Vietnam Mobile Payment Market Size, Share, Growth Analysis, By Type(Proximity Payment, and Remote Payment), By Application(Hospitality & Tourism, Media & Entertainment), By Mode of Transaction(Short Message Service, Wireless Application Protocol) - Industry Forecast 2024-2031

Drivers

Smartphone Penetration

• The increasing number of people using smartphones in rural as well as urban settings in Vietnam is projected to be a key driver for market growth. More smartphones mean more access to mobile payments and this is why Vietnam's mobile payment market will expand at a notable pace going forward.

M-Commerce Growth

• The popularity of mobile commerce or m-commerce is a byproduct of the rising popularity of e-commerce in Vietnam and this is influentially boosting demand for mobile payments in the country. Ease and security of mobile payments are also bonuses while shopping online.

Growth of Immigrant Workers

• Migrant workers need to send money back home to their families and mobile payment applications allow them to do that without going through the hassle of going to a bank. Easy and secure access to international money transfers will create opportunities for mobile payment companies in Vietnam going forward.

Restraints

Security Issues

• User and organization data leaks are still a threat to mobile payment systems as the incidence of cyberattacks and hacks increase not just in Vietnam but all over the world. Creating secure mobile payment solutions will be the key for market players.

Limited Access to Banking

• Setting up a mobile payment solution usually requires a banking solution to provide the money and limited access to banking for people in rural parts of Vietnam might hurt Vietnam's mobile payment market growth potential in the long run.

Regulatory Obstacles

• The government of Vietnam is focusing on boosting its cybersecurity and has implemented stringent mandates for mobile payments as well to ensure user safety. Companies may find it difficult to comply with these norms and face difficulties in operating in the country.