MoMo's Partnership with Alipay+ for Cross-Border QR Payment Alliance

📌 Background

Vietnam is rapidly transitioning from a cash-based society to digital payments. With the recovery of cross-border tourism and consumption in 2026, local e-wallets urgently need to integrate into international payment networks. As the e-wallet with the largest user base in Vietnam, MoMo has partnered with Alipay+ to launch international QR code payments, extending its local lifestyle payment moat to overseas scenarios while capturing the payment demand of inbound tourists.

👤 Target Customers

The core customers are Vietnamese outbound tourists, inbound foreign tourists using Alipay+-partnered wallets, and local merchants seeking seamless international payment acceptance. Users are encouraged to adopt cross-border QR payments through promotional subsidies, while merchants pay transaction-based settlement service fees.

💰 Revenue Streams

1) Collecting merchant acquiring and settlement fees on cross-border transaction volumes, and sharing service fees within the Alipay+ network; 2) Increasing the platform's overall valuation through cross-border transaction growth, paving the way for new funding rounds and an IPO; 3) Converting cross-border users into the local lifestyle and credit financial ecosystem to earn comprehensive service commissions.

🧮 Cost Structure

Compliance and R&D investment for cross-border clearing; marketing and promotional expenses for cross-border payment subsidies; costs for anti-fraud and foreign exchange risk management; merchant network expansion and operational maintenance costs.

🛡️ Moat

MoMo holds a Vietnamese e-wallet license and possesses an extensive merchant QR code network. Combined with its cross-border interconnection with Alipay+, it creates a dual local-international network effect that is difficult for latecomers to replicate in terms of licensing, merchant density, and international alliance relationships.

🔑 Keys to Success

• Maintain deep cooperation with Alipay+ and continuously expand the number of countries and scenarios where cross-border payments are available.
• Convert trial behaviors driven by promotions into normalized, high-frequency cross-border payment habits.
• Target subsidy distribution during peak travel seasons and holidays to control customer acquisition costs per user.

⚠️ Risks

• Changes in regulatory policies regarding cross-border payments and foreign exchange.
• Bank-affiliated wallets following suit, leading to a narrowing of competitive differentiation.
• Potential decline in user activity and transaction volume after the withdrawal of subsidies.

🏢 Cases

• In 2026, MoMo partnered with Alipay+ to launch international QR code promotions, offering users a 50% discount up to 50,000 VND.
• MoMo participated in the 2026 Vietnam Digital Finance Day, highlighting its role as a hub connecting the complete digital financial ecosystem.

📊 SWOT Analysis