MoMo is a digital wallet that stores user payment card and financial information in one place on their smartphone. MoMo can be used at over 200 million merchants around the world, for online purchases and anywhere contactless payments are accepted, including retail stores, restaurants, bars, and taxis. MoMo can also be used at ATMs or vending machines that accept contactless payments.
MoMo charges merchants nothing to accept payments – it's 100% free for them! However, there are some fees associated with using MoMo as a consumer:
- Minimum transaction fee: $0.15 + 2%
- Maximum transaction fee (per transaction): $0.25
Users can either load money into their MoMo wallet, or link their digital wallet directly to their bank account or payment cards. To make a payment, the user verifies their identity in the app, and can then pay with a QR code or by tapping the merchant’s payment device.
MoMo uses state-of-the-art security features that ensure transactions are safe and secure at all times. The app also has fraud protection measures, including biometric readings and facial recognition, in place to protect users from fraudulent activity or identity theft while using the platform.
FAQs
MoMo is a digital wallet that stores user payment card and financial information in one place on their smartphone. MoMo can be used at over 200 million merchants around the world, for online purchases and anywhere contactless payments are accepted, including retail stores, restaurants, bars, and taxis.
What is Momo pay all about? ›
With MoMoPay, your customers store money on their mobile wallet and use it to pay for goods or services purchased on your website. Available on Gateway only.
What is the introduction of Momo e wallet? ›
Momo wallet in Vietnam is a digital E-wallet and mobile payment service that allows users to store, transfer money, make payments, and pay for goods and services. Known for its user-friendly interface, it offers easy and secure money management.
What is the merchant code for MTN MoMo pay? ›
How does a Merchant sell airtime? To sell airtime a merchant should dial *165*3# and select Pay for Customer then follow the steps.
How do I pay a merchant payment? ›
A merchant payment is a payment made to a business by a customer using a credit card, debit card, or other electronic payment method. Merchant payments are processed through a merchant account, a bank account specifically designed to accept electronic payments.
Which bank is MoMo using? ›
Following the final approval for a Payment Service Bank (PSB) license granted by the Central Bank of Nigeria (CBN), MTN Nigeria's fintech subsidiary, MoMo Payment Service Bank (PSB), formally launched a range of financial services for Nigerians in May 17, 2022.
Can someone transfer money to my MoMo account? ›
It is a service that allows MoMo PSB customers to receive money directly in their wallets sent by their families, friends, individuals from across Africa.
What is MoMo and how does it work? ›
You can transfer funds from your bank to your to your MoMo wallet. You can withdraw cash from your MoMo account by either cashless withdrawals or via an agent. You can generate a mini-statement to monitor your MoMo wallet or a receipt after a transfer to share with others.
How do I activate my MoMo pay account? ›
How do I activate my MoMo wallet after completing registration?
- Dial *170#
- Select option for 'Choose Pin'
- Select PIN.
- Confirm PIN.
- An SMS notification received upon successful activation.
It's a secure and reliable means to send and receive money, pay bills, and make purchases without the need for cash, physical cards or a bank account. MoMo users can store funds, send and receive money, make payments and do a number of other transactions simply using their mobile phone.
Send a money transfer using the USSD code by following these easy steps below: Dial *134*542# on your registered and select "Send Money" on option 1. Enter your recipient's details and payout method - cash collection, wallet, or bank top-up. Go to Home by selecting option 0 and choose "Send Money" for option 1.
Is the MoMo app safe? ›
Over 12 million people use MoMo
MTN Mobile Money (MoMo) is simple and safe to use, with no monthly fees to worry about! It's available for everyone, on any Ghanaian MTN number.
What is the difference between Momo agent and Momo merchant? ›
Agent sims are for momo venders, it can withdraw money and send as well. But merchant sims are mainly made for stores, it can only received and send but it can't withdraw like agent sim. And when sending money with merchant sim there's a fee.
How do I transfer money to merchant trade? ›
The Card needs to be preloaded with funds at Merchantrade branches or participating agents before use. It can also be loaded via online banking services offered by participating Banks (CIMB Clicks, Maybank Cash Deposit Machines, M2U, JomPAY & FPX) and other methods enabled by Merchantrade from time to time.
![MoMo Payment Method: Information for Merchants [2023] (2024)](data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABCAQAAAC1HAwCAAAAC0lEQVR42mP8/h8AAvMB+NzmkbcAAAAASUVORK5CYII=)