Technology

Creating a MoMo account and essential information about transactions on this app

Creating a MoMo account enables you to conveniently top up, transfer money, and make online payments. MoMo is the first financial application in Vietnam that allows users to send and receive money through their phone number with lightning-fast speed. This article will guide you on how to install and create a MoMo wallet on your phone.

Administrator

8 March, 2024

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Electronic wallets have become quite popular with consumers in today’s digital age. One of the most popular e-wallets today is MoMo. Let’s learn about this e-wallet and how to create a MoMo account in this article.

What is MoMo e-wallet?

MoMo is a mobile e-wallet application that allows you to create a MoMo account and experience one-touch payments such as:

Instant money transfer: Transfer money from your MoMo wallet for free, just with the recipient’s phone number. In addition, it’s easy, fast, and secure to withdraw money to 45 domestic banks. Receive money instantly anytime, even on holidays or weekends.
Top up mobile credit: You can buy and top up mobile credit for all networks including Viettel, MobiFone, Vinaphone, Vietnamobile, and Gmobile with discounts up to 4%.
Top up 3G/4G data: Viettel, MobiFone, and Vinaphone provide various data packages.
Bill payment and services: Pay bills such as electricity, water, internet, cable TV, public services, medical fees, insurance, apartment fees, consumer loans, installment loans, etc. Manage expenses, save receipts, and get automatic reminders when payments are due.
Movie ticket purchase: Buy movie tickets at discounted prices at all cinema chains including CGV, Lotte Cinema, Galaxy Cinema, BHD Star Cineplex, Cinestar, Mega GS, and DCine.
Non-cash payment: Pay with QR code when shopping at convenient stores, supermarkets (Circle K, Ministop, FamilyMart, Co.opmart, LOTTE Mart…), and food and beverage chains (The Coffee House, Phúc Long, Gogi House, Kichi Kichi…).
Apple services payment: Pay for all Apple apps, games, music, movies, books, increase iCloud storage, and pay for Apple services with MoMo e-wallet.
Booking and travel services: Book flights, trains, or convenient vehicles. Search and book hotels and popular destinations.
Top up and withdraw money from linked banks: Directly link with 25 reputable domestic banks. In addition to topping up from linked banks, you can top up from domestic ATM cards via the Napas gateway of all banks and international payment cards such as Visa, MasterCard, and JCB. Top up and withdraw money at transaction points nationwide such as Circle K, Ministop, Viettel Post, FPT Shop, and over 4000 MoMo transaction points.

How to create a MoMo account

Create a MoMo account with these 7 simple steps:

Step 1: Download the CH Play or App Store app depending on whether your phone runs on Android or iOS.

Step 2: Select the installation.

Step 3: After the download is complete, the app will automatically install on your phone.

Step 4: Open the app, enter your phone number, and click Continue.

Step 5: MoMo will send an OTP verification code to your registered phone number. Enter the received OTP code and click Continue..

Step 6: Enter your password and click Confirm.

Step 7: To verify and protect your account, you need to enter your name and email, select Confirm when you finish entering.

Learn more:

Guide on how to change your MoMo phone number easily

Notes when using MoMo wallet

Although MoMo e-wallet is certified with global security standards such as PCI DSS, there are some things to note when using MoMo to protect your account:

Do not provide MoMo OTP code and password to anyone.
Do not share your bank account information and password.
Do not provide your phone number, ID card number, or account information on social media.
Do not use easily guessable passwords such as birthdays or phone numbers. Remember to change your password regularly.
Do not let others use your MoMo account.
You can also contact the MoMo Support Center for timely assistance.

Frequently asked questions when using MoMo wallet

Does using MoMo incur fees?

Using MoMo for transactions such as money transfer, mobile credit top-up, bill payment/services, etc. is free. MoMo wallet does not require a minimum account balance and does not charge account opening fees or any other additional fees. However, there are fees for certain services as follows:

If you use an international card (Visa/Master/JCB) for payment, MoMo wallet will charge a fee of 2,200 VND plus 2% of the transaction amount.
When withdrawing money from the MoMo wallet to a bank account or at MoMo wallet transaction points, a corresponding fee will be charged.

Is the money in MoMo wallet real money?

The money in your MoMo wallet has the same value as real cash and is guaranteed 100% by partner banks. You can easily deposit and withdraw money from your MoMo account through linked banks.

In addition, you can convert MoMo balance into cash at MoMo transaction points and partner systems such as The Gioi Di Dong, Ministop,…

Daily transaction limit of MoMo wallet

MoMo wallet linked with cards or bank accounts have certain limits, such as:

The maximum wallet balance is 50,000,000 VND per day.
The maximum amount that can be topped up into the wallet is 50,000,000 VND per day, and the maximum amount that can be withdrawn from the wallet is 30,000,000 VND per day.
There is no limit to the number of transactions.

If your MoMo wallet is not verified with a bank account, you cannot use the money in the wallet.

The following regulations apply to MoMo wallet accounts successfully linked with international cards: VISA, Mastercard, JCB.

Customers can deposit up to 5,000,000 VND per day from a debit card into the wallet.
For credit cards, customers can only use the card for payment activities and cannot top up the wallet.

Discounts when paying with MoMo

You will always receive discounts on transaction values when using MoMo wallet to purchase mobile credit. The discount rate is 3% for Viettel and 4% for Mobifone, Vinaphone, Vietnamobile, and Gmobile.

Whether there are discounts for other services on MoMo payments depends on the service provider and may change over time.

In conclusion

FPT Shop has provided a guide on how to create a MoMo account and information you need to know about this application. With its conveniences, we hope you can consider using it appropriately and safely.

Guide on how to receive money on MoMo without linking a bank account
Can I recover my MoMo account if I lose my phone number? Solutions when losing the phone number registered for MoMo

5G supported smartphones

Frequently asked questions

Creating a MoMo account is simple and can be done in 7 easy steps:

Download the CH Play or App Store app, depending on your phone’s operating system.
Select the installation option.
Once downloaded, the app will install automatically.
Open the app and enter your phone number, then click Continue.
Enter the OTP verification code sent to your registered number and click Continue.
Enter your chosen password and click Confirm.
For added security, enter your name and email address, then select Confirm.

While MoMo is certified with global security standards like PCI DSS, it’s important to take certain precautions to protect your account. These include not sharing your OTP code, password, bank account details, or personal information with anyone. Use strong passwords and change them regularly. Additionally, avoid using your MoMo account on public devices or unsecured networks.

Using MoMo for transactions such as money transfers, mobile credit top-ups, and bill payments is free. There is no minimum account balance required and no account opening or additional fees. However, there are fees for certain services, such as using an international card for payment (2,200 VND plus 2% of the transaction amount) and withdrawing money from your MoMo wallet to a bank account or transaction point.

Yes, the money in your MoMo wallet holds the same value as real cash and is guaranteed by partner banks. You can easily deposit and withdraw funds through linked bank accounts and convert your MoMo balance into cash at MoMo transaction points and partner systems.

There are certain limits for MoMo wallets linked with cards or bank accounts. The maximum wallet balance is 50,000,000 VND per day, and the same amount can be topped up daily. The maximum daily withdrawal amount is 30,000,000 VND. There is no limit to the number of transactions you can make.

Yes, you will receive discounts on transaction values when using MoMo to purchase mobile credit. The discount rate varies depending on the network, with 3% for Viettel and 4% for Mobifone, Vinaphone, Vietnamobile, and Gmobile. Discounts for other services may be offered by the service providers and can change over time.