When card transactions were at their peak, innumerable problems piled up, ultimately paving the way for other modes of transactions. People were actively looking for other modes of online transactions that were convenient and easier to access and carry out. To enhance the usage of online transactions safely and securely over a wide range of digital platform supports, Momo was set up. With an aim to offer secured and easier transactions, Momo, of Vietnam origin, was launched.
Momo is a start-up of FinTech. It predominates in offering mobile, electronic wallet and payment methods for iOS and Android devices. It has aided customers of Vietnam to make cash transfers, pay bills, carry out mobile recharges, resolve personal loans and purchase services. Their purchasing platform includes software license, game cards, airline and movie tickets and much more.
The company is set up and licensed by the State Bank of Vietnam to provide e-wallet services, collection, payment and money transfer services across Vietnam. It believes a better financial payment service changes the face of how payments are made. With this unique idea, Momo serves as an extension arm to bring down the financial service availability to the people of Vietnam including the major rural areas. With millions of transactions attempted using Momo, the community is fast growing. MoMo became the largest mobile wallet company in Vietnam by posing an enhanced consumer experience and forging a partnership with incumbent players.
It is set up to be an e-wallet application of smartphones with around 10 million users. It enhances payment methods with a one-touch payment with several utilities along various trades that customers make. In particular, Momo owns a network of financial transaction points spread across provinces across the country, allowing millions of customers in remote areas, where banking and smartphone services are still unpopular, to have access to financial services. Momo has raised $133.8M funding over 3 rounds of fundraising. The company partners with 24 domestic banks and foreign payment networks so far including MasterCards and Visa.
With inefficiency over traditional payments, Momo rapidly evolved in evoking a business model that could serve customers well instead of agents to handle payments. It established and broadened the scopes of banking by building alliances with key players; one such early alliance was Vietcombank. Drawing its inspirations form similar payment services like WeChat pay and Alipay in China, it had 2 million mobile wallet users by the end of the year 2016. Shutting down a dozen steps in bank transactions, Momo is aiming to cater all the transaction needs that a common citizen would require on his daily basis.