MoMo awarded VN’s best mobile payment app

Saturday, Jan 14, 2017 08:00

MoMo app interface on iOS. The application had been awarded Best Mobile Payments Product by the Asian Banker Journal. — Photo

The MoMo One Touch Payment mobile application had been recognised by Singapore’s The Asian Banker Journal as Viet Nam’s best e-payment platform.

Developed and managed by the Online Mobile Service Jsc (M_Service), the MoMo app is the first financial technology invention in Viet Nam to be awarded the “Best Mobile Payments Product” by The Asian Banker.

According to a representative from the journal, specialised committee committed a series of direct interviews, research and independent grading. Ultimately, they gave MoMo’s activities in the Vietnamese financial field a high rating for its variety of payment utilities and its multi-tier security system.

The Asian Banker Journal has also asserted that besides their advanced technology, MoMo has also taken the initiative in mobile based payment through the variety of financial services they deliver to their customers without the need for a bank account.

Though a latecomer from June, 2014, the IOS and Android based app has accumulated a total of 2 millions users, around 80 per cent of total market share for electronic payment service in Việt Nam.

MoMo offers a one touch payment service through an application on smartphones, through which users can conduct purchases, transactions and online payments for more than 100 services and more than 4,000 transaction points over 45 provinces in the country.

Another forte for MoMo is be their multi tier security system, which includes the Payment Card Industry Data Security Standard (PCI DSS) for mobile based payment with global standards. The double protection mechanism uses OTP code and a 6 digit password and ensures MoMo’s users top notch security, as the app will not store any information relating to the users’ password.

The application of Security Sockets Layer numbers create an encrypted link between the host computer and the end user’s device. MoMo integrated the security process frequently used by large technology companies such as Apple, Google, Amazon or Microsoft.

Altogether, these advantages have helped MoMo to become the financial technology application with the most investment in Viet Nam in 2016, with a USD28 million from Standard Chartered and Goldman Sachs for product development alone.

MoMo developer, M_Service, received the award within the framework of for leaders in the Vietnamese financial sector on January 12, 2017.

The Asian Banker is an information provider for the financial services industry in the form of publications, online materials with consultancy and analysis from experts and researchers for businesses, financial organisations and banks. — VNS

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