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

Tuesday, Sep 08, 2020 07:22

Nguyen Ba Diep, Executive Vice Chairman and Co-founder of MoMo (left) and Nguyen Manh Tuong, Vice Chairman and President of the e-wallet want to develop Momo as a regional super app. — Photo courtesy of the firm

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.

Nguyen Ba Diep, 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 Viet Nam.

Diep 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

Nguyen Manh Tuong, 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."

Tuong 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 Viet 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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