The MoMo e-wallet has a total of 20 million users 10 years since its debut in the Vietnamese market, its developer M_Service has announced.

Executive Vice Chairman and Co-founder of MoMo Nguyen Ba Diep speaks at an event (Photo: nguoidothi.net.vn/)

The e-wallet posted a record high in user growth in the 2015-20 period, surging 20-fold from just 500,000 five years ago. Notably, the number of its users doubled from 10 million in the start of 2019.

Nguyen Ba Diep, Executive Vice Chairman and Co-founder of MoMo, said the mark demonstrates a positive signal for the fintech sector and the development of cashless payment in Viet Nam.

The achievement is attributed to the Government’s policies bolstering cashless payments and close cooperation of partners and banks, he added.

Established in 2007, the M_Service launched the MoMo e-wallet three years later. It is viewed among pioneers of Viet Nam’s fintech and digital economy, forging partnerships with 25 commercial banks operating in Viet Nam.

With over 20,000 domestic and foreign partners, MoMo has been accepted in more than 100,000 points of sale across the country.

It is also the first e-wallet to be linked with the national public service portal.

New features with the integration of Big Data and artificial intelligence are set to be introduced to Vietnamese users in Q4 2020, according to the developers.

Source: VNA