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

Vietnam Mobile Payment Market size was valued at USD 425 billion in 2021 and is poised to grow from USD 554.63 billion in 2022 to USD 4665.34 billion by 2030, growing at a CAGR of 30.5% in the forecast period (2023-2030).

The global use of smartphones and the booming m-commerce sector, especially in emerging nations, are the main drivers of the expansion of the mobile payment market in Vietnam. Additionally, the rapid penetration of mobile payment systems in these developing nations promotes even more industry growth. It's important to keep in mind that the industry confronts several challenges that might limit its development, such as a rise in data breaches and security issues related to mobile payments.

Positively, there is a growing trend in mobile payments that makes use of Near Field Communication (NFC), Radio-Frequency Identification (RFID), and host-card emulation technologies. This technical change creates exciting industry prospects by lining up with the growing need for quick and simple transaction services.

Mobile online payments stand up as a significant section when examining particular payment methods. Due to its widespread use and ease of use, which just requires a smartphone from the user, it attracts a lot of attention. The Near Field Communication (NFC) market, on the other hand, is predicted to increase at the fastest rate in the near future. This is due to the technology's enticing qualities, such as enhanced security measures, quick transaction processing, and a rising level of end-user preference.