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Online Mobile Services Joint Stock Company
MoMo is Vietnam's biggest mobile wallet, letting people pay, send money, and buy things with their phones.
MoMo is a super-app that lives on your phone and handles the money side of daily life in Vietnam. You use it to pay for coffee, split a bill with friends, top up your phone, pay bills, buy movie tickets, or send cash to a relative in another city. It works a bit like a mix of a wallet, a payment app, and a mini-mall, all inside one screen. For millions of Vietnamese, it is the first app they open when money needs to move.
The company behind it, Online Mobile Services Joint Stock Company, makes money in a few ways. When you pay a merchant, MoMo takes a small cut of the transaction. When you pay a bill or top up your phone, it earns a fee from the company on the other side. It also sells things inside the app, like insurance, travel tickets, and small loans, and takes a slice of those sales. The bigger the app gets, the more these little slices add up. MoMo's real weapon is its reach. Vietnam's banks only serve part of the population, and many people still handle cash day to day. MoMo slipped into that gap by making it easy to open a wallet and start paying, even without a bank account. It built a huge network of corner shops and small merchants who accept it, and it won customers with cashback and promotions. Competitors like ZaloPay and Viettel Money push hard, but MoMo has stayed the market leader, and it now works with banks and card networks rather than fighting them.
The idea started at a company called M_Service, founded in 2007, which is why the legal name still carries that "M_Service" tag even though almost everyone just says MoMo. The app has raised money from big investors, including SoftBank funds, and its scale has made it one of Vietnam's most watched tech companies. The risk is that growth has been expensive: paying out cashback and promotions to stay on top costs real money, and turning a profit on thin payment fees is hard. MoMo's bet is that once enough people live inside the app, the richer services — loans, insurance, shopping — will pay off.
Saved answer · last researched 10 Nov 2026