MoMo Wallet Vietnam: The Super App Reaches 20 Million Users Worldwide

AgileTech Vietnam
8 min readOct 8, 2020

With a total of 20 million users, MoMo wallet is dominating the digital payments in Vietnam. Thanks to the wide range of services it integrates, MoMo E-wallet simplifies the life of Vietnamese users by uniting apps under the same ecosystem.

So, how do users use MoMo? What opportunities are there for cashless payment on this platform? Then, let’s take a closer look at Vietnam e-wallet’s war!

MoMo Wallet Has 20 Million Users

Mobile wallet and digital payment app MoMo had signed up a total of 20 million users in early September. From its debut in 2010 to 2015, MoMo E-wallet stands at 500,000. Now, after five years, MoMo wallet users had surged 20-fold.

MoMo currently cooperates with 25 banks in Vietnam. The MoMo’s ecosystem is also expanding 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. They also affirmed that in Q4 2020, Vietnamese users will officially experience the Super App on MoMo Wallet platform.

With the integration of big data, AI technology, MoMo super app will help its businesses partners reach a large number of customers more efficiently with lower costs.

Nguyen Manh Tuong, Vice Chairman and President of The Firm

Moreover, as a super app, MoMo E-wallet will help their partners solve the problem of revenue and cost through cutting-edge technology. Not only helping small businesses and start-ups, the super app of MoMo also promote the retail industry and digital transformation of the local economy.

Read also: Which Business Intelligence (BI) Tools Are Right For Your Business?

Recently, MoMo wallet is honored to be awarded as “The most used financial application of 2020” by App Annie.

Additionally, on April 30, MoMo is the only representative of Vietnam to appear in the list of Fintech 250: The Top Fintech Companies of 2020. From capital markets to insurance and digital banking to wealth management, the Fintech 250 are among the most promising of these companies globally.

MoMo E-wallet Pushes For Wider Use Of Cashless Payment

As a leading fintech company, MoMo focused on opening banking and application programming interface development. Therefore, MoMo built their own financial ecosystem — from utility bills, food delivery, ride-hailing, to personal loan and life insurance.

Hanwha Life Vietnam signs strategic cooperation with MoMo e-wallet

Under the cooperation agreement, from September 2020, customers of Hanwha Life Insurance Vietnam can pay premium types such as periodic fees and advance refunds from the refundable value.

With just a few simple taps on their smartphone, the partnership brings convenience to customers. In addition, it also reduces cash transactions, provides comfort and flexibility.

Saigon Co.op & MoMo to push digitalization

On December 17, the cooperation agreement between MoMo and Saigon Co.op signed. Hence, customers who shop at Co.opmart, Co.opXtra, and Co.op Food can make payments by using the MoMo wallet.

Modern payment activities will drive up the rate of cashless transactions through Saigon Co.op facilities, from below 5% to 30%, in the next five years. Aside from the MoMo e-wallet, customers can use bank cards for payments.

Nguyen Anh Duc, Deputy General Director of Saigon Co.op

PVOil & MoMo partner in cashless payments

The two sign partnership agreement provide a new payment solution to PVOil customers. Since October 27, drivers in Hanoi and Ho Chi Minh City are able to pay for oil and gasoline at certain PVOil stations through the MoMo app.

MoMo’s biggest goal is to serve every essential need of the Vietnamese people. This partnership with PVOil is therefore a great honor for MoMo, bringing modern payment methods to millions of customers of PVOil and MoMo.

Mr. Pham Thanh Duc, CEO of MoMo

The cooperation of FPT IS and MoMo

Accordingly, the two parties will bring e-payment MoMo into hospitals and public administration. From now on, users can use MoMo wallet to pay fee when using the service.

Mr. Nguyen Ba Diep — Vice Chairman of M_Service said: “Besides creating a convenient payment channel, it also created a closed ecosystem to save time, costs and increase people’s experience with the services.”

Furthermore, hundreds of essential livelihood services in the public service sector have been paid by MoMo Wallet. For example, the administrative procedures allowed to pay online are paying fines for traffic violations, social insurance, health insurance, and so on.

M-Service’s MoMo mobile payment also cooperates with hospitals and schools in promoting electronic payment utilities.

A Closer Look At Vietnam’s E-Wallet War

In the previous post, we talked about what MoMo is or how MoMo becomes a super wallet. If you haven’t read it, you can read more here — Momo E-Wallet | The Rise of Super App Platform in Viet Nam.

With the rise of financial technology, Asia is changing the way the world does business. Fintech has seen extraordinary growth in recent years. The rise of super app like WeChat, AliPay take full advantage of emerging new markets.

Let’s see in the picture. This is normally what you see when buying food and beverage in Hanoi or Ho Chi Minh City now. It’s hard to decide which e-wallet you should choose to discount your drink.

According to the latest research by Cimigo, MoMo, Moca, and ZaloPay are the top three most popular e-wallets in the two main cities in Vietnam. They also account for more than 90 percent of total market share of e-wallet users.

  • MoMo — is one of the oldest players to heat up the e-wallet race in Vietnam. This E-wallet offers to users a variety of promotions. Consequently, MoMo has gained a large number of users. The survey also shows that MoMo is mostly used for money transfers, and utility bill payments.
  • ZaloPay — is built by the top Vietnam’s most popular messenger app called Zalo. Hence, ZaloPay can take advantage of Zalo’s large database and famous brand to acquire new users.
  • Moca — has quickly become a big player because of a strategic partnership with Grab. For that reason, Moca can enjoy a huge advantage of Grab — ride-hailing platform.

As you can see, each e-wallet has its own strength and strategy to step up the game. MoMo is worth as an experience player. Moca is constantly growing with the huge potential of Grab service ecosystem. Meanwhile, ZaloPay takes advantage of the famous Zalo brand.

Vietnam’s online payment booms during COVID-19

According to the State Bank of Vietnam’s statistics, about 15 million people use Internet Banking and mobile banking service each month during pandemic.

Since the COVID-19 outbreak, more Vietnamese people are using Fin-tech because of the fear of the disease spreading through social contact and when dealing with cash.

While, MoMo’s Vice Chairman Nguyen Manh Tuong said the number of new users of mobile wallet went up by 40 percent. In fact, the number of MoMo wallet users has doubled this year from 10 million to 20 million.

ZaloPay has also seen a sudden growth in recent years with an estimated growth rate of 36%.

It is predicted that, after the COVID-19 epidemic, e-payments will grow strongly and replace traditional payment methods in the near future

Truong Cam Thanh, ZaloPay Director

Currently, many people use e-wallet services to pay for a range of services from electricity and water bills to supermarkets. Not only consumers, businesses also encouraged customers to pay with credit cards or e-wallet.

Because it is simple and safe to control our money. Just a few clicks, customers can make online payment, with many incentive programs such as refunds every month from various online payment services.

COVID-19: A growth for Vietnam’s Fintech

Even though the pandemic has made the economy difficult, it also creates opportunities to push the growth of online payment. In the post pandemic, it may be time for the public to adapt to the emerging trends, including those of the digital economy and digital payments.

Especially, many experts believe that cashless payments in Vietnam have many advantages, such as the young population structure combined with the fast growing economy.

Therefore, non-cash payment will see strong developments in the future. It also means that the competition among Fintech firms will be fiercer. As the result, Vietnamese users will gain more benefits and value.

Read also: Fintech | The Rise Of Super App In Asia


Now, banks have applied new and modern technologies in payment including fingerprint authentication, face recognition, QR code, and mPOS technology.

But the ratio of cashless payment is not as high as expected. According to GlobalData’s 2019 Banking and Payments Survey, cash is still the most preferred payment mode for e-commerce purchases in Vietnam, accounting for 35.6% in 2019.

Therefore, “The most important task now is how to make customers feel cashless payment is the most beneficial method for them,” said Le Thanh Trung, Deputy CEO of HDBank.

Our experience

MoMo e-wallet proves that the rise of Super Apps started in Southeast Asia and is now becoming a worldwide phenomenon. Here’s how Super Apps can help enterprises in business growth:

  • Earn fees and commissions from transactions
  • Monetization opportunities
  • Advertising opportunities

Building a Super App might seem like a promising idea. However, it might not be the right strategy for every business. Some factors that companies should consider:

  • When comparing to create a single app, the cost, resources, and time in building super app is higher.
  • A great user experience will make your users happier.
  • If your services are too specific, it might not make sense to integrate them into one platform.

At AgileTech, we have significant experience in developing Super App.

As a leading software development in Vietnam, we have huge experiences in many fields including e-commerce, car-sharing platform, health care, Livestream and many more.

You can contact us at or via (+84) 936 281 059 for more information.

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