Alipay, China's leading third-party online payment solutionAlipay, China's leading third-party online payment solution

MoMo

Established in 2007, MoMo is one of the fastest-growing fintech companies in Vietnam, empowering 31 million Vietnamese buyers with easy, efficient, and affordable access to financial services. MoMo launched the first app-based digital wallet in Vietnam in 2014, which becomes a leading super app now to provide comprehensive services to buyers such as payment, fund transfer, mobile top-up, bill payment, ride-hailing, and Online Travel Agency (OTA). It has also established a comprehensive network of online and offline merchant partnerships.

As the most popular digital wallet in Vietnam, MoMo is one of the must-have payment methods for any business looking to expand in the country. According to statistics from the State Bank of Vietnam, MoMo commands a market share exceeding 70% in the digital wallet industry within Vietnam. Additionally, MoMo has achieved a relatively high payment success rate, as they support multiple sources of funds including wallet balances, linked bank accounts and cards, self-owned investment accounts and credit lines pre-issued by MoMo and their partners.

Properties

The following table lists the product properties supported by MoMo:

Payment type

Wallet

Funding source

Wallet balance, Linked bank account, Bound card, Savings Account, BNPL

Acquirer

AlipaySG, AlipayEU,

AlipayUS, AlipayUK

Merchant entity location

SG, AU, HK,

EU, US, UK

Payment flow

Redirect

Refund

✔️

Buyer country/region

Vietnam

Partial refund

✔️

Processing currency

VND

Chargeback/Dispute

❌

Minimum payment amount

1,000 VND

Refund period

365 days

Maximum payment amount

50,000,000 VND

Time to return payment result

Real-time

User experience

Note: The following payment flows on different terminals are reference only, and represent this payment method's flow on different terminal types. For supported merchants' terminal types, consult Antom Technical Support.

The following figure shows the MoMo authorization process:

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  1. The buyer selects MoMo to bind from the merchant's page for subsequent payments.
  2. Display the QR code to the buyer in the merchant page.
  3. The buyer opens the MoMo app and scans the QR code.
  4. The buyer is redirected to the binding detail page to check account information and clicks Binding to proceed.
  5. The buyer enters the PIN or uses the biometrics to authenticate the payment.
  6. Upon the binding is successful, a push notification of binding result is to be sent to the buyer's phone.
  7. The buyer is redirected to the merchant page to check the binding result.