# MoMo QR

> Source: https://docs.barcoder.ai/docs/standards/momo-qr
> research date 2026-05-29 · extracted at 2026-10-07
> Publisher: Barcoder — encyclopedia of QR, barcode and payment-code standards

Specifications:
- [MoMo — official](https://momo.vn/)
- [MoMo Vietnam — Fintech News SG](https://fintechnews.sg/3627/mobilepayments/momo-the-rising-star-of-vietnam-fintech-in-online-payments/)

## Overview

**MoMo** is **Vietnam's leading e-wallet and super-app**, operated by **M_Service Joint Stock Company** <sup>[1][1], [2][2], [Viet Nam report](https://docs.barcoder.ai/docs/payments/VN)</sup>. M_Service was **established 2007**; MoMo was **launched November 2010 as an e-wallet service**, then **expanded May 2014 to a smartphone app** offering essential services like money transfers, phone top-ups, and bill payments. MoMo has grown into a comprehensive super-app: **30+ million users, partnerships with 50,000+ businesses, and collaborations with 70+ banks and financial institutions** <sup>[2][2]</sup>. The product is structurally **Vietnam's dominant non-bank mobile payment platform** — comparable to Indonesia's GoPay/Dana/OVO trio or the Philippines' GCash.

MoMo's QR-payment dimension is a core part of the product — used for **in-store merchant payments, P2P transfers, and integration with Vietnam's national [VietQR](https://docs.barcoder.ai/docs/standards/vietqr) standard**. The product also offers crypto-equivalent features, lending, savings, insurance, government services, ticket booking — a true super-app product portfolio. M_Service achieved **unicorn status (US $2B+ valuation)** in 2021, becoming one of **Vietnam's first major tech unicorns** alongside VNG (gaming) and Sky Mavis (Axie Infinity). Vietnam's broader mobile-payment landscape includes parallel products from **VNPay, ZaloPay (VNG), VNPT EPay**, and bank-specific apps — but MoMo's first-mover advantage and super-app integration depth give it leadership position.

## History

**2007 — M_Service founded** <sup>[2][2]</sup>:
- M_Service Joint Stock Company established.
- Focus on mobile financial services.

**November 2010 — MoMo launches as e-wallet** <sup>[2][2]</sup>:
- Initial proposition: mobile e-wallet.

**May 2014 — MoMo expands to smartphone super-app** <sup>[2][2]</sup>:
- Mobile-app transformation.
- Adds money transfers, phone top-ups, bill payments.

**March 2016 — 2.5M users**:
- Significant adoption.

**Subsequent growth (2016-2024)** <sup>[2][2]</sup>:
- 30M+ users.
- 50,000+ business partnerships.
- 70+ bank + financial-institution collaborations.

**2021 — Unicorn status** <sup>[Viet Nam report](https://docs.barcoder.ai/docs/payments/VN)</sup>:
- M_Service achieves US $2B+ valuation.
- One of Vietnam's first major tech unicorns.

**Super-app expansion** <sup>[2][2]</sup>:
- Lending, savings, insurance, government services, ticket booking — comprehensive product portfolio.

## Technical specification

MoMo is **Vietnam's leading e-wallet + super-app** <sup>[1][1], [2][2]</sup>:

| Layer | Description |
|---|---|
| **Operator** | **M_Service Joint Stock Company** |
| **Co-founders** | Nguyen Manh Tuong (CEO), Nguyen Ba Diep (Senior VP) |
| **Currency** | VND (Vietnamese đồng) |
| **Users** | 30M+ |
| **Business partners** | 50,000+ |
| **Bank/FI collaborations** | 70+ |
| **National QR integration** | **[VietQR](https://docs.barcoder.ai/docs/standards/vietqr)** (Vietnam's national QR) |
| **Channels** | Mobile app (iOS + Android) |
| **Valuation** | US $2B+ (2021 unicorn) |

**Super-app services** <sup>[2][2]</sup>:
- Money transfers + bill payment.
- Phone top-ups + airtime.
- Lending + savings.
- Insurance.
- Government services.
- Ticket booking.
- E-commerce.
- QR-merchant payments.

**National QR integration** <sup>[Viet Nam report](https://docs.barcoder.ai/docs/payments/VN)</sup>:
- MoMo integrates with [VietQR](https://docs.barcoder.ai/docs/standards/vietqr) (Vietnam's central-bank-coordinated national QR standard via NAPAS).
- Cross-bank/cross-wallet interop via VietQR.

## Use cases

**P2P transfers** <sup>[1][1]</sup>: Send money to other MoMo users or bank accounts.

**Merchant QR payments (in-store)** <sup>[2][2]</sup>: 50,000+ Vietnamese businesses accepting.

**Bill payment + government services** <sup>[2][2]</sup>: Comprehensive utility + state-service coverage.

**Lending + savings + insurance** <sup>[2][2]</sup>: Full financial-services-platform integration.

**Phone top-up + airtime** <sup>[2][2]</sup>: Vietnamese MNO services.

**E-commerce checkout** <sup>[2][2]</sup>: Online merchant integration.

**Cross-app via [VietQR](https://docs.barcoder.ai/docs/standards/vietqr)** <sup>[Viet Nam report](https://docs.barcoder.ai/docs/payments/VN)</sup>: VietQR integration enables cross-wallet/bank acceptance.

## Implementations & ecosystem

**Operator**: **M_Service JSC**.

**Co-founders**: Nguyen Manh Tuong (CEO), Nguyen Ba Diep (Senior VP).

**Major investors**: Goldman Sachs, Standard Chartered, Warburg Pincus.

**Major competitors** <sup>[Viet Nam report](https://docs.barcoder.ai/docs/payments/VN)</sup>:
- **ZaloPay** (VNG, Vietnam's largest internet company).
- **VNPay** (large bank-coordinated payment platform).
- **VNPT EPay** (state-owned VNPT subsidiary).
- **ShopeePay** (Sea Group).

**National QR partner**: **[VietQR](https://docs.barcoder.ai/docs/standards/vietqr)** / **NAPAS**.

## Fun facts

- **2007 → 2010 → 2014 → 2021 unicorn trajectory**: 14-year arc from founding M_Service to unicorn status. Patient consumer-fintech build.
- **Standard Chartered + Goldman Sachs + Warburg Pincus investors**: Top-tier global investor backing — illustrating Vietnam fintech's international visibility.
- **30M users in ~98M Vietnamese population**: ~30 % population reach.
- **70+ bank + FI integrations**: Among the deepest bank-integration levels of any Asian e-wallet super-app.
- **Super-app comprehensive product portfolio**: Money + lending + savings + insurance + government services + ticket booking — covers ~all consumer-financial-services needs in one app.
- **2021 unicorn status**: Confirmed M_Service as one of Vietnam's first major tech unicorns — alongside VNG (gaming, parent of ZaloPay competitor) and Sky Mavis (Axie Infinity).
- **VietQR integration**: National-QR-standard integration via NAPAS extends MoMo's reach beyond its own user base.
- **Goldman Sachs early investor**: Early Goldman Sachs investment helped legitimize MoMo as institutional-grade fintech.

## Comparison

| Feature | MoMo (VN) | [GCash](https://docs.barcoder.ai/docs/wallets/gcash) (PH) | GoPay (ID) | [Kaspi QR](https://docs.barcoder.ai/docs/standards/kaspi-qr) (KZ) | [Mercado Pago QR](https://docs.barcoder.ai/docs/standards/mercado-pago-qr) (LATAM) |
|---|---|---|---|---|---|
| Operator | M_Service JSC | Mynt (Globe Telecom + Ant) | GoTo (Gojek) | Kaspi.kz JSC | MercadoLibre |
| Users (recent) | **30M+** | 80M+ | Major | 13.5M MAU | 56M MAU |
| Bank/FI integrations | **70+** | n/a | n/a | n/a | n/a |
| Founded | 2007 (M_Service) / 2010 (MoMo) | n/a | n/a | 2000 (Caspian Bank acq 2002) | 1999 (MELI) / 2003 (Mercado Pago) |
| Unicorn status | **Yes (2021, $2B+)** | n/a (within Globe) | Within GoTo (Nasdaq) | $20B+ Nasdaq | $80B+ Nasdaq |
| Major investors | Standard Chartered, Goldman, Warburg | Ant, Globe | SoftBank etc. | Public | Public |

## Status

**Active, dominant Vietnamese e-wallet super-app** <sup>[1][1], [2][2]</sup>:
- **M_Service JSC**.
- **30M+ users**.
- **50K+ business partners**, **70+ banks/FIs**.
- **Unicorn since 2021** ($2B+).
- **[VietQR](https://docs.barcoder.ai/docs/standards/vietqr) integration**.
- **Comprehensive super-app product portfolio**.

## Sources

[1]: https://momo.vn/ "MoMo — official"
[2]: https://fintechnews.sg/3627/mobilepayments/momo-the-rising-star-of-vietnam-fintech-in-online-payments/ "MoMo Vietnam — Fintech News SG"
[3]: https://vietnam.incorp.asia/vietnamese-unicorn-startups-momo-axie-infinity/ "Vietnam unicorns — Incorp Asia"

- [1] [MoMo — official][1]
- [2] [MoMo — Fintech News SG][2]
- [3] [Vietnam unicorns — Incorp Asia][3]
- <sup>[Viet Nam report](https://docs.barcoder.ai/docs/payments/VN)</sup> `reports/countries/VN-vietnam.md`

## Deployments

Found in the following country reports (grep across `reports/countries/`):

- **BJ** — [BJ-benin.md](https://docs.barcoder.ai/docs/payments/BJ)
- **CI** — [CI-cote-divoire.md](https://docs.barcoder.ai/docs/payments/CI)
- **CM** — [CM-cameroon.md](https://docs.barcoder.ai/docs/payments/CM)
- **RW** — [RW-rwanda.md](https://docs.barcoder.ai/docs/payments/RW)
- **SZ** — [SZ-eswatini.md](https://docs.barcoder.ai/docs/payments/SZ)