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 2024-2031

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.