USD 551.79 billion
Vietnam Mobile Payment Market Size, Share, Growth Analysis, By Technology(QR Code, NFC (Near Field Communication), Magnetic Secure Transmission (MST), SMS-based), By Application(Retail Payments, Transportation & Mobility, Bill Payments, Food & Beverage), By Mode of Transaction(Proximity Payment, and Remote Payment), By Region - Industry Forecast 2025-2032
Report ID:
SQMIC45J2228 |
Region:
Country |
Published Date: March, 2024
Pages:
197
|Tables:
95
|Figures:
76
Vietnam Mobile Payment Market Insights
Vietnam Mobile Payment Market size was valued at USD 718.43 Billion in 2023 and is poised to grow from USD 935.4 Billion in 2024 to USD 7724.73 Billion by 2032, growing at a CAGR of 30.2% during the forecast period (2025-2032).
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.
US Vietnam Mobile Payment Market is poised to grow at sustainable CAGR for the next forecast year.
Market snapshot - 2025-2032
Global Market Size
Largest Segment
Remote Payment
Fastest Growth
Remote Payment
Growth Rate
30.2% CAGR
Vietnam Mobile Payment Market ($ Bn)
Country Share for Vietnam Region (%)
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Vietnam Mobile Payment Market Segmental Analysis
Vietnam Mobile Payment Market is segmented by mode of transaction, technology, application, and region. Based on mode of transaction, the market can be segmented into proximity payment, and remote payment. Based on technology, the market is segmented into QR Code, NFC (near field communication), magnetic secure transmission (MST), SMS-based, and others. Based on Application, the market is segmented into retail payments, transportation & mobility, bill payments, food & beverage, healthcare, entertainment & media, and others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Vietnam Mobile Payment Market Analysis By Type
At the moment, the market's dominant sector is remote payments. Remote payments are done via mobile devices to make purchases or pay bills without being in close contact to a physical payment station. With this approach, customers may pay from the convenience of their homes, workplaces, or pretty much anywhere with an internet connection. The popularity of remote payments may be ascribed to their practicality and adaptability, making them the go-to option for a variety of financial operations like mobile banking, online shopping, and utility bill payments. The spread of e-commerce and the expansion of digital services have made remote payments much more prevalent in Vietnam's mobile payment scene.
Although proximity payments are now the fastest-growing market category in Vietnam, remote payments still retain the majority of the industry.
Proximity payments are done by placing Near Field Communication (NFC)-enabled mobile devices near a payment terminal at a retail location or point of sale. These types of payments eliminate the requirement of cash or card and allow for a quick and contactless payment method that is being preferred by the masses around the world. The COVID-19 pandemic boosted the popularity and acceptance of such contactless payments back in 2020 and since then they have been gaining more traction in not just Vietnam but also around the world. Increasing acceptance of proximity payments by retailers and merchants in Vietnam creates an opportune scenario for mobile payment providers.
Vietnam Mobile Payment Market Analysis By Type of Purchase
Money transfers and payments amount to a lion’s share of the Vietnam mobile payment market. More peer-to-peer money transfers and bill payments are being made via mobile payment solutions in Vietnam and this has allowed this segment to hold a significant market share. Increasing awareness regarding the convenience, safety, and accessibility of mobile payments is driving their demand in Vietnam.
Mobile payments for merchandise and coupons are projected to increase at a rapid pace in Vietnam over the coming years. Increasing number of people making mobile payments via the use of digital coupons is allowing this segment to grow at a fast pace in the country. The surging popularity of e-commerce and online shopping trends in Vietnam is also a key prospect that is projected to bolster growth in this segment. Attractive discounts on coupons purchased via mobile payments are also slated to create new opportunities for mobile payment providers in this segment in the long run,
Global Vietnam Mobile Payment Mining Market By Type
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Vietnam Mobile Payment Market Regional Insights
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.
Mobile payment providers can target rural and semi-urban areas in Vietnam to expand their business at a rapid pace and boost revenue generation in the country. Increasing availability of smartphones in the aforementioned parts of Vietnam provides an immense scope for mobile payment business growth in the future. Mobile payment companies are also making efforts to expand their business in rural parts by launching attractive marketing campaigns and providing lucrative incentives to people who use mobile payment services. The constant efforts of the government of Vietnam to close the gap between rural and urban people are also estimated to boost demand for mobile payments in the country across the forecast period.
Vietnam Mobile Payment Market By Geography
- Largest
- Fastest
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Vietnam Mobile Payment Market Dynamics
Vietnam Mobile Payment Market 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.
Vietnam Mobile Payment Market 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.
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Vietnam Mobile Payment Market Competitive Landscape
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.
Local mobile payment providers are enjoying the benefits of client and brand loyalty while international companies face some challenges while competing with the local companies. International companies need to come up with specific strategies to make a mark in Vietnam as they try to attract Vietnamese customers to their business.
The expanding e-commerce and m-commerce spaces in the country provide a breeding growth for global mobile payment providers and also an opportunity for local companies to strengthen their market share. Easy cross-border transactions and money transfers are what international companies are focusing on to leverage their global presence.
The competition in the Vietnam mobile payment marketplace is projected to get fiercer in the future as companies try to boost their business. Partnerships, mergers, and acquisitions are also estimated to emerge as popular strategies for mobile payment providers operating in Vietnam. Better customer support and an expansive payment ecosystem are estimated to help companies boost their revenue in Vietnam going forward.
Top Player’s Company Profiles of Vietnam Mobile Payment Market
- 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)
Recent Developments of Vietnam Mobile Payment Market
- MoMo, a top mobile payment service provider in Vietnam,, announced that it had raised USD 200 million in a financing round in March 2023.. The capital raised through the Series F funding was intended to be used to expand the company’s business in Vietnam.
- In February 2023, VNPAY, a leading mobile payment company in Vietnam, announced that it had acquired ZaloPay, to expand its market share in the country.
- The State Bank of Vietnam (SBV), in January 2023, issued a directive that required all businesses in Vietnam to accept mobile payments by the end of 2023, which opened up a plethora of new opportunities for mobile payment providers in the country.
Vietnam Mobile Payment Key Market Trends
- 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.
- Financial Inclusion: To increase the financial inclusion scope of people in Vietnam, unbanked communities are moving towards mobile payments and this is projected to create new opportunities for mobile payment providers in the country.
- Partnerships and Alliances: Mobile payment companies are also focusing on collaborating and partnering with other institutions to widen their business scope and boost revenue generation.
Vietnam Mobile Payment Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Product types team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per our analysis, the Vietnam mobile payment market is expanding rapidly, propelled by factors including rising smartphone penetration, the explosive rise of e-commerce, and government backing for projects in digital payments. Strong footholds have been formed by regional businesses including MoMo, ZaloPay, and ViettelPay, which provide a wide range of services to meet the various demands of Vietnamese customers. International behemoths like PayPal and Alipay have also entered the sector, fostering more innovation and greater market rivalry. Due to the COVID-19 epidemic and other factors, contactless payments, digital wallets, and QR code payments are increasingly common. However, security and regulatory compliance issues continue to be a problem. The future of mobile payments in Vietnam is anticipated to be shaped by initiatives to provide these services to disadvantaged communities as well as a growing trend of collaborations within the sector, making this a vibrant and exciting business.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 718.43 Billion |
| Market size value in 2032 | USD 7724.73 Billion |
| Growth Rate | 30.2% |
| Base year | 2024 |
| Forecast period | 2025-2032 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Vietnam Mobile Payment Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Vietnam Mobile Payment Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Vietnam Mobile Payment Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Vietnam Mobile Payment Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Vietnam Mobile Payment Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Vietnam Mobile Payment Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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