Moca wallet with a full name is a prominent Moca e-wallet with functions to help users pay shopping costs at stores, supermarkets, shopping centers, pay taxi fares, pay telephone charges. later, recharge phones, buy phone scratch card codes, pay TV bills, internet …

I. OVERVIEW:

Currently, Moca wallets are well known for using Grab’s services. Moca wallet is used to pay online when you complete the Grab trip. Instead of paying with cash, you can pay instantly online with GrabPay by Moca without having to download the Moca application to your device.

Notable features of Moca wallet:

• Fast, convenient: With Moca wallet, you can conveniently pay for linked services at any time without cash.
• Modern and professional: Minimize the need to bring an ATM card to pay or share account information with a seller, with Moca wallet you just need to use your smartphone to pay. .
• Diversified utilities: Parallel development with other electronic wallets in Vietnam market such as MoMo, ViettelPay, AirPay … Moca wallet brings more convenient services, optimally supports the needs of users such as Payment of taxi charges, Online payment, Top up phone, Bill payment.

II. BUSINESS OPERATION:

1. MARKET’S DEMAND:

The research results show that the indicators of frequency of use and average daily spending value of popular e-wallets are high. Specifically, users spend on average 230,000 – 274,000 VND / transaction, with a frequency of about 1.6 – 2.2 transactions / day. In particular, Moca users currently have the most frequent use of wallets. On average, Moca users perform 2.2 transactions per day, higher than MoMo users with 2 transactions and ZaloPay users with 1.6 transactions. In terms of transaction value, MoMo users have an average daily spending of VND 520,000, followed by Moca users with an average daily transaction value of VND 506,000 and ZaloPay of VND 441,600. In Vietnam, the ratio of non-cash payments to the total means of payment is only 14%, according to the Government and the State Bank of Vietnam.

This context has created a potential playground for e-wallet brands to develop and gradually change the cash payment habit of the majority of Vietnamese people, thereby contributing positively to bringing Vietnam towards The economy does not use cash according to the Government’s orientation. In the increasingly complicated situation of the Covid-19 epidemic, the State Bank of Vietnam also advised people to limit cash use and increase the use of online payment services to reduce the risk of infection. . Non-cash payment methods, including electronic wallets, will become an increasingly popular payment trend for many users.

2. MARKET TREND:

The results were published by Cimigo, a market research company, based on a survey of 505 customers in Ho Chi Minh City and Hanoi who used at least one e-wallet in the fourth quarter of 2019. The most popular e-wallets on the market are currently used to recharge phones, transfer money, pay recurring bills, pay food delivery services and technology car reservations.

Momo, Moca and ZaloPay are rated as the 3 most commonly used e-wallets in 2 main cities of Vietnam, these 3 wallets account for 90% of the market share of e-wallet users. Users of e-wallets often top up phones, transfer money, pay recurring bills, pay food delivery services and technology car reservations.

The reason for this score was satisfied from customers with different wallets. Accordingly, “Few errors at checkout” impacted the most on user satisfaction for Momo and Moca wallets, while “Ease of use” factor plays a key role in user satisfaction with ZaloPay. Also in these 3 wallets, Moca users are more willing to recommend the brand, with a score of 8.6, slightly better than ZaloPay and Momo, respectively, with 8.5 and 8.3 points.

In terms of user engagement, Moca is currently the leading e-wallet with 95% of Moca customers saying that they will continue to use this wallet even without promotions. This rate of Momo is 89% and ZaloPay is 84%.

3. ESTABLISHMENT:

The time to cherish the project is in 2013, from that period to 2015 the biggest challenge is no market. It seems that Vietnamese people are not interested in electronic payment, while the capital is “devoured” into the model a lot.

Founded in 2013, Moca is a free mobile payment application. Moca was licensed by the State Bank of Vietnam in 2016 and is currently a partner of 11 domestic banks. In September 2018, Moca signed a cooperation agreement with Grab to deploy Grabpay by Moca, an electronic wallet integrated into Grab’s ride-hailing app in Vietnam. This partnership aims to exploit the strengths of both sides: Grab chose Moca because of its domestic market knowledge and payment service license, while Moca will increase its attractiveness when integrated into Grab. Grab is an investor in Moca.

At that time, CEO Nam Tran had to think about the plan to sell his home so that he could continue to finance his dream. “After I had the money, I started to work hard at the banks, shaking hands with Grab. My goal is to work with big players in the market to change consumer behavior from traditional payment to mobile payment, ”Mr. Nam shared.

Mr. Nam realized this market when he said that one day people touch a smartphone 800 times, it is an opportunity for Moca’s product model to reach users and change user behavior. mobile. “The first time cherished products, extremely difficult. Moca does not set a goal to be rich, not a unicorn, not a million-dollar target but simply wants the mobile market to become a successful market for its users. The way we embark with Grab is the logical choice for our path to change the behavior of consumers the fastest, ”Mr. Tran Thanh Nam emphasized.

Since the beginning of 2017, McDonald’s Vietnam has officially launched and widely used in the mobile payment application restaurant system Moca. This application helps customers reduce queue time at the counter and shorten the payment time when not using cash or swipe cards.

According to Mr. Nam, in the first 6 months of 2019, Moca is traveling at a fast pace, returning to the growth performance road because of joining Grab’s ecosystem. Millions of consumers use Moca’s payment technology for ease of use. However, the challenge for Moca is to both have a seamless system in different markets, and to have unique ones for each market.

III. ACHIEVEMENTS:

In 2018, Moca Technology and Services Joint Stock Company (Moca) has just received the Typical Fintech Company Award 2018. This is the second time Moca is honored to receive this award, once again acknowledging closing. Moca’s contribution to the development of financial technology (fintech) and cooperation between Fintech and banks in Vietnam.

In particular, in September 2018, Moca officially announced a strategic partnership with Grab to promote cashless payments on Grab platform in Vietnam. It is estimated that through the partnership with Grab, Moca has nearly 200,000 payment acceptance points that are Grab’s driver partners; The number of Moca e-wallet users increased to about 1 million and about 5 million users of Moca mobile payment solutions in general.

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