Over the past 2 years, Southeast Asia has added more than 70 million online shoppers. This growth has in large part been driven by consumers adopting mobile wallets. Mobile wallets give a bigger audience access to online payments than credit cards and bank-based payments.
Vietnam, like many other countries in Southeast Asia, is heading for massive mobile payments growth. Mobile wallet transaction growth is projected to increase by more than 7X. Meanwhile, user and transaction value are projected to increase by more than 3X:
- Mobile wallet users: 19M in 2020, forecast to grow to 57M by 2025
- Mobile wallet ownership: 20% of the population, 55% by 2025
- Mobile wallet transaction volume: 674M transactions, 5B transactions by 2025
- Mobile wallet transaction value: $14B, $49B by 2025
Vietnam’s mobile wallet landscape: Momo, ViettelPay, AirPay, ZaloPay, GrabPay
Momo (Mobile Money) is the dominant wallet in the market, with over 50% market share and $230M in venture capital raised. Momo has greater functionality than its competitors and is likely to pursue super app status with its newly raised funds.
While Momo is the dominant wallet currently in Vietnam, there are a number of competitors that will be competing for the nearly 40M new mobile wallet users expected between now and 2025.
ViettelPay, owned and operated by state-owned mobile operator, Viettel, has been experiencing rapid growth. GrabPay, as always is a serious contender due to regional power, super app functionality, and significant venture capital backing. Ant Financial has invested in eMonkey, which has yet to acquire significant market share.
Here is our forecast for the user growth of mobile wallets in Vietnam over the next 4 years:
Want to launch mobile wallet payments in Vietnam? Conclusions
For merchants looking to grow their revenue in Vietnam, integrating mobile wallets to reach online consumers is crucial. If you are looking to launch mobile wallets in Vietnam and other Asian countries through one turnkey integration, get in touch.
For more data on mobile wallet payments in Vietnam and 20+ other countries, download our Mobile Wallets Report 2021.