MoMo has rolled out a promotion for businesses and users who receive money by QR code with prizes of up to VND10 billion (US$402,290) from now until December 7.

Merchants and business households who receive money by QR code will accumulate gold on the app to exchange for gifts and cash from MoMo and its partners.

From November 21 there will be incentives exclusively for users.

MoMo is a fintech unicorn with a super app and payment services including via QR codes.

With a ‘collection QR’ on MoMo, a seller/receiver only needs to provide a buyer/transmitter a QR code to enter an amount and click transfer to complete the transaction.

The recipient does not need to provide a phone number or bank account, thereby reducing the possibility of transferring to the wrong person.

Nguyen Ba Diep, co-founder of MoMo, said: "The QR code payment/transfer feature has simplified payment for both users and business owners. MoMo wants to accompany small merchants and business households to promote non-cash payments with QR codes to save time and cost and improve the customer experience". — VNS