MARKETING PLAN: MOMO E-WALLET

I. Project Summary

Building a brand to develop into a strong brand, leading in a field is the core issue, expressing the
ambition of enterprises in production and business activities and competition in the market in the
context of international and regional economic integration is increasingly extensive today.
Branding is the best way to create and reach out to customers' desires. Established in 2007,
M_service is one of the pioneers in the field of providing mobile payment solutions, with the
desire to bring more value and convenience to people, M_service launched Momo e-wallet
application, allowing users to access hundreds of different utilities on its application, contributing
to promoting the trend of "cashless". With Momo’s position as the first e-wallet in Vietnam with
the highest market share at 68%, along with awareness of up to 97%, this project aims to build and
expand the network of transaction points with specific policies for transaction points to encourage
people to make transactions; in order to increase sales and find new customers for Momo e-wallet,
help the target audience know about MoMo's brand and services by communicating activities to
customers in the future.

This article not only reviews and evaluates the influencing factors, but also above all provides a
base system, information as well as a specific strategy to help Momo accomplish the set goals.
Specific content will be presented in the marketing plan mentioned below.

II. Environmental Analysis

A. Marketing Environment
1. Natural Environment:
In addition to the fact that urban centers have been directing people to cashless purchases and QR
codes to help businesses accept cashless payments, limiting exposure to infection in the
community in the context of the Covid-19 pandemic has made it difficult for people to access
goods and services in the old way and gradually switch from direct shopping to online forms. This
is a big turning point for the development of payment gateways and e-wallets when paying online,
causing the rate of this form of payment to increase for e-wallets in general and Momo in
particular.
2. Company resources and goals:
2.1. Resources
- MoMo e-wallet is an electronic wallet with strong resources, established and operated by
M_Service Joint Stock Company and is a pioneering electronic wallet in the field of financial
technology. MoMo is the number one e-wallet company in Vietnam, one of the largest and
 fastest growing Fintech applications in the world. MoMo's award-winning super app platform
is trusted and loved by tens of millions of users and business partners for its ease of use,
attractive design, and robust ecosystem. Currently, MoMo has more than 1,600 employees with
its headquarters in Ho Chi Minh City and offices in Hanoi and Da Nang.

- MoMo links directly with 38 domestic and international banks, providing services to more than
90% of people with bank accounts across the country, building its own ecosystem with more
than 10,000 agents, 30,000 partners business, and has about 31 million users with more than
140,000 payment points across the country.

- In 2020, MoMo successfully raised capital with a total charter capital of more than 130 billion
VND with 66% foreign ownership.

- In January 2021, M_Service Joint Stock Company (MoMo) announced the completion of the
fourth round of funding (Series D) from the world's leading investors. Accordingly, this
application has new investors such as Goodwater Capital, Kora Management and Macquarie
Capital and investors who are existing shareholders Warburg Pincus, Affirma Capital and
Tybourne Capital Management. This funding round is led by Goodwater, a financial
investment fund from Silicon Valley (USA) and Warburg Pincus.

- In December 2021, MoMo announced the completion of the 5th round of funding (series E).
The company has received approximately $200 million worth of investments from global
investors including Mizuho, Ward Ferry, Goodwater Capital and Kora Management.

2.2. Goals

MoMo always sets goals:

- Increase the number of people knowing about charity programs/situations and features on
the MoMo e-wallet platform, and participate in the development and implementation of
communication, PR and marketing programs about features associated with charity
activities.
- Help develop new features based on user needs and feedback.
- Building a network of financial service providers with tens of thousands of transaction
points nationwide to increase sales and find new customers.

Momo aims to become a national leading e-wallet application that will foster the development
of a cashless economy by providing its customers with a one-touch payment. The company’s
target is to become Vietnam's No. 1 Super App for e-wallets, develop MoMo to become a
multi-sector ecosystem of super apps, including: money transfer, payment, financial services, e-
commerce death, entertainment, travel - experience, shopping, transportation, food service,
charity donation,... anytime, anywhere; developing end-user customers on a national scale;
develop a network of partners, online, offline, online to offline channels on a national scale to
meet most of the needs of Vietnamese users' lives.
 3. Competitive Environment

With more than 40 e-wallet providers, competition in the Vietnamese market is fierce. According to
the latest research by Cimigo, MoMo, Moca, and ZaloPay are the top three most popular e-wallets in
Vietnam's two major cities, accounting for more than 90% of the total market share. This study is
being undertaken to examine the three brands and demonstrate the rivalry that MOMO faces in the e-
wallet business.

MoMo Zalo Pay Moca

History
MoMo e-wallet is an
application developed by
Service Joint Stock
Company. On June 14,
2014, Online Mobile
(abbreviated M_ Service)
was released as a mobile
app.
ZaloPay is an e-wallet
platform and online
payment system created in
2016 by ZION Joint Stock
Company.
Moca was launched in
2013 with a focus on
mobile payment via QR
codes. Users open a Moca
account, which includes an
e-wallet that accepts credit
and debit cards such as
Visa, MasterCard, and
JCB.

Application

Main color: Purple --> Main color: Blue and

Mixture of red and blue.
Purple stands for the ability
to balance and stabilize, as
well as representing
loyalty, and is a color for
apps that want to be
different and strongly
identify.
Green -->
Blue indicates financial
security and trust. While
green means growth,
maturity, and a promising
future
Main color: Blue --
>Means protection and
financial security, a sense
of dependability, and trust.
Blue is often chosen to
convey stability and evoke
trust in customers.

Type of service MoMo offers services such
as money transfers between
Momo accounts,
withdrawals and deposits,
bill payments, e-commerce,
personal finance, and so
forth. Furthermore, MOMO
is Vietnam's first e-wallet
ZaloPay allows customers
to pay online for internet
services, electricity bills,
and recharge phones for
prepaid subscribers, cable
TV... If friends use
ZaloPay, ZaloPay can
identify them in their
Moca, which has a
strategic alliance with
Grab, has swiftly become
a major player in the e-
wallet competition.
Moca, with its cleverly
designed QR code,
enables users to pay at
 that allows users to contacts, making money authorized spots such as
withdraw money from their transfers and transactions convenience stores,
MoMo account. with pals faster. commercial centers,
eating establishments, or
to hire a car on Grab.

Moca has approximately 5

Users and Partnerships The app has over 31 In 2021, this app has 6.9 million customers of
million users, and 50,000 million downloads and 8.17 Moca mobile payment
corporate partners million users. It has solutions in general as a
including the 25 biggest collaborated with 269 new result of its cooperation
banks in VietNam. key partners, including with Grab.
Through the MoMo e- Baemin, Tiki, and Sendo...
wallet, millions of Moca currently has direct
transactions are processed connections with 25
through MoMo Wallet commercial banks and one
every day. digital bank, allowing it to
serve about 92% of ATM
card users in Vietnam.

Media channels National television Website Website

Website Youtube Youtube

Youtube Facebook Facebook

Facebook

Important Awards -In March 2018: MoMo
was named one of the top
100 Fintech firms in the
world
-January 10, 2019: MoMo
is named "The e-wallet of
the year" by The Asian
Banker.
-9 April 2020: MoMo was
named Best Digital Wallet
Product at The Asian
Banker Vietnam Awards
2020.
- In 2019: ZaloPay
earned the Vietnam
Typical Electronic Wallet
Award
- On August 27, 2020,
ZaloPay e-wallet was
rewarded in the category
of "E-wallet with the rich
ecological system" as a
result of the "Vietnam
Iconic E-Wallet 2020
Voting Program."
The International Data
Group (IDG) in
partnership with the
Vietnam Banks
Association recognized
Moca as the typical
fintech business in 2020.
Moca is also the only
Fintech in Vietnam to
receive this honor four
years in a row, beginning
in 2018.

4. Cultural and Social environment

- Rural areas are being targeted by many Fintech companies in the future.
- According to a summary from the Digital marketing report of 2019 by WeareSocial and
Hootsuite, among 64 million Internet users in Vietnam, the number of users using mobile devices
is 61.73 million people (accounting for 96% of internet users). Besides, according to 2019
statistics, the percentage of Vietnamese people using the Internet daily is 94% and 6% is the
number of people who use the Internet at least once a week. Through statistics, it can be seen that
Internet users in Vietnam do not separate from Internet-related activities for more than a week.
That shows a great opportunity to increase the number of e-wallet users in the future.
- According to Asian Banker Research, it is expected that in 2020 in Vietnam, the total number
of e-wallet users is expected to exceed 10 million people.
- E-wallets are increasingly becoming a familiar form of payment for consumers today. In 2018,
Vietnam's Internet payment had a growth rate of 33.6% in terms of items and 19.5% in terms of
amount compared to 2017. Mobile payments achieved even more impressive growth, with 41.4%
in number of items and 169.5% in amount compared to 2017.
- Vietnam is also moving towards a 90% cashless economy by 2020 by reducing cash
transactions and increasing electronic payments. Accordingly, at least 50% of total households in
the city will use electronic payment services for daily transactions by 2020.
- By the end of October 2019, MoMo is a direct affiliate partner of 16 banks, currently having
about 8 million users in Vietnam, the goal is to increase to 16 million users by the end of 2019.
Based on the level of popularity, from the subscriber data and market share announced by e-wallet
businesses themselves, MoMo is currently the e-wallet with the largest and most popular market
share in Vietnam. In terms of transaction volume, MoMo has more than tripled in 2018. MoMo
has also reached 200 million transactions/year with a total payment value of $1.2 billion/year
(Thuy Dieu, 2019).

5. Economic Environment:

5.1/ The situation of digital economy development in Vietnam

Vietnam's digital economy, according to international organizations, has made rapid and promising
developments compared to the region and the world.

According to the e-Conomy SEA Report 2020, Vietnam's Internet/platform digital economy
component alone has reached 14 billion USD, placing the country third in ASEAN.
 Because of its robust telecommunications and IT infrastructure, wide coverage, and high user
density, Vietnam's digital economy has risen rapidly. For the first time in history, Vietnam is
participating in the fourth industrial revolution, the digital transformation revolution, and we have an
excellent opportunity to break through and get ahead. With a large population, a golden population
structure, a strong digital workforce, and a large number of Internet and smartphone users, Vietnam is
a large market with a lot of possibilities for innovative business models. Covid 19 is a global calamity,
but it is also a century-long push for digital change and economic prosperity.

However, the legal and institutional system in Vietnam has not created favorable conditions for the
development of the digital economy; the insufficient implementation of programs and policies to
develop the digital economy; digital skills and digital human resources have not met the requirements
of the digital economy; and enterprises' weak digital transformation capacity.

The opportunities and challenges for the development of Vietnam's digital economy as described
above pose an urgent need for a strategy to guide and guide the Government.In June 2020, the Prime
Minister identified digital transformation, development of the digital economy and digital society as
the strategic focus of our country in the coming period, and set very high and specific goals by 2025,
including: : digital economy accounts for 20% of GDP; the proportion of the digital economy in each
industry or field shall reach at least 10%; annual labor productivity increase by at least 7%; fiber optic
broadband network infrastructure covers over 80% of households and 100% of communes;
universalization of 4G/5G mobile network services and smart mobile phones; Vietnam is in the group
of 50 leading countries in the information technology index (IDI) and the competitiveness index (GCI).
5.2. E-commerce in Vietnam

E-commerce is one of Vietnam's digital economy's fastest-growing sectors. E-commerce is an

unavoidable business and consumption trend associated with the advancement of Internet technology
and business service development to meet consumer needs. According to the Vietnam E-commerce
and Information Technology Agency (VECITA), e-commerce in Vietnam is growing at a 35% annual
rate, which is 2.5 times faster than in Japan. Vietnam's online retail sales totaled US$6.2 billion in
2020, more than doubling from the previous year. The number of people participating in online
shopping in Vietnam has steadily increased and now stands at 40 million. This means that one out of
every two people buys something online..

5.3 Digital Payment Trend:

With the expansion of the Vietnamese e-commerce sector comes the expansion of digital payment
methods. The COVID-19 pandemic has made digital payment services, particularly e-wallets, the
"new normal" for many of Vietnam's highly connected consumers. In 2020, there were approximately
19.2 million mobile wallet users in the country, with the number of users expected to nearly triple
between 2020 and 2025. According to a survey conducted in 2021, e-wallets were used by nearly
60% of respondents across Vietnam. This rate was significantly higher in larger cities like Ha Noi
and Ho Chi Minh City.

According to the Summary of Vietnam Digital Advertising 2018-2022, the use of popular e-wallets in
Viet Nam's major cities is significant. According to the city's e-wallet usage in the previous three
months in 2021, 64% of Hanoi people surveyed used e-wallets, 68% in Ho Chi Minh City, 42% in
other provinces, and 59% across the country. According to Statista, the number of mobile wallet
users in Vietnam reached 19.2 million in 2020, and the number of mobile wallet users in Vietnam is
expected to reach 57 million by 2025.
 5.4 Leading e-wallets in the Vietnamese market:

In recent years, in the Vietnamese market, financial technology companies (Fintech) have competed
fiercely for this lucrative market share by launching a series of e-wallets brands such as Momo,
Samsung Pay, VTC Pay, Bank plus, Payoo, ZaloPay, 1Pay, AirPay,...

With nearly 40 different e-wallets, 6 prominent e-wallet brands include Momo, ZaloPay, ViettelPay,
Shopee Pay, Moca, and VNPTPay. According to the report from Statista, Momo is the most popular
mobile wallet brand in Vietnam 2020, account 53% of the market shared; the following mobile wallet
brands are ViettelPay (25.2%)l AirPay (10.6%); ZaloPay (5.3%); Others (4%); GrabPay (2%). The
research conducted in October among e-wallet users nationwide of 589 respondents shows that Momo is
the most popular e-wallet brand in Vietnam, shared by 86% of respondents; ZaloPay (64%); ShopeePay
(AirPay) (48%); ViettelPay (45%); Moca (20%); VNPT Pay (12%).
 Momo is a prominent e-wallet popularly used by Generation Z (54%), Millennials (59%), and GenX
(47%) according to the chart, with ZaloPay being the second most popular app in the GenX group and
ShopeePay being the most popular app in the GenZ and Millennials groups (AirPay). MoMo
demonstrates its strength once again by diversifying its services, payment utilities, and affiliate
partners. Following a World Bank survey conducted in 2021, Vietnam will be among the top three
countries in Asia, with 29.1% of mobile payment app users accounting for 29.1% of the market share.

6. Political and legal environment

- In Vietnam, according to current regulations, a prerequisite to become an e-wallet service

provider - must be an organization providing intermediary payment services. This organization
may be a bank or a non-bank but must be licensed by the State Bank to operate in the field of
providing intermediary payment services. In addition, for organizations that are not banks, other
conditions must be met such as: must have an establishment license or an enterprise registration
certificate provided by a competent state agency; has an approved business plan for intermediary
payment services following regulations on investment competence in the organization's operating
charter; has a minimum charter capital of VND 50 billion; meet the conditions of personnel,
facilities and technical infrastructure.
- As of December 2019, there are 32 non-banking organizations that have been licensed by the
SBV to provide intermediary payment services. Most of these units provide e-wallet services,
electronic payment gateways, support for collection and payment, and electronic money transfer
(Hong Ha, 2019).

7. Technological Environment:
Over the years, digital service providers have continuously improved their systems to
reach more clients. There have been several trends that these providers have followed from the
past to the present. These driving forces have shaped the digital wallet industry to be more and
more convenient and useful for its customers.
 Digital wallets were originally created to offer customers another means of payment.
Instead of using cash or credit cards, digital wallet users can just do it by holding their phones out
to a card reader. This technology allows quicker transfer with fewer steps as well as more
security.
Nowadays, there are more than one force driving the development of digital wallets. These
services can now replace traditional wallets in different ways, from buying tickets to investing in
stocks. Companies like Apple, Samsung, and Google, who offer the operating systems for such
devices, have emerged as some of the major participants in digital wallets as digital wallets have
grown more integrated into our smart gadgets. While payment systems like Paypal, Venmo, and
Cash App, which provide digital wallets to their clients, have developed into some of the largest
financial firms in the world, retailers like Alibaba and Walmart have also gotten involved.
Digital wallet providers are rapidly upgrading and diversifying their services. One of the
key factors of using e-wallets is asset types and methods of payment. Being a mix between a
storage and a transaction medium, a digital wallet can be a closed, semi-closed or open wallet
application, referring to whether it can perform transactions with different services or banks.
Digital wallets all over the world also involve centralized and decentralized storing systems.
Regarding accessing customers’ assets, nowadays digital wallets allow mobile, web, Internet of
Things (IoT) and crypto access. These are just a few of the services digital wallets currently
provide.
Nowadays, Momo e-wallet offers over 200 different features, ranging from money
transfers, saving with interest, to making donations or taking loans. Advertising itself with
multiple features, great ease of use, nation-wide popularity, and world-class security, Momo e-
wallet is considered ahead of the technology race compared to its direct competitors in Vietnam.
In the future, it is expected for the digital wallet industry to further improve its customers’
experience. The most mentioned development opportunities include global access, great user-
experience through high security and diverse customization options, etc.
B. Target Market
In the period of 2020 - 2027, Vietnam has become one of the world’s most rapidly growing in
digital transactions, at 30.2% per year. According to the National Bank’s statistics, nearly 70% of
Vietnamese adults own bank accounts, however, there are only 13 million digital wallet accounts.
Nowadays, 80% of the Vietnamese population still uses cash for their daily purchases; 98% will
use cash to pay for transactions under 100,000 VND. In reality, about 59% of the Vietnamese
population is not familiar with digital wallets. However, the return rate of people that have already
used an e-wallet is around 77%, which is considered high.
MoMo doesn't extend out across all market segments since they are aware of their strengths and
shortcomings; instead, they pick the one that best suits them. People with modest incomes or those
who work away from home are included in this target category. They don't need a high limit when
it comes to remittance needs.
The target consumer group of Momo e-wallet has similar demographics, educational attainment,
socioeconomic status, psychological and behavioral make-up, etc. as follows:
Demographics: Those using the MoMo e-wallet are unskilled laborers who are between the ages
of 18 and 45 and are working away from home.
Education: The majority of MoMo users are either students or those with a high school education.
Income: At least 3-5 million VND, preferably more.
Behavior: They are either the income source for their family or are under the care of their family.
This leads to more frequent transactions.
III. SWOT analysis

3.1 SWOT

STRENGTHS:

High brand awareness:

MoMo is one of the first developers of Fintech (financial technology) services in Vietnam. With
the leading advantage, MoMo has always been the brand that occupies the "top of mind" position
of consumers.

Provide convenient service:

Momo is currently available on the two largest operating systems, IOS and Android, so anyone
can download and use the Momo e-wallet. Currently, Momo has cooperated with major partners
such as FPT Shop, Circle K, Ministop, Cheers, F88, etc., allowing users to deposit/withdraw
money directly at more than 4000 transaction points.

Integrate many services:

With the ambition of becoming a "super application" - where users can access a variety of support
services that help in everyday life. Momo currently provides services such as movie ticket
booking, hotel booking, airline ticket purchase, bill payment, financial investment, etc.

Effective customer retention strategy:

Momo encourages customers to raise their “trust scores” to receive exclusive benefits. By
performing transactions and other tasks, users receive the benefits such as: Discount when buying
insurance; Increase your savings limit with the “magic bag”; Increase postpaid wallet limit and
loans.

WEAKNESSES

Limited coverage:

Momo's usage locations are mostly in big cities and provinces. This makes many people in rural
areas not have access to direct deposit/withdrawal methods. At the same time, in rural areas, there
are not many shops accepting payment via Momo.

High service fee:

Momo’s users can transfer money without fees only when they transfer within the app. For
transferring money or withdrawing money to the bank, Momo offers a free transfer limit, when
used up, users will have to pay a fee of up to 0.6% of the transaction value.

OPPORTUNITIES

Increasing demand for e-wallets:

 In recent years, it is clear that the demand for online payments is increasing. To explain this we
need to consider the shift between generations of consumers. Gen Z will be the key consumers in
the near future. For this generation, they are often quick to accept change and development,
especially technology. With the conveniences that e-wallets bring, gen Z quickly changed their
payment habits, leading to a significant increase in usage demand.

Huge market potential:

With an increasingly connected young population and a strong growing economy, Vietnam has
become a promising market for the Fintech sector in general and e-wallets in particular.

This proves that the potential for development of the e-wallet market in Vietnam is huge. In 2020,
there are an estimated 19.2 million e-wallet users in the country and the number of users is
forecast to nearly triple in the next 5 years.

THREATS

Fierce competition:

Seeing the potential of the e-wallet market, many businesses have begun scheming to gain market
share. Only e-wallet service providers, so far, more than 30 businesses have entered this fertile
market. Although Momo's main competitors only revolve around names such as Moca, ZaloPay,
Viettel Pay, smaller providers are also launching many attractive promotions to attract users.

Risks in e-wallet payment:

When it comes to payment methods via e-wallets, many people are concerned about their safety.
Although there have been no serious cases so far, e-wallet users can still face some risks such as
losing money, fraud or stealing personal information. In addition to external factors, customers
also face the risk when an error occurs in the internal system causing payment interruption.

3.2 Competition

Competition in the financial sector in Vietnam, especially in electronic payments, has attracted a
significant amount of attention from foreign investors. Last year, MoMo and VNPay received huge
investments that put them among the highest-value companies in the region. A few large international
financial companies are trying to enter the Vietnamese market by buying shares in local companies (a
prime example is Ant Financial, which bought a stake in eMonkey last summer). Currently, 34
Vietnamese e-wallet companies are competing to get millions of people here to pay through
smartphones. But to change the habit of using money of Vietnamese people is not easy. Therefore,
three-quarters of Vietnam currently has about 13 million e-wallet accounts, which is only 14% of the
country's population. To attract users and merchants, e-wallet providers in Vietnam have to spend large
sums of money on discounts, promotions, and marketing. The competition focuses on which
company can build an ecosystem that is attractive enough for both users and merchants. So we
can see that:

- The partnership in 2018, Moca was dependent on the Grab ecosystem - focus on transportation and
food delivery.
 - ZaloPay can take advantage of user data from Zalo.

- AirPay has the potential to go further by leveraging its e-commerce leadership of Shopee in
Vietnam.

- Only MoMo stands alone in this group and they are expanding their network with dealers across the
country in conjunction with promotions. The leading units also receive abundant financial resources.
For example, MoMo has raised $132.7 million from Goldman Sachs, Standard Chartered, and
Warburg Pincus. Moca benefits from Grab and ZaloPay is backed by Tencent and VNG. All of these
are aimed at the ultimate goal of attracting users, changing Vietnamese people's cash habits, and
gaining market share in today's "Vietnamese e-wallet market".

3.3 The decisive factor for the success of the strategy

The prerequisite for success when entering the market is by prioritizing safety, savings and
convenience to meet all the needs of customers 24/7, providing a variety of services from basic
payment, e-commerce, travel, transportation to entertainment, consumer finance, insurance,
shopping, food service, etc. In terms of safety, Momo achieved International Security Certification
PCI DSS. Not only that, MoMo also implemented a savings refund feature for all customers,
helping users receive cashback when shopping at supermarkets and convenience stores. These
products and services are deployed in a safe, economical and convenient manner. Besides, Momo
is gradually helping users change their lifestyle, behavior and habits in shopping, paying through
marketing and promotion programs in a simple and close approach, creating practical values for
the community by becoming a channel to transfer donations to social programs.

3.4 Important issues

- Vietnam has young users, cheap internet, and a large number of smartphone users. But it's also
a security weakness, the more users, the higher the risk. Currently criminals are not focused on
financial infrastructure but mainly on users and that is the biggest vulnerability. Safety is the
factor that users are most concerned about in today's electronic payment transactions.
- Currently, most scammers are hitting the psychology of "preferring rewards", "benefiting" and
the gullibility of users. In addition, users have the habit of installing many apps without careful
control, creating a corridor for hackers to attack the device.
- Experiences from other countries show that the end user is the most important and difficult to
upgrade link in the security system's components. Once the end user has no sense of security, no
matter how secure the bank is, it still cannot protect when there is a transaction malpractice.
Besides, the awareness of using copyright in Vietnam is also very low. Once the user uses the
jailbreak license, the security methods are not very effective.
-
IV. Marketing Goals:

● Since its debut in the local market 10 years ago, MoMo e-wallet has already achieved some
important marketing goals:

- MoMo has 4000 stores across the province. MoMo stores located in residential areas, markets, bus
stations, export processing zones, and residential areas... are easy to see.

- For customers in remote areas who do not have a bank account or do not use e-wallets, MoMo is ready to
enhance their financial inclusion by providing money transfer services, receive money only by phone
number, deposit and withdraw like a bank. Moreover, MoMo also make efforts to support Vietnamese
people and businesses through the difficulties caused by the pandemic.

- MoMo helps support the Government’s strategy on developing the digital economy, cashless payments.
MoMo users can pay for all daily utilities such as electricity, water, internet, and cable TV; buy air tickets,
car tickets, and train tickets; buy movie tickets in all theaters; order maid service; buy fresh flowers...;
installment loans of all major financial companies

- On the side of individual users, the MoMo application acts as a wallet in which customers can link bank
accounts, link bank cards, or credit cards

● In 2021, MoMo e-wallet has successfully raised an investment amount of $200 million from global
investors including Mizuho, Ward Ferry, Goodwater Capital, and Kora Management and has now
become one of the three Vietnamese tech unicorns, surpassing the $2 billion valuation mark. The
company said it will use the new capital to strengthen its position as a market-leading super app
by implementing important future marketing goals like:

✓ Increase the provision of financial services to 31 million existing customers and expanding the market
through providing financial and digital transformation solutions

✓ Increase the number of people knowing about charity programs/situations and other special features on
the MoMo e-wallet platform.

✓ Expand and strengthen its services in tier-2 and tier-3 cities as well as in rural areas all across Viet Nam.

✓ Help develop new features of MoMo e-wallet based on user needs and feedback.

✓ Participate in the development and implementation of communication, PR, and Marketing programs
about features associated with charity activities.

✓ Building a financial service provider network with tens of thousands of transaction points nationwide to
increase sales and find new customers and improve its security system

✓ Develop diversified financial products on the mobile technology platform.

✓ Developing a community of financial service users on mobile devices.

✓ Look for and invest in potential, small businesses and micro enterprises (MSMEs) in Vietnam and
continue to promote investment in Vietnamese companies to expand the ecosystem.

V. Marketing strategy:

5.1 S-T-P Model

5.1.1 Segmentation - Target markets:

- In marketing strategy, segmentation is one of the most critical parts for a company like MoMo as it
deals with various types of customers. There are four primary types of market segmentation that
MoMo e-wallet applied, including geographic, demographic, psychographics, and behavioral
segmentation.

Geographics

Country Vietnam

City the whole territory of

Vietnam

Languages English and Vietnamese

Area Southeast Asia (SEA)

Population 97.34 million people

Demographics

Age 18+

Gender Both male and female

Income Mainly low or middle-

income

Life stage Single, couple, family

Psychographics

AIO: Activity, People who like to pay

Interest, Opinion
fast but don’t have to
use cash, love
technology, want to get
the best deal possible
while spending the least
amount of money.
 Attitudes Neutral, positive

Behavioral

Benefit sought - Free and instant money

transfer

- Cashback has the

highest refund rate up to
40% (total bill).

- Easily compare fares,

use and pay for all travel
services, always have
great deals at the most
competitive prices

- Meets the highest

secure payment
standards with PCI DSS
international security
certification

*Targeted markets of MoMo e-wallet:

+ Customer group 1:

- Occupation: Student

- Age: 18-25

- Income: 0 - 5 million VND

- Monthly allowance: 0 - 5 million VND

- Behavior: There is a need to use e-wallets for shopping and eating

- Education level: University education

- Lifestyle: An active, healthy, practical, self-directed lifestyle, seeking convenience, wanting to save
time, looking for new services or conveniences in life, having a diverse eating and shopping
preferences.

+ Customer group 2:
 - Occupation: Workers, farmers, craftsmen, self-employed people, etc…

- Age: 18 - 45

- Income: About 3 - 10 million VND

- Behavior: Workers away from home need to transfer money to their hometown every month, is the
main source of income in the family, and want to make payments from afar quickly.

- Education level: At the upper secondary level, the majority are in high school.

- Lifestyle: Love family, care about the life of their loved one, like convenience, desire to find good
utility services

5.1.2 Positioning

MoMo is a market leader in Vietnam for mobile e-wallet services, professional services at the point of
transaction, and payment platforms. There are more than 4,000 MOMO outlets that have opened in 45
provinces/cities around the country, allowing more than 1.5 million clients in distant locations, where
banking services and cellphones are still unavailable, to access the main website service. Additionally, with
over 23 million users, the MoMo Wallet application is now accessible on two popular operating systems: iOS
and Android. MoMo, a mobile payment network that promotes a cashless economy, provides hundreds of
payment and retail options with a single tap.

* MoMo’s Points of Parity ( POP):

- MoMo e-wallet meets the needs and provides basic payment services to customers

- MoMo wallet is licensed and managed by the State Bank of Vietnam, directly linked with many
banks and when logging into the wallet or making secure payments (OTP authentication code,
fingerprint authentication, ..)

- Implement links, expand cooperation with many different partners in the industry (Gojek, Bee...)

- Take advantage of the push from the context of the Covid 19 pandemic to change the perception
among users, businesses, and state agencies towards electronic payments

- Raise awareness through promotional activities and attractive promotions and cashback programs

*MoMo's Points of Difference (POD):

-As a mobile payment platform, MoMo wallet promotes cashless economy and provides customers
with One touch payment experience with more than hundreds of service utilities, including both basic
payment (electricity, water, telecommunications, cable TV), e-commerce, tourism, transportation to
other payment like entertainment, consumer finance, insurance, purchasing shopping, food service…

-The application is trusted by consumers thanks to its strict safety standards, certified with the highest
international security standards (PCI DSS), 2FA, SSL/TLS, Tokenization, and multi-layer security
when logging in payment (OTP authentication code, fingerprint, face authentication, auto-lock apps,
and auto-lock apps and automatically prevent transactions with signs of fraud). MoMo is also the first
among the few payment intermediaries to achieve this certification.

-It is the only e-wallet application in Vietnam that allows external cash withdrawal. Currently, MoMo
has more than 5000 withdrawal points spread across the country. You can go to Momo withdrawal
points for convenient withdrawal. Most e-wallets charge a fee for making withdrawals from e-wallets,
but only Momo is free for 10 withdrawals/month

*Perceptual Map:

Based on a survey done by DecisionLab which answers the question “ what key reason for customers
to use an e-wallet more frequently than other”, MoMo is ranked first in the fast transaction process
(59%) among the other three wallets ( ShopeePay, ZaloPay, ViettelPay) by 329 respondents. It shows
that the MoMo e-wallet is capable of managing customer payments fast and efficiently.

As mentioned above, one of MoMo’s Points of Difference (POD) is its security. MoMo's security
system has achieved the highest level of Service Provider PCI DSS (Payment Card Industry Data
Security Standard) global security certification (Service Provider level 1) and is recognized to be the
first among the few e-wallets in Vietnam to receive this certification ( ZaloPay, AirPay, Moca..). At
the same time, MoMo Wallet also applies advanced and outstanding authentication technologies such
as Two-factor authentication; Authentication by fingerprint or face recognition; Tokenization
function, etc. With this PCI DSS International Security certification, MoMo E-Wallet is ranked
in first place for the strict security system that partners and customers can be completely
assured of.

From subjective assessments of e-wallet users (through market survey results) in combination with
the reference information, we propose a perceptual map based on security and speed of payment for
MoMo e-wallet
*MoMo’s unique selling point ( USP):

- To determine some of the challenges faced by MoMo e-wallet, we have to take a look at the
company Porter's five forces analysis:

1/ Threat from New entrants

These are many competitors who have not yet entered the e-wallet market or who have entered but
are unpopular in Vietnam. Specifically:

- E-wallets such as PayPal, Skrill, Payeer, and others are expanding in foreign markets.

- Competitors such as Bao Kim, Ngan Luong, online money transfer services of banks, sending
money through coaches, etc… may or may not participate.

==> Because of the Vietnamese people's habit of using money, potential rivals put a lot of pressure
on MoMo.

2/ Suppliers' Bargaining Power

Many partners accept MoMo e-wallet cooperation, including supermarkets, convenience stores, cafes,
restaurants, travel transportation, and financial insurance. Service providers for MoMo e-wallets are
industry leaders in their respective fields. Suppliers and partners are all reputable and long-standing
business companies in the market, which helps customers build trust when using the MoMo e-wallet
service. They do, however, have a large number of links to other e-wallets. Furthermore, some
suppliers with a strong market position may reduce Momo's market margins.

==> Suppliers have a moderate impact on MoMo.

3/Buyers' Bargaining Power:

Customers of the MoMo e-wallet are mostly young people with low incomes. They are people who
enjoy shopping, eating, and convenience, but don’t like paying in cash. In today's diverse e-wallet
market, customers have numerous options for e-wallets. Furthermore, they have many ways to learn
about e-wallets, such as transaction fees, promotional information, security, service quality, customer
care... through articles and reviews on social networks. They want to get the best deal possible while
spending the least amount of money.

==> As a result, Momo's profitability suffers. Customers put a lot of pressure on the MoMo e-
wallet. As a result, MoMo must develop a high-quality brand image, as well as high security and
safety, numerous discount programs, holiday promotions, customer feedback, and better customer
care.

4/ Substitute Products Or Services Threats

Soon, there will be fierce competition between MoMo e-wallet and E-banking applications. Banks,
post offices, and traditional methods are examples of substitute products.

●Substitute Product

-Transfer/multiply money by mail

-Transfer/multiply money using a bank.

-Trade customers and money the old-fashioned way: ask relatives or send by car.

Post office Bank Traditional ways

Advantages All localities Customers highly

have post offices. trust it, and it has
an advantage in
customer
psychology and
service habits in
money transfer.

- Relatively low
fee

- The method of
receiving money
is quite simple
 -A high level of
security.

Get financial protection

for the amount that
customers transfer/send.

Disadvantages Money must be

Transfer/remit transferred at a -Only small
money during bank in the amount of money
office hours. banking system can be sent.
with a transaction
- The time of office near the -Not safe.
money recipient's
transfer/receipt location. -Receive money
cannot be -When depending on the
determined. transferring distance between
money to banks places.
-The money is outside the
received late. system, the
money will take
The post offices
24 to 48 hours to
are almost all far
reach the
apart.
recipient.
-Work during
business hours.

- Only at the provincial

and municipal levels is
the banking network
concentrated.

--> Alternative products pressure for electronic wallets is not high.

5/ The Rivalry Between Current Competitors

MoMo e-wallet has to face many direct competitors who are other e-wallets on the e-wallet market such as
AirPay, ZaloPay, ViettelPay, Moca, SmartPay,… Among the competitors, perhaps the most prominent and
popular are AirPay, ZaloPay and ViettelPay

AirPay ZaloPay ViettelPay

Advantages
Located in the Garena, - Parent company is -The parent company is
Ocha, Foody, Now, VNG, co-owns Zalo, Industry Corporation
Deliver and Shopee Tiki, Zalopay
- Viettel Military
 ecosystems. ➯ Capital strength. Telecom.

➯ Buy goods from ➯ Amount of user data ➯ Strong capital

Shopee. available from Belongs to a State
companies. corporation.
➯ Order food from
Now app ➯ Attaching to the ➯ Having its own
social network brand → telecommunications
➯ Easily link banks, creates intimacy for network.
confirm information, users.
quickly identify. ➯ Create Mastercard
➯ Can pay when buying right on ViettelPay
➯ Some banks do not at Tiki and Lazada. application.
charge fees when
withdrawing money ➯ Easily link banks and ➯Can be used
from the wallet to the confirm information, immediately on regular
linked bank. quickly identify. phones or without an
internet connection via
➯ Free withdraw command
money from wallet to
bank card for 3 times a ➯ Professional
month. customer service team
of Viettel.

➯ Pay tuition fees,

tuition fees

Disadvantages
➯ Lack of capital ➯ It costs fee when ➯ It costs fee when
withdrawing from wallet withdrawing from wallet
➯ No amount of user to bank card for the 4th to bank card for the 4th
data available. time in a month. time in a month.

➯ Some banks are ➯ Few promotions. ➯ Few promotions.

subject to a high fee for
withdrawing from
wallets to banks.

➯ No promotions.

==> In addition to the e-wallet competitors mentioned above, there are other direct competitors in the
market, such as ID banks and postal money transfer services. The competition is putting a lot of
pressure on the MoMo e-wallet. When compared to other e-wallets, the MoMo e-wallet requires a
suitable marketing strategy and brand positioning strategy to highlight the MoMo brand in the minds
of customers.

- Needless to say, there are also many crucial advantages that MoMo e-wallet provide to
customers and partners:
● For customers who are individual consumers:

- Bringing customers convenience and safety

- Save time working and moving

- Make payments, transfer and receive money fast, easily and highly secured

- Can make account queries and know the fluctuations in your account

- Making payments with Momo e-wallet is extremely simple because you only need a mobile phone
and an account to be able to make your transactions.

● For customers who are partners (enterprises):

- Have direct access to more than 23 million consumers and amount available in MoMo app account,
proficient in online shopping and payment.

- Immediately have a collection system of more than 4,000 points nationwide.

- Can pay small amounts to customers, agents immediately agree through MoMo money transfer
service.

- Can interact with customers and agents through messages on MoMo application

- MoMo will provide a detailed reporting system so that businesses can track the items paid through
MoMo in real time.

- Get money instantly with reasonable cost and high efficiency.

- MoMo’s promise to customers: "MoMo does not need customers, MoMo needs happy
customers".

By 2016, MoMo introduced the innovative development philosophy "MoMo does not need
customers, MoMo needs happy customers". This philosophy is explained as “ having a client is not
difficult, but keeping that client with the service for a long time is difficult. If customers are not
happy when using MoMo's service, they will never come back. This philosophy is fully applied by
MoMo to all customers and partners. Products are optimized in any small details to satisfy customers'
needs, reducing operations that need to be used when checking out.

- MoMo’s brand mantra: “ Transfer Money -Instant MoMo”

With the desire to maintain its leading position and outperform competitors in the same category,
MoMo has made its familiar features more special and different with the slogan "Transfer money -
Instant MoMo" - an easy to remember understand, leaving a strong impression on customers

In fact, “Money Transfer” is one of the core features first developed by MoMo right from the day it
entered the market. In addition, this slogan also shows MoMo's ambition to occupy the Top-of-mind
position in the eyes of consumers, putting the name of the brand and product associated with the verb
"Transfer money". Indeed, the phrases "Let’s MoMo " is increasingly popular and frequently used by
Gen Z youth in daily life. This is also a right strategy in MoMo's Branding strategy, helping the brand
win sympathy and trust from users.

5.2 Marketing Mix

5.2.1 Product

5.2.1.1 Core customer value

MoMo aims to be the national leading e-wallet service that will promote the development of the cashless
economy all through providing its customers with one-touch payment.

5.2.1.2 Actual product

Brand name: MoMo Super App
Quality: Fast, convenient, safe. All the world in one tap.
Features:
- MoMo Money transfer: Free, fast, secure. Transfer money by phone number. How much is transferred,
even if it's only 100 VND. Send messages with cards and stickers.
- MoMo Finance
Túi Thần Tài: Only 10,000 VND with daily interest up to 6%/year. Instant deposit with no fees.
The balance is both profitable and payable on MoMo.
Postpaid wallet: Zero Interest rate, No Activation Fee; No Service fee; No Proof of income.
- MoMo Entertainment: Buy movie tickets, lottery tickets, karaoke... at your fingertips, pay just one
second. No waiting time, save time.
- MoMo Donation: Join hands to help in difficult situations. Donate the ‘Heo Vàng’, give thousands of
gifts. Generate merit, make offerings and pray for peace.
- MoMo Travel: Manage your entire trip, compare all prices. Paying for air tickets, passenger cars, trains,
hotels... Safe and secure, full of promotions.
Design:

Theme color: Magenta

Main screen: Main menu with four dominant features: deposit money, withdraw money, see QR
code, scan codes. Along with other services provided by MoMo.
5.2.1.3 Augmented product
Various features
MoMo provides numerous features in the fields of: Money Transfer, Finance, Travel,
Entertainment, Donation... to meet all the needs of users' life.
Simple, easy to use
MoMo has a friendly interface and simplifies all operations. Therefore, all ages, all professions
can use MoMo easily and conveniently. Perceived Ease Of Use is one of the prominent factors
affecting people’s intention to use MoMo e-wallet.
Popular All Over Vietnam
With more than 25 million trusted users, MoMo has more than 120,000 payment points and more
than 30,000 affiliate partners throughout Vietnam to serve customers anytime, anywhere.
Effective Savings
There are often many attractive incentive programs associated with hundreds of partners, users
save more costs when using MoMo.
Fast and Convenient
Save time with MoMo's modern features. Transfer money in just 1 second, super-fast
payment/recharge…
International Standard Security
MoMo security technology is globally certified. Ensure user accounts will be protected with the
highest level of security.

5.2.2 Price

Top up/Withdraw service at Momo point of transaction:

Transaction fee schedule:

Transaction fee (VND, VAT included)
(since 1/6/2021)
From 50,000 to 5,000,000 0.6%

Note: Cash withdrawal fee will be deducted directly from customer's MoMo account. Fees include
VAT.

Cash transfer service at MoMo point of transaction:

Transferred money (VND) Fee
10,000 - 2,000,000 18,000
2,000,001 - 5,000,000 25,000

Note:

- The service only charges the sender, not the receiver.

- If there is no recipient within 30 days from the date of sending, MoMo will return the money to
the sender.
- Fees include VAT.
 5.2.3 Place
- MoMo service has now covered all essential family and personal payments such as:
+ Top up phones/Buy card codes of all carriers
+ Payment of postpaid charges for Vinaphone, Mobifone
+ Payment for Consumer Loans (Financial companies FE Credit, Home Credit,
HDSaison, Prudential Finance…)
+ Buy flight tickets (100% domestic airlines)
+ Buy train tickets (100% Domestic Railway)
+ Moving in the city (60% of Taxi companies such as Vinasun, Mai Linh, VATO...)
- By the end of June 2018, MoMo has completely covered in places such as convenience stores
(Circle K, MiniStop), supermarkets (Lotte Mart, Coopmart), food chains (Gongcha, Tocotoco,
Royal Tea, The Coffee House, Hoang Yen, King BBQ, Hotpot Story, Aka House...). At these
points, users just need to open MoMo, give their payment code (barcode) to the cashier or scan
the QR Code located at the stores to be able to pay.

5.2.3.1 Distribution channel in product expansion strategy

According to recent surveys, Gen Z and young people have formed a habit of using
cryptocurrencies, so they rarely prepare cash when going out → They have difficulty in eating out
at local restaurants without having MoMo service to make a payment.

- MoMo is able to expand its reach - not just at convenience stores, supermarkets and F&B
chains - by reaching out to large, medium and small local eateries to maximize habits and
frequency of using MoMo by consumers.
5.2.4 Promotion - Integrated Marketing Communications - IMC

5.2.4.1 Communication target (WHY)

Increase awareness about MoMo, and at the same time promote changing consumer habits,
encouraging them to use online payment when shopping, including MoMo wallet.

Shaping the target audience's perception of Momo's quality and utility for online payments.

5.2.4.2 Target audience (WHO)

The target audience for this promotion strategy is the unskilled laborers with relatively low
income, targeting the customer group who are between the ages of 18-45.

This is the target group that is likely to be more interested in the products and services of the
business than in other target groups. Urban customers are the main audience to apply
communication tools, mainly digital media. This will be an opportunity for Momo to develop
better in this audience, because most of them are the main source of family income, so they often
have the behavior to take care of their family, as well as the frequency of regular transactions.

5.2.4.3 Choose effective communication channel (WHERE)

Most of the information channels people know about MOMO e-wallets are from sources such as
“Word of mouth”, “Public relations” or “Advertising on Television”. Besides, the source of
information that affects the decision to use an e-wallet is also based on the form of Referral
Marketing. This is a form of service promotion through the form of user referrals. That is, each
person who can successfully introduce others to use momo wallet will enjoy some incentives
when paying on the wallet. This form has invisibly stimulated users without the need for any other
form of promotional communication channels. Therefore, when there is a user and experience, that
person will summarize all the information in the most concise way to convey to others. At this
time, listeners will find it easier to understand and stimulate their need to use.

5.2.4.3.1 Advertising - TV advertisement

When the Momo e-wallet is introduced into the target market, the main concern will be to attract
people to recognize the brand, as well as to shape the target audience's perception of quality and
use. to soon accept to use the service. To do this, “Advertising on TV” will be the main direction
of the advertising campaign. So "Advertising" - specifically by TVC (Television Commercials)
will now be used to both introduce consumers about the product, in order to reinforce the message
they may have received from watching advertisements on television channels. Because the length
of TVCs and the way they convey their messages have a certain effect on the effectiveness of
product communication. The shorter the TVC, the more directly the advertising problem is
exploited. TVC Advertising will bring quick and widespread effects, and everyone knows about
the product introduced in the market.

In order to create the best quality video for customers, Momo spends heavily in advertising
campaigns on national television stations such as VTV1, VTV3, HTV7... with the standard
duration of 30 seconds in order to ensure reaching the majority of the target audience and increase
product recognition, basic message about quality as well as basic information about Momo e-
wallet. Because for all the first 30 seconds of each TVC, the viewership reached very high but
dropped significantly at 60 seconds. The audience who watched the 30 seconds was twice as large
as the audience who watched the entire 90 seconds.

5.2.4.3.2 Advertising - Outdoor advertising

In addition, with the advertising strategy, Momo needs to consider the use of large outdoor
advertisements, placed on national highways or roads leading to villages to attract attention, and
increase brand awareness. Because there are many advertising positions associated with the
enduring appearance of a brand for a very long time, it has made a strong impression on people
who often pass through the area. Outdoor advertising is also considered as one of the most classy
forms of communication today, the appearance of the brand in a beautiful and prime location will
help raise the brand's level and affirm its prestige in the eyes of consumers.

In 2020, Momo launched a Roadshow advertising campaign on the 45-seat car with an advertising
campaign for gaming apps and welcomed 20 million app users with advertising unit Sixth Sense
Media.

Outdoor advertising strategies can be impressive by billboards that bring unique visual effects,
attract people's eyes in building brand identity, and imprint on consumers' minds. Above all,
thanks to its large size (up to hundreds of square meters) and extreme height along with standing
independently on open and wide spaces, the billboard conveys the brand's images and messages as
impressive and extremely attractive. The particular example is in 2022, the cooperation between
Gojek and MoMo has also shown that e-wallets have leveraged the power of multiple platforms
and media to reach customers. The two applications have flexibly changed their approach to
convey content and messages about the partnership in accordance with the nature of each channel
from the community, and social networks to the press through impressive 3D billboards right in
the city center with countless traffic passing every day.

5.2.4.3.3 Public relations

In the market expansion strategy, Momo cooperates with KOLs, reputable newspapers such as VN
express, Thanhnien, Tuoitre, dantri, etc posted information about the campaign combining the
deployment of in-depth content to emphasize the real value that MoMo brings to the community.
A specific action is that recently in 2021, Momo has deployed PR content to spread 360 degrees of
information about Mega Cashback taking place only on 01/11, and at the same time encourage and
spread the media message to the target audience, create initiative and anticipation with the target
audience. MoMo has well exploited the insight of Vietnamese consumers, especially young
people. They like to experience new, convenient and fast payment methods. Up to 50% cashback
offer has hit the needs and tastes of people when using services in daily life from supermarkets,
convenience stores, cafes, hospitals, especially the psychology of shopping at the beginning of the
month.

Since October 2014, MoMo has become the pioneer software for voting on interactive TV
programs (Voting Platform) in Vietnam, opening the Dancing with the Stars live show. In 2015,
Momo became the voting channel for entertainment programs including The Remix, Vietnam
Idol, as well as The Voice, and The Voice Kids.

In early April 2015, the MoMo application became one of the official donation channels of
Operation Smile Vietnam. Or most recently, in 2021, Momo E-Wallet is the official support
channel with Dan Tri to implement the "Million Hearts - One Will" Program, through the
program, people, benefactors, and businesses. can share a part of the difficulty with the frontline
force against the Covid-19 epidemic by supporting on "MoMo e-wallet". Charity donation feature,
helping benefactors can share any amount with just one action, with no need to remember
accounts or other information.

VI/ Marketing plan implementation

6.1. Premise

In the modern world, marketing strategy plays a pivotal role in contributing to the success of a
company, especially in the service sectors. MoMo’s initial targeted customer segment are those
with medium and low income and referral marketing. MoMo has lately focused more on
Millennials and Gen Z customers.

These groups of customers require MoMo to adapt its strategy accordingly. Most millennial users
love a brand who has unique, relevant and useful experience. They are concerned about security
issues the most when it comes to the Internet. A majority of Gen Z customers prefer a brand that is
able to represent the value of our country’s culture. With the respect to these insights, MoMo has
already implemented a number of new services targeting these groups of customers such as
discounts on fast food, playing games in-app, etc. All of this while still pursuing its core value:
become a super app that can help with every need in life.

6.2. Marketing plan execution table

MARKETING PLAN EXECUTION TABLE
PIC
Activity Start date End date
(Department)
Contact production house in charge of making TVC 01/09/22 01/10/22 Marketing
Advertisement launching 01/01/23 01/02/23 Marketing
Design OOH billboard 01/09/22 01/10/22 Production
Carry out field research and set up OOH billboard in
Ho Chi Minh City & remote areas (HCMC: for
01/10/22 01/01/23 Marketing
reinforcing & spreading out purposes; remote areas:
for raising brand’s awareness)
Design experimental model 01/09/22 01/11/22 Production
Carry out research at vendors which haven't
established MoMo payment service in Ho Chi Minh 01/11/22 01/12/22 CRM
City & remote areas
Ask for local residents' opinion about launching
01/12/22 01/01/23 CRM
experimental model
Carry out experimental model in remote areas 01/11/22 01/12/22 Production
Organize review conference in Ho Chi Minh City 01/02/23 01/03/23 Marketing
VII/ Evaluation and Control:

This section describes how to measure and evaluate the plan's outcomes. While the control section will
discuss the many activities that the organization can undertake to decrease the gap between planned and
actual performance.

7.1. Performance Standards and Financial Controls

The project report will include an evaluation of financial expenditures in accordance with the marketing
plan. MoMo e-wallet must meet the following performance standards and financial controls:

1. The mission and vision statements should be compiled from various ideas and perspectives from
upper management and the board of directors. Before putting together an outline, these ideas should be
evaluated at no less than three meetings. A majority vote is required to approve the final result.

2.The marketing plan implementation budget will be 40% of the total promotional budget. This will
include all costs for plan implementation, plan revisions, and the evaluation of the marketing plan results.

3.The following percentages of the funding will be allocated to the defined marketing activities: 50% for
plan implementation, 20% for marketing plan amendments, and 30% for follow-up analysis.

4 The marketing director is in charge of reporting all marketing plan implementation expenses. They will
also be accountable for meeting the deadlines for each task.

5.Team members collaborating with the marketing director will be accountable for bringing the director
up to date on a regular basis. They will also be accountable for reporting all personal and non-personal
expenses linked to the marketing plan's implementation.

7.2 Financial Control

To analyze the effectiveness of M_Service's marketing plan on the MoMo e-wallet, we need to
compare its actual performance with planned goals. In order to create favorable conditions for this
analysis, monitoring procedures should be developed for various activities necessary to make
marketing plans into reality. These procedures include, but are not limited to the following:

• A project management concept will be used to evaluate the implementation of marketing plans
by establishing time requirements, human resource needs, and financial spending or budget.

• Regular comparison of practical activities and plans will be conducted monthly in the first year
and quarter after the initial implementation period. The business analysis group, including the
marketing director, will directly report their comparison of results reality and plan for the
president of the company.

• Each project group (specifically the leader) is responsible for determining which changes must
be conducted in the procedures, the focus of the product or the activity is due to the results of the
studies conducted in their area.

VIII/ References
MoMo - Siêu Ứng Dụng Thanh Toán số 1 Việt Nam
- Nguyen Thi Ngoc My, Le Nguyen Phuong Linh, Le Ngoc Phuong Uyen (2021), RMITVN, Momo -
Situational Analysis And Target Publics Identification

https://www.rmitvn-showcase.com/scd-pc-y2/en/momo-situational-analysis-and-target-publics-
identification

- Thanh Van (2021), VietNamNet, Competition in the mobile wallet sector is heating up
https://vietnamnet.vn/en/competition-in-the-mobile-wallet-sector-is-heating-up-594054.html

- Decision Lab (October 2021), The rise of E-wallet in Viet Nam, https://2036413.fs1.hubspotusercontent-
na1.net/hubfs/2036413/Final%20-%20Ewallet%20with%20Tet%20update.pdf?
__hstc=&__hssc=&hsCtaTracking=fffaf00f-df76-483e-b227-2bf45b9cfb79%7C1e58f0c3-e2ca-4ef5-b7f1-
165a6a84e71f

- Cimigo (19th April, 2019), E-payment, e-wallet and the future of payment,
https://www.cimigo.com/wpcontent/uploads/woocommerce_uploads/2019/02/Vietnam-e-payments-and-
mobile-e-wallets-Q1-2019.pdf

- Gia Khanh (2020), Reckless decision helped MoMo to reach 20 million users,
https://ictvietnam.vn/reckless-decision-helped-momo-to-reach-20-million-users-20201225104841898.htm

- Tomorrow Marketers ( April 22nd 2022), MoMo Company Profile - Những điều cần biết khi ứng tuyển
chương trình MoMo Talents

https://blog.tomorrowmarketers.org/momo-company-profile-nhung-dieu-can-biet-khi-ung-tuyen-chuong-
trinh-momo-talents/

- Ngyen Thi Bich Ngoc, Vuong Thu Phuong, Vu Minh Anh, Dao Van Tien (2021), Phân tích môi trường ví
điện tử MoMo

https://www.studocu.com/vn/document/dai-hoc-kinh-te-quoc-dan/quan-tri-marketing/phan-tich-moi-truong-
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E-wallet development: a vital step for business of the future | Star

What Technologies are Driving the Digital Wallet Trend? | FinTech Magazine

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