Vietnam Mobile Payment Market

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

Report ID: SQMIC45J2228 | Region: Country | Published Date: March, 2024
Pages: 197 | Tables: 93 | Figures: 76

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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 rapid economic growth of Vietnam has allowed international as well as domestic mobile payment providers to set up their business in the country. The competition between market players is fierce as they push to dominate the Vietnam mobile payment marketplace. 'MoMo (Vietnam)', 'NganLuong (Vietnam)', 'ZaloPay (Vietnam)', 'ViettelPay (Vietnam)', 'Alipay (China)', 'Techcombank (Vietnam)', 'AirPay (Vietnam)', 'ShopeePay (Singapore)’', 'Agribank (Vietnam)', 'Timo (Vietnam)', 'PayPal (United States)', 'Moca (Vietnam)', '1Pay (Vietnam)', 'GrabPay (Singapore)', 'SendoPay (Vietnam)', 'VietinBank (Vietnam)', 'SmartPay (Vietnam)', 'VTC Pay (Vietnam)', 'VNPay (Vietnam)', 'ACB Bank (Vietnam)'

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.

QR Code Payments: The adoption of QR code-based payments in Vietnam is increasing at a rapid pace and this is allowing customers to pay for products and services in a much more convenient way as compared to cash or cards. Better security of QR code payments is slated to benefit market growth.

Mobile payments are significantly popular in cities such as Hanoi and Ho Chi Minh City in Vietnam. High population density and better economic growth in the aforementioned cities allow them to account for a substantial share of the Vietnam mobile payment market share. Increasing smartphone penetration and growing acceptance of mobile payments are also prospects that could uplift the demand for mobile payments in Vietnam over the coming years. Growing number of people using mobile payments to pay for groceries, utilities, and online shopping is also slated to benefit market growth in the long run.

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