Online Mobile Services Joint Stock Company (M_Service) operates mainly in the field of mobile payment under the MoMo brand. The company has been licensed by the State Bank of Vietnam to provide e-Wallet services and money transfer, collection/payment services, etc.
On September 4, 2020, M_Service announced that MoMo e-Wallet officially hit the milestone of 20 million users after 10 years since it first launched in the Vietnamese market. With this achievement, MoMo is, currently, the electronic wallet with the most users in Vietnam. The M_Service company also claimed that their app is going to become the biggest “Super App” in Vietnam.
MoMo has currently partnered with more than 25 banks, allowing users to transfer money directly from their bank accounts to the Momo Wallet. Then, MoMo users can use this e-Wallet transfer money to other MoMo accounts or other bank accounts, or to make electronic payment for daily utilities such as electricity, water, internet, and cable; buy air or train tickets; buy movie tickets; order food or services of shops that are business partners of Momo; or use MoMo to make payments at MoMo acceptance points such as Gongcha, The Coffee House, Al Fresco's, Co.opMart, Circle K, Ministop, etc.
In Vietnam, MoMo is the first e-Wallet that earns the highest international security certificate, PCI DSS - Level 1. At the same time, MoMo Wallet applies advanced and outstanding authentication technologies such as Two-factor authentication; Authentication by fingerprint or face recognition; Tokenization function, etc.
ViettelPay is a mobile payment application developed by Viettel to serve the daily payment needs of users in Vietnam. Through ViettelPay e-Wallet, users can easily pay bills, transfer money, pay credit, top up, buy airline and train ticket, etc.
One of the most outstanding advantages that ViettelPay has as compared to other e-Wallet is its 4 solutions to transfer money through the app, which are money transfer via phone number, money transfer via account number, money transfer via card number and cash transfer.
In addition to integrating shopping features on the app to allow flight booking, hotel booking, bus ticket booking and product/goods/service purchase with many attractive incentives, ViettelPay also supports customers to make payment at any point of sale or service that accepts payment by QRCode.
A favourite feature of ViettelPay is that it allows all customers to create a virtual credit Master Card for payment. With only 22,000 VND for card issuance fee, customers will not have to pay for card account maintenance fee or transfering fee, making this become one of the most popular virtual card services.
Another feature of ViettelPay that few e-Wallets have is allowing users to directly open a savings account. Specifically from June 2019, ViettelPay has partnered with MBBank and BAOVIETBank, allowing customers to deposit savings into these bank through this e-Wallet.
AirPay is a product of AirPay Joint Stock Company, and is also one of the products in the ecosystem of the company that owns Garena, Ocha, Foody, Now Delivery and Shopee. AirPay e-Wallet can meet many of customers’ payment needs from recharging and withdrawing in accounts, top-up, paying financial services and utility bills such as electricity, water, internet, cable TV as well as other entertainment services with high security. Built on the foundation of the modern PCI DSS technology and security standards, AirPay ensures that all personal information, banking information and payment information of users are always kept confidential. All operations of logging in to the wallet and making transactions require passwords and verification codes.
AirPay users can transfer money to other accounts by entering the phone number of the receiver, or to make electronic payment for daily utilities such as electricity, water, internet, and cable; buy air or train tickets, or movie tickets; or use AirPay to make payments at Airpay acceptance points.
The 2019 annual report of SEA Group states that the company directly owns 30% of the Vietnam Esports and Entertainment JSC (Esports - also known as Garena Vietnam), 18% of the Airpay JSC and 100% of the Shopee Company Limited (Shopee Vietnam). However, the Singaporean Group, in fact, has full control with 100% interest in both Esports and Airpay.
Since apps like Shopee, Now, or Garena, etc. all come from the ecosystem of SEA Group, they have policies to support and encourage customers to use Airpay e-Wallet. For example, for customers using the online shopping app Shopee, each account will be provided with 6 free shipping vouchers per month, 2 of which apply to all forms of payment (COD, payment by credit card, debit card, or AirPay Wallet). The remaining 4 free shipping vouchers only apply to order paid by Airpay e-Wallet. In addition, there are many cheap flashsale items and many discount vouchers on Shopee that only apply to accounts using AirPay Wallet for payment. Also, many discount codes for top-up or paying bills on Shopee are only applicable to Airpay Wallet users. Now, a food delivery service app, regularly has hot promotions and exclusive discount for orders paid through Airpay Wallet. It can be said that most of Airpay e-Wallet transactions currently come from users of applications coming from the same ecosystem of SEA Group.
ZaloPay is owned by Zion Company Limited of VNG Group, integrated with the community of 70 million Zalo users. Because Zalopay was built from the most popular messaging app in Vietnam, Zalo, it develops rapidly and has a large advantage in participating in the market.
ZaloPay has many unique features such as quick money transfer (transaction takes only 2 seconds), payment by scanning QR code, money withdrawal from ATM cards linked to this e-Wallet, etc. At the same time, it also serves users’ needs to make online payment as the other e-Wallet, including mobile top-up, electricity, water, or internet payment, etc.
While Airpay has a unique position on Shopee due to its the ecosystem of SEA Group, ZaloPay is, currently, promoting cooperation with Tiki, Lazada and Sendo, the three biggest competitors of Shopee on the e-commerce market, to attract users. When customers purchase on the above e-commerce sites, ZaloPay is an effective method of payment. The e-Wallet not only helps customers to enjoy the convenience and safety of making online payment but also brings them many discount vouchers. The partnership of ZaloPay with these e-commerce platforms really brings many benefits to consumers, while stimulating more people to use the service of both ZaloPay and the e-commerce companies.
Compiled by Vietnam Credit
