MoMo is a digital wallet that stores user payment card and financial information in one place on their smartphone. MoMo can be used at over 200 million merchants around the world, for online purchases and anywhere contactless payments are accepted, including retail stores, restaurants, bars, and taxis. MoMo can also be used at ATMs or vending machines that accept contactless payments.
MoMo charges merchants nothing to accept payments – it's 100% free for them! However, there are some fees associated with using MoMo as a consumer:
Users can either load money into their MoMo wallet, or link their digital wallet directly to their bank account or payment cards. To make a payment, the user verifies their identity in the app, and can then pay with a QR code or by tapping the merchant’s payment device.
MoMo uses state-of-the-art security features that ensure transactions are safe and secure at all times. The app also has fraud protection measures, including biometric readings and facial recognition, in place to protect users from fraudulent activity or identity theft while using the platform.