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MoMo E-Wallet:
​Paylater

Project background

MoMo is the most popular mobile payment application in Vietnam, established in 2014. With over 30 million users, MoMo provides various convenient features such as money transfers, bill payments, movie ticket purchases, and savings deposits.

One of the important and highly favored features of MoMo is Paylater, which allows users to make purchases, pay bills, and send money without the need for immediate payment. This brings convenience and flexibility in managing personal finances without worrying about carrying cash or payment cards.

ROLE

Product Design

METHODS & TOOL

Survey, Interview, Sketch & Principle

DURATION

Aug 2022 - Oct 2022

PRACTIES

User Research, UX & UI Design

Problem
statement

Although the Paylater feature has brought many benefits to users, there are still some issues that cause difficulties and discomfort in the user experience. Specifically, we can identify the following problems:

  • Complex registration process: Users need to provide multiple personal information, upload photos of their ID cards, and other required details. Moreover, the verification and confirmation of the registration information also take a significant amount of time, causing users to endure long waiting periods to complete this process.

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Design
Approach

The team approaches the project using the Double Diamond Design method, which is a process aimed at providing a feasible solution that meets the users' needs.

"Why approach it using the Double Diamond Design method instead of Design Thinking?"

The Design Thinking method and the Double Diamond method have similarities and are often used together in the creative and design process. However, there are some minor differences and purposes between the two methods.

By employing the Double Diamond method, the team can leverage the expertise of different departments, streamline the design process, and ensure a systematic approach to problem-solving and solution development.

  • Understand the current challenges, gather information, and formulate focused questions related to the problem.

  • Generate ideas and solutions based on the collected information.

  • Emphasize the analysis and synthesis of data to form insights and a final problem statement.

  • Follow clear and sequential steps in the design process.

Design Thinking is often used to explore and generate creative ideas, while the Double Diamond method focuses on the process of problem definition and developing solutions from there. However, these two methods can be combined and flexibly used depending on the purpose and requirements of the design project.

In this way, the Double Diamond method helps to uncover creative and effective solutions that generate good revenue for businesses and improve the experience for millions of users. It consists of four distinct phases: Discover, Define, Develop, Deliver, and Test. These phases allow for a comprehensive approach to problem-solving and solution development, ensuring that the final outcome meets both the business objectives and user needs.

1. Discover

Some questions to address in this phase include:

In the Discover phase, the main objective is to conduct research and gain a deeper understanding of the issues surrounding the Ví Trả Sau feature, rather than making assumptions and trying to solve them immediately. This phase involves engaging with users, gathering feedback, and understanding their experience with the feature. Methods such as interviews, surveys, and direct user observations can be used to gather the necessary information.

Key activities in this phase include:

  • Planning with stakeholders and gaining a clear understanding of the current project context (Business Owner, Product Owner, Product Designer).

  • Conducting competitor research, understanding users, and identifying issues and opportunities related to the feature.

  • Analyzing the collected information from users, interviews, surveys, and existing data.

  • Identifying the necessary factors to create a good user experience.

2. Define

In the Define phase, the goal is to clearly identify and define the problem we are addressing based on the analysis and data collected. It involves asking questions that need to be answered and specifying the objectives of problem-solving. The focus is on identifying the key factors and priorities to generate a solution.

  • What do we want to achieve through improving the Paylater feature? What is the main objective, and how will we measure success?

  • What are the most important issues and factors that need to be addressed? Which issues have the biggest impact on the user experience?

  • In addition to the identified issues, what other aspects need to be considered and resolved in the Ví Trả Sau feature?

Key activities in this phase include:

  • Identifying the user wants versus user needs.

  • Analyzing and synthesizing research data to form insights for the entire team.

  • Defining the scope of the problem and creating a final problem statement.

3. Develop

In the Develop phase, the goal is to generate potential solutions for the previously identified problem. Similar to expanding your research, consider the full range of possibilities for the solution. Seek inspiration from various sources and share your creativity with as many stakeholders as possible.

Key activities in this phase include:

  • Sketching, low-fidelity wireframing, and prototyping.

  • Collaborating with stakeholders such as the Product Owner, Product Designer, and Technical Team.

  • Building hypotheses and selecting optimal designs to test.

4. Deliver

In the Deliver phase, the goal is to validate feasible solutions and prepare the design for implementation. At the start of this phase, the team will begin eliminating solutions that are not suitable for the prototype and testing process. This final implementation phase concludes with the completed design work.

Key activities in this phase include:

  • Testing the prototype with a small number of invited users to gather early feedback.

  • Reviewing the feedback and preparing for the new updates.

  • Deploying experiments (A/B tests) for new features and interfaces, collecting data, and continuing the iterative process to improve the product.

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Solution

1. Displaying all financial information within sight

The overall financial status is the first thing users will see after opening the application.

Here, a common difficulty that users often mention is that they only want to view their credit limit, service fees, amount spent, and payment due date to avoid incurring late fees.

Our goal is to highlight key data and maintain a minimal information density to ensure transparency and ease of use.

Our goal is to highlight key data and maintain a minimal information density to ensure transparency and ease of use.

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2. Facilitating user navigation for easy task completion

With a clear understanding of their financial situation, users can quickly make payments for the amount used with just 3 taps

To access the debt repayment page, users simply need to tap on the debt balance box, and the app will navigate to the list of outstanding debts to be paid. Users can easily select the loan and make the payment.

“Everything that users need is just a few taps away when using the Pay Later Wallet.”

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3. Providing valuable expenditure information

The transaction history and expense management provide valuable information that can be easily accessed by browsing through it.

This is a convenient way for customers to maintain control over their financial situation by easily exploring their paid and unpaid bills, as well as scheduled payments, and their budget levels.

By simply tapping on categories, users can instantly gain an overview of the most heavily spent areas, providing them with a comprehensive view of their expenses.

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4. Delivering financial information inspired by social networking.

We are living in a fast-paced digital world dominated by social media and technology. So why do Fintech applications lag behind despite such great examples of customer engagement in the social media environment?

At MoMo, the social aspect goes beyond just the user interface of the application. The posts provide information and also display user friends' opinions about various financial products and services, as well as social-based recommendations.

These recommendations can include anything that can help improve the financial well-being of users, such as personalized financial tips, savings strategies, investment opportunities, or promotional programs offered by MoMo, for example:

  • Tips on reducing expenses in the categories where users spend the most.

  • Notifications about urgent financial activities that require immediate attention.

  • Recommendations on savings and investment based on the user's goals.

  • Reminders to pay bills and complete other regular payments.

  • Promotional programs offered by Pay Later and MoMo.

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5. Personalized offers demonstrate care for users

One of the most powerful features that an AI-powered digital bank can offer is personalized promotions. This can be ensured through predictive analytics. It should incorporate analysis of users' financial activities, their social environment, and big data analysis of typical behavioral patterns, geolocation data, and contextual analysis.

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Key learning

1. Understand your user

The most important thing is to understand the needs and issues that users encounter in order to create a product that truly serves their daily lives. This requires in-depth analysis of the market and users to deliver the best possible experience for them.

By always putting the user at the center of the design process, we aim to provide an interface and user experience that is optimized for ease of use.

2. Create a seamless experience

It takes complexity to create a design, but it should be minimal and easy to understand. This helps users find information and perform tasks easily and quickly, making it truly worth our effort.

Every piece of information and feature in the interface is carefully considered. Integrating services and functions into a user-friendly and cohesive interface enhances utility and reduces complexity for users.

3. Constantly improving transparency and trust

For financial services, transparency and customer trust are invaluable assets. Providing financial information in a transparent and reliable manner is crucial. Ensuring that users can easily check and manage their financial status with clarity and accuracy is essential.

4. Enhance security with the latest technologies

Particular emphasis is placed on protecting users' financial information and transactions. Ensuring that the system is designed with high-security measures to guarantee safety and trust for users.

5. Monitor and update technology trends

Harnessing the power of social networks and technology to provide interactive features and facilitate information sharing among users, creating an interactive and diverse user community.

6. Aligning the development team is the foundation of success.

Clear team alignment and continuous communication and feedback exchange to ensure shared understanding and progress throughout the project development.

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