand of start-up M_Service providing e-wallet and payment solutions to populations in developing regions. As a young player who joined the market in 2014, Momo has already attracted a lot of mainstream attention for most recently raising capital under a Series B for US$28 million from Standard Chartered Private Equity (SCPE) and Goldman Sachs.

MoMo allows users to load and withdraw cash to their digital account, make payments and transfer money digitally with or without a traditional bank account.

MoMo payment is also integrated with domestic and international financial institutions including VISA, MasterCard, JCB, OCB and etc.

Concept

  • The company targets the underbanked market where credit card adoption rate is low by leveraging mobile technology to enable the payment services.
  • With the new funds coming in, MoMo is planning to grow their independent agents from 4,000 to 11,000 by the end of 2017. Meanwhile the company looks to expand its market to IndoChina and Myanmar.
  • MoMo has strategically partnered with Standard Charted Bank to launch the mobile wallet services for the bank in Vietnam.
  • Key Figures:
    • Recent funding = US$28 million from Standard Chartered (SCPE) and Goldman Sachs
    • Customers = 2.5 million (1 million use e-wallet)
    • Agent network = 4,000 independent agents
    • Connected services providers = 100+
    • Growth rate = 30% – 50% per month (transaction volume and user base)

Consumer Benefits

  • Mobile enabled: The company starts to link unbanked/underbanked consumers with banking services in Vietnam market where smartphone penetration rate is growing briskly.
  • Diverse services: Apart from basic money transfer, deposit and payment services, MoMo is also integrated with more than 100 providers which offer services like booking tickets, buying coupons, paying utility bills and so on.
  • Major bank relationship: MoMo is also backed by major banks like Standard Chartered and Goldman Sachs which ensure its stability, market expansion and interconnection with other more traditional banking services.

How to use

  • Sign up and activate the MoMo account on your mobile device.
  • Go to MoMo mobile dashboard to use diverse services from topping-up & withdraw cash, money transfer, lending to daily services like paying bills, booking flights, purchasing tickets, etc.
  • Users can top-up their wallet by visiting one of more than 4,000 MoMo stores in Vietnam

Video Illustration