Vietnam Mobile Payments Market Size (2024 - 2029)

Vietnam Mobile Payments Market Analysis

The Vietnam Mobile Payments Market size is estimated at USD 43.30 billion in 2024, and is expected to reach USD 69.23 billion by 2029, growing at a CAGR of 9.84% during the forecast period (2024-2029).

Mobile payment systems like M_Service, Viettel Digital Services, ZaloPay, National Payment Corporation of Vietnam, and GrabPay by businesses and services nationwide are progressing quickly in Vietnam. This trend is anticipated to persist during the projection period due to rising internet usage and the rapid expansion of online shopping.

• Mobile phones, particularly smartphones, have elevated to essential significance in the context of the world economy's fast expansion. Additionally, most people in the country consider the Internet a basic necessity for daily living. Due to this, the number of cell phones and internet users grew massively, driving the country's mobile payment market.
• Many industry participants, like ZaloPay and GrabPay, use reward systems to retain existing mobile payment service users and attract new ones. Several service providers, for instance, provide scratch cards equipped with a reasonable amount to facilitate transactions through their applications. Such compensation schemes encourage customers to use mobile payment apps, boosting the mobile payment market in Vietnam.
• Additionally, the Party and the Government of Vietnam have recently given digitalization and improved non-cash payment a great deal of attention and firm directives. Based on such directives, the State Bank of Vietnam (SBV) has continuously enhanced the legislative frameworks and regulatory procedures to support the banking industry's digital transformation and adoption of cashless transactions. The payment infrastructure has received steadily increasing amounts of investment. Financial literacy and communication have both been emphasized. These have produced crucial pillars for the rapid development of digital payments and banking digitalization.
• Further, banking digitalization has made significant progress, particularly in payment operations, offering real advantages to individuals and companies. These outcomes are indicated by the data published by the State Bank of Vietnam that nearly 70% of adults have payment accounts in the past year. The payment systems have operated smoothly and safely, meeting almost all economic payment demands with a high average annual growth rate in mobile payment transactions. Many banking services are now entirely used in digital channels, like opening new accounts and issuing bank cards, deposits, money transfers, etc.
• The market for mobile payments is expected to expand over the forecast period due to the growing popularity of M-commerce in Vietnam, which involves online businesses utilizing wireless devices like smartphones. Furthermore, M-commerce enables consumers to transact anywhere there is wireless internet access. Additionally, businesses like ZaloPay have already debuted their mobile commerce offerings. Customers can now instantly make in-store purchases without the hassle of swiping a card due to the introduction of digital wallets like the National Payment Corporation of Vietnam and M_Service.
• The market for mobile payments is growing but is being constrained by rising data breaches and security problems. Additionally, citing concerns about security and unlawful use of personal data, many customers hesitate to accept the new technology.

Vietnam Mobile Payments Industry Segmentation

Mobile payment is the transfer or payment method of funds, typically to a merchant, person, or business for bills, goods, and services, using a mobile device to execute and confirm the payment. The payment tool can be a mobile browser, digital (virtual or e-) wallet, or SIM toolkit / mobile menu. The study tracks the transaction type of mobile payment by Proximity and Remote payment. The study tracks key market metrics, underlying growth influencers, and significant industry vendors, supporting Vietnam's mobile payments market estimates and growth rates throughout the anticipated period. The study looks at COVID-19's overall influence on Vietnam's payment ecosystem.

The Vietnam Mobile Payments Market is segmented by type (proximity payment, remote payment). The market sizes and forecasts are in terms of value (USD) for all the above segments.