USD 551.79 billion
Report ID:
SQMIC45J2228 |
Region:
Country |
Published Date: March, 2024
Pages:
197
|Tables:
95
|Figures:
76
Vietnam Mobile Payment Market size was valued at USD 551.79 billion in 2022 and is poised to grow from USD 718.43 billion in 2023 to USD 5932.97 billion by 2031, growing at a CAGR of 30.2% in the forecast period (2024-2031).
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.
Global Market Size
USD 551.79 billion
Largest Segment
Remote Payment
Fastest Growth
Remote Payment
Growth Rate
30.2% CAGR
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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,
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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.
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Vietnam Mobile Payment Market Drivers
Smartphone Penetration
M-Commerce Growth
Growth of Immigrant Workers
Vietnam Mobile Payment Market Restraints
Security Issues
Limited Access to Banking
Regulatory Obstacles
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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
Recent Developments of Vietnam Mobile Payment Market
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 2022 | USD 551.79 billion |
Market size value in 2031 | USD 5932.97 billion |
Growth Rate | 30.2% |
Base year | 2023 |
Forecast period | 2024-2031 |
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 |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
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.
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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Report ID: SQMIC45J2228
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