MoMo was voted the most popular electronic wallet in Vietnam in 2019 in a poll conducted by Nhip Cau Dau Tu (Investment Bridge) magazine.

Nguyen Ba Diep (L), executive vice chairman and founder of MoMo,
receives a certificate for the most popular electronic wallet in Vietnam in 2019.
(Photo courtesy of the organiser)

The results were based on statistics from 20 e-wallet developers and 1,190 votes from the magazine’s readers in the last five months.

The voting was based on identification and dissemination, most favoured and trusted electronic wallet, ability to connect and expand with the banking system and providers, convenience in transaction and use of apps, and safety.

Dang Nhat Minh, editor-in-chief of Nhip Cau Dau Tu, said: “The growth of information technology has led to the development of e-commerce payments and online shopping. So e-wallets are more popular now. They are safe, convenient and time saving.”

“The poll also aims to boost the development of e-wallets and build a sustainable platform for e-commerce payments in Vietnam,” Minh said.

MoMo, owned by Di Dong Truc Tuyen Services Joint Stock Company, has an estimated 10 million users.

Nguyen Ba Diep, executive vice chairman and founder of MoMo, said mobile payments saw a year-on-year increase of 60-70 percent in the number of users.

Diep said there were around 30 e-wallet service providers in Vietnam, but only four of them have a high number of transactions, including MoMo, ViettelPay, ZaloPay and Moca.

Diep also said e-wallet service providers in Vietnam had worked hard to ensure security to protect themselves and customers.

ZaloPay, developed by VNG Corporation, was cited as a diverse mobile wallet ecosystem that includes different types of services.

ZaloPay enables electronic payment for bills such as electricity, water, internet and TV as well as money transfer via QR code and connections with bank accounts for cash withdrawals or charges.

Viettel Pay, launched by military-run telecom provider Viettel in April, has had strong growth.