MARKETING PLAN ANALYSIS: THE CASE OF MOMO E-WALLET MEMBERS: Nguyễn Đức Trần Minh Đoàn Kiều Nguyễn Phương Trí Dũng Bảo Anh Gia Khánh Uyên Content I Introduction V Marketing Strategy Ii Environmental Analysis VI Implementation III SWOT Analysis VII Evaluation and Control IV Marketing Goals I. INTRODUCTION Momo application allow users to access hundreds of different utilities on its application, promoting the trend Established in 2007 of "cashless" M_service is one of the pioneers in the field of providing mobile payment The position as the 1st e-wallet in solutions Vietnam with the highest market share at 68%, along with awareness of up to 97% II. Natural environment Urban centers have been directing people to cashless purchases. Covid-19 has made it difficult for people to access goods/services in the old way.
A big turning point for the development, causing the rate of this form of payment to increase for e-wallets. Resources 2020 - Raise capital with a total charter capital of more than 130 billion VND with 66% foreign Resources of MoMo: ownership. Trusted and loved by tens of millions of users and 2021 - The completion of the 4th business partners. round of funding (Series D) and the 5th round of funding (Series Has more than 1,600 employees with its HQ in E) HCM City, offices in Hanoi and Da Nang.
Link with 38 domestic and international banks, providing services to more than 90% of people with bank accounts, has more than 10,000 agents, 30,000 business partners, has about 31 million users with more than 140,000 payment points. Competitive Environment MoMo, Moca, and ZaloPay are the top three most popular e-wallets in Vietnam's two major cities. Examine the three brands and demonstrate the rivalry in the e-wallet business. Competitive Environment MoMo ZaloPay Moca MoMo e-wallet is an Moca was launched in application developed 2013 with a focus on by Service Joint Stock ZaloPay is an e-wallet mobile payment via QR Company.
On June platform and online codes. Users open a Year Founded 14, 2014, Online payment system created Moca account, which Mobile (abbreviated in 2016 by ZION Joint includes an e-wallet that M_ Service) was Stock Company. accepts credit and debit released as a mobile cards such as Visa, app. MasterCard, and JCB.
Application Main color: Magenta --> Main color: Blue Mixture of red and blue. Main color: Blue and Green --> Means protection It stands for the ability to --> Blue indicates financial and financial security, a balance and stabilize, as security and trust. While sense of dependability, well as representing loyalty green means growth, and trust. Blue is often and is a color for apps that maturity, and a promising chosen to convey want to be different and future stability and evoke trust strongly identify.
MoMo offers services ZaloPay allows customers Moca, which has a strategic such as money transfers to pay online for internet alliance with Grab, has between Momo services, electricity bills, swiftly become a major accounts, withdrawals recharge phones for player in the e-wallet and deposits, bill prepaid subscribers, cable competition. payment, e-commerce, TV. Type of personal finance, and so Moca, with its cleverly service forth. If friends use ZaloPay, designed QR code, enables ZaloPay can identify them users to pay at authorized MOMO is Vietnam's first in their contacts, making spots such as convenience e-wallet that allows users money transfers and stores, commercial centers, to withdraw money from transactions with pals eating establishments, or to their MoMo account.
hire a car on Grab. Moca has approximately 5 million customers of Moca The app has over 31 mobile payment In 2021, this app will have 6.9 million users, 50,000 solutions due to its co- million downloads and 8.17 corporate partners, operation with Grab. Users and and millions of Partnerships transactions are Moca currently has It has collaborated with 269 processed through direct connections with key partners, including Baemin, MoMo Wallet every 25 commercial banks Tiki, and Sendo. and one digital bank, allowing it to serve about 92% of ATM card users in Vietnam.
National television Website Website Media Website Youtube Youtube channels Youtube Facebook Facebook Facebook 2020: The International March 2018: MoMo was 2019: ZaloPay earned Data Group (IDG) in named one of the top 100 the Vietnam Typical partnership with the Fintech firms in the world Electronic Wallet Award Vietnam Banks Association recognized January 10th, 2019: MoMo is August 27th, 2020, Moca as the typical Important named "The e-wallet of the ZaloPay e-wallet was fintech business. Awards year" by The Asian Banker. rewarded in the category of "E-wallet with rich Moca is also the only April 9th 2020: MoMo was ecological system" as a Fintech in Vietnam to named Best Digital Wallet result of the "Vietnam receive this honor four Product at The Asian Banker Iconic E-Wallet 2020 years in a row, Vietnam Awards 2020. Cultural and Social environment 583.84 million successful e-wallet transactions with a total transaction 70% of Vietnamese adults have payment value of more than 271.36 trillion VND accounts at credit institutions Vietnam's Internet paymentreached 64 million Internet users in Vietnam 423.7 million transactions with a value of 18.5 million billion VND 61.73 million users using mobile devices 94% Vietnamese people use the Internet daily 6% use the Internet at least once a week 39.19 million activated e-wallets 5.1 The situation of digital economy development in VietNam Vietnam's digital economy has made rapid and promising developments compared to the region and the world.
Vietnam's Internet/platform digital economy has reached 14 billion USD, placing the country third in ASEAN.2 E-commerce in VietNam One of Vietnam's digital economy's fastest-growing sectors. In 2021, e-commerce revenue amounted to approximately 13. E-commerce in Vietnam is growing at a 35% annual rate, which is 2.5 times faster than in Japan. The number of people participating in online shopping in Vietnam has steadily increased and now stands at 40 million.3 Digital Payment Trends COVID-19 pandemic has made digital payment services, particularly e-wallets, the "new normal" for many of Vietnam's highly connected consumers.
2020 - There were approximately 19.2 million mobile wallet users in the country (expecting to nearly triple in 2020-2025). A survey conducted in 2021 has 60% of respondents across Vietnam use e-wallets. Early 2021 - 64% of Hanoi people surveyed used e-wallets, 68% in HCM City, 42% in other provinces, and 59% across the country. Political and legal environment Prerequisite to become an e-wallet service provider A bank or a non-bank but must be licensed by the State Bank to operate in the field of providing intermediary payment services 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.
48 non-banking organizations that have been licensed by the SBV to provide intermediary payment services (05/2022) *Advantages *Disadvantages With a large population, a golden population The legal and institutional system in Vietnam structure, a strong digital workforce, and a has not created favorable conditions for the large number of Internet and smartphone development of the digital economy users, Vietnam is a large market with a lot of possibilities for innovative business models. The insufficient implementation of programs and policies to develop the digital economy; Covid 19 is a global calamity, but it is also a digital skills and digital human resources century-long push for digital change and have not met the requirements of the digital economic prosperity. economy The opportunities and challenges Vietnam has an excellent opportunity as described above pose an to break through and get ahead. urgent need for a strategy to guide from the Government.
These services can now replace traditional 7. Technologycal wallets in different ways Environment From buying tickets to investing in stocks, technology allows quicker transfer with fewer steps as well as Driving factors: more security. MORE Convenient Big companies are getting involved and Useful for Paypal, Venmo provide digital wallets; Apple, Samsung offer operating systems for such applications; retailers customers 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.
They also concern about storing systems and accessing customers assets. Nowadays digital wallets allow mobile, web, Internet of Things (IoT) and crypto access MoMo offers over 200 7. Technologycal different features Environment Ranging from money transfers, saving with interest, to making donations or taking loans Ahead of the race Multiple features, great ease of use, nation- wide popularity, and world-class security In the future. Global access, great user-experience through high security and diverse customization options, etc.
Target Markets Vietnam's growth in digital transactions: 30.2%/year 70% of Vietnamese adults own bank Vietnam has become one accounts, however, there are only 13 of the world’s most rapidly million digital wallet accounts growing in digital transactions 80% of the Vietnamese population still uses cash for their daily purchases 59% of the Vietnamese population is not familiar with digital wallets 77% of people that have already used an e-wallet are willing to use it in the future MoMo picks out the B. Target Markets segment 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 transaction needs Demographics: Unskilled laborers between the ages of 18 and 45, work away from home. Education: 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. SWOT Analysis STRENGTHS WEAKNESSES OPPORTUNITIES THREATS High awareness Limited coverage Increasing Fierce Provide demand for e- competition convenient service High service fee wallets Integrate many Risks in e-wallet services Huge market payment Effective customer potential retention strategy 3.4 Important issues Security weakness. Vietnam has young users, cheap internet, and a large number of smartphone users. Criminals focused mainly on users.
Users have the habit of installing many apps without careful control, creating a corridor for hackers to attack the device. The awareness of using copyright in Vietnam is also very low. Marketing Goals MoMo is intended to implement important future marketing goals like: ✓ 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 the MoMo e-wallet based on user needs and feedback.
✓ Building a provider network with tens of thousands of transaction points nationwide and improve its security system ✓ Look for and invest in potential, small businesses and micro enterprises (MSMEs) in Vietnam, continue to promote investment in Vietnamese companies to expand the ecosystem.1 Segmentation - Target markets: Geographics Demographics Contry Vietnam Age 18+ the whole territory of Gender Both male and female City vietnam Mainly low or middle- Languages English and Vietnamese Income income Area Southeast Asia (SEA) Life stage Single, couple, family Population 97.34 million people Psychographics People who like to pay fast but don’t have to use cash ,love technology, AIO: Activity,Interest, want to get the best deal possible while spending the least amount of Opinion money.