Online Mobile Services Joint Stock Company (Vietnam)

The subject gets involved in providing online payment and money transfer services through electronic wallet application named "MOMO". Over the development, MOMO has built up a strong position in the field of online payment in local market.According to Appota's report, Vietnam had about 30.8% of total population with bank accounts, ranking at 6th in Southeast Asia. In 2020, total online spending in Vietnam reached an average of USD 280 per person, down 9% compared to 2019. Accordingly, transactions via mobile POS accounted for more than 21%. Online transactions took up nearly 80%.Since 2020, government has stimulated cashless payments, especially under impact of COVID 19 pandemic. Leading e-wallets benefit from change in consumer's payment habit. Besides, e-payment sector absorbed large number of active startups (about 31% of 121 fintech startups in Vietnam), twice as much as P2P lending sector (16%). In Jun 2021, MOBIFONE officially launched MOBIFONE PAY e-wallet.In Sep 2020, MOMO e-wallet announced 20 million individual users, becoming e-wallet with highest users in Vietnam. The subject also led the market about number of application downloads. In Vietnam, MOMO, VIETTELPAY, AIRPAY and ZALOPAY are mostly recognizable e-wallet brands.With cashless payment habits formed during the pandemic, JP MORGAN forecasts that only 15% of e-commerce transactions will be paid in cash. Instead, bank transfer (30%) and card payment (29%) will be most popular forms. E-wallets will also be favorable option (22%) by the end of 2023.