# MoMo (Vietnam)

> Source: https://docs.barcoder.ai/docs/wallets/momo-vietnam
> research date 2026-05-29 · extracted at 2026-10-03
> Publisher: Barcoder — encyclopedia of QR, barcode and payment-code standards

Specifications:
- [MoMo — official](https://momo.vn/)

## Overview

**MoMo** (Mobile Money) is **Vietnam's #1 super-app + e-wallet**, launched **2014 by M_Service** <sup>[1][1], [2][2], [Viet Nam report](https://docs.barcoder.ai/docs/payments/VN)</sup>. **23+ million active users** — Vietnam's most popular digital wallet.

**Vietnam e-payment macro (2025)** <sup>[1][1]</sup>: **VND 500+ trillion (~$20B) e-wallet transactions** = **10x growth vs 2017**; Vietnam e-payment industry growing **35% annually**.

**MoMo super-app stack**: payments + bill payments + mobile top-ups + P2P + insurance + micro-loans + investments + stock trading + ride-hailing integrations + food delivery + e-commerce + games + utilities.

## History

**2014 — MoMo launches by M_Service** <sup>[2][2]</sup>: Vietnam's e-wallet pioneer.

**2018-2021 — Mass Vietnamese adoption + super-app evolution** <sup>[1][1]</sup>.

**2021 — Unicorn status** at $2B+ valuation post-Mizuho-led funding round.

**2025 — 23+ million active users; super-app financial-services-stack expansion** <sup>[1][1]</sup>.

## Ownership & operator

**Operating entity**: **M_Service Joint Stock Company** — Vietnamese fintech.

**Major investors**: **Mizuho Bank** (lead 2021 Series E), **Warburg Pincus**, **Affirma Capital**, **Tybourne Capital**, **Goodwater Capital**, **Standard Chartered**.

**Regulator**: **SBV (State Bank of Vietnam)** — Intermediary Payment Service license.

## Technical integration

| Layer | Description |
|---|---|
| **Channels** | MoMo mobile app (iOS + Android) + merchant QR via VietQR |
| **Identifiers** | Phone + QR |
| **VN rail** | **[VietQR](https://docs.barcoder.ai/docs/standards/vietqr)** (NAPAS national QR) |
| **Super-app stack** | Payments + bills + top-ups + P2P + insurance + loans + investments + stock + ride + food + e-commerce + games |
| **License** | E-wallet + Intermediary Payment Service (SBV) |

## Users & growth

**2025 baseline** <sup>[1][1]</sup>:
- **Active users**: 23+ million
- **VN e-wallet macro 2025**: VND 500T (~$20B) e-wallet tx = 10x vs 2017
- **VN e-payment industry growth**: 35% annual

## Use cases

VN super-app payments + bills + top-ups + P2P; insurance + micro-loans + investments + stock trading; ride-hailing + food + e-commerce + games + utilities; VietQR merchant payments.

## Implementations & partners

**Operator**: **M_Service Joint Stock Company**.

**Major investors**: Mizuho Bank (lead), Warburg Pincus, Affirma Capital, Tybourne Capital, Goodwater Capital, Standard Chartered.

**Major VN competitors**:
- **[ZaloPay](https://docs.barcoder.ai/docs/wallets/zalopay)** (VNG; 117% Q1 2026 revenue growth; Zalo messenger 80.2M MAU)
- **[VNPay](https://docs.barcoder.ai/docs/wallets/vnpay)** (~40% population usage; QR leader)
- **ViettelPay** (Viettel-led telco wallet)
- **[ShopeePay](https://docs.barcoder.ai/docs/wallets/shopeepay)** (Sea Group SEA-wide)
- **[GrabPay](https://docs.barcoder.ai/docs/wallets/grabpay)** (Grab Holdings SEA-wide)

**Top 5 VN wallets (MoMo + ZaloPay + ViettelPay + ShopeePay + VNPay) = ~65% combined market share (2025)**.

**Regulator**: **SBV**.

## Fun facts

- **VN's #1 super-app + e-wallet** — 23M+ active users.
- **2021 Unicorn status** post-Mizuho-led Series E.
- **VN e-wallet macro 2025**: VND 500T (~$20B) = 10x vs 2017; industry +35% annual.
- **Mizuho Bank-backed** Japan-VN partnership.
- **Comprehensive super-app stack**: payments → insurance → investments → stock trading.

## Comparison

| Feature | MoMo (VN) | [ZaloPay](https://docs.barcoder.ai/docs/wallets/zalopay) (VN rival) | [VNPay](https://docs.barcoder.ai/docs/wallets/vnpay) (VN rival) | [GCash](https://docs.barcoder.ai/docs/wallets/gcash) (PH analogous) | [GoPay](https://docs.barcoder.ai/docs/wallets/gopay) (ID analogous) |
|---|---|---|---|---|---|
| Operator | **M_Service Joint Stock Company** | VNG Corporation | VNPay | GCash (Globe + Ant + 667 Partners) | GoPay (GoTo Group) |
| Type | **VN #1 super-app + e-wallet** | VN messenger-led super-app (Zalo + ZaloPay) | VN QR-led wallet (54.67% QR market share 2025) | PH super-app | ID super-app |
| Country | Vietnam | Vietnam | Vietnam | Philippines | Indonesia |
| Users | **23M+ active** | Zalo 80.2M MAU; ZaloPay growing fast | ~40% VN population usage | 81M+ | 30M+ |
| Distinctive | **VN #1 super-app; Mizuho-led 2021 Unicorn** | VNG messenger-integration; Q1 2026 +117% revenue | QR market dominance; broadest merchant network | PH wallet + GoTyme Bank sister | GoTo Group + Tokopedia ecosystem |

## Status

**Active, Vietnam's #1 super-app + e-wallet** <sup>[1][1]</sup>:
- **MoMo (M_Service)** since 2014.
- **23M+ active users + super-app financial stack**.
- **SBV-regulated**.

## Sources

[1]: https://agiletech.vn/momo-e-wallet-super-app-platform/ "MoMo super-app revolution — AgileTech"
[2]: https://agiletech.vn/momo-wallet-vietnam-super-app/ "MoMo 20M+ users — AgileTech"
[3]: https://en.vietnamplus.vn/momo-e-wallet-has-20-million-users-post182470.vnp "MoMo 20M users — Vietnam Plus"
[4]: https://fintechnews.sg/32843/mobilepayments/overview-of-vietnams-major-e-wallet-and-mobile-payment-players/ "VN e-wallet players — Fintech Singapore"
[vn-cro]: https://docs.barcoder.ai/docs/payments/VN

- [1] [MoMo super-app revolution — AgileTech][1]
- [2] [MoMo 20M+ users — AgileTech][2]
- [3] [MoMo 20M users — Vietnam Plus][3]
- [4] [VN e-wallet players — Fintech Singapore][4]
- <sup>[Viet Nam report](https://docs.barcoder.ai/docs/payments/VN)</sup> In-corpus: `reports/countries/VN-vietnam.md`

## Source

Biography extracted from [momo-vietnam.md](https://docs.barcoder.ai/source/wallets/momo-vietnam). See `matrix.md` for standards-support matrix if present.