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

Report ID: SQMIC45J2228 | Region: Country | Published Date: March, 2024
Pages: 197 | Tables: 95 | Figures: 76

Vietnam Mobile Payment Market News

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.

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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 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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