Vietnam Mobile Payment Market by Type (Proximity Payment and Remote Payment), Mode of Transaction (Short Message Service (SMS), Near-Field Communication (NFC), and Wireless Application Protocol (WAP)), End User (Personal and Business), Type of Purchase (Airtime Transfer & Top-Ups, Money Transfers & Payments, Merchandise & Coupons, Travel & Ticketing, and Others), and Application (Hospitality & Tourism, Media & Entertainment, Retail, Healthcare, Energy & Utilities, IT & Telecommunication, and Others) - Opportunity Analysis and Industry Forecast, 2018-2025
Mobile payment refers to payment services remotely performed through messages or mobile apps. Various mobile payment media, such as near-field communication (NFC), have been introduced to facilitate rapid money transfer.
E-payment methods have been widely used in Vietnam, owing to change in customer preference from cash to digital payments and technological developments. In addition, rise in adoption of smartphones and increase in internet penetration have fostered several banks in the country to implement immediate payment services.
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Surge in need for immediate transactions in Vietnam is anticipated to be one of the major drivers of the Vietnam mobile payment market. In December 2017, Vietnam's e-payment pioneer, MoMo, signed an agreement with a U.S.-based ride-hailing company, Uber Technologies, to enable passengers to pay for rides along with utility bills, airline tickets, and online purchases using the MoMo app.
Moreover, banks in Vietnams have been focusing on e-payment; for instance, Sacombank and Maritime Bank have launched their own QR code-based online payment services, which are used at stores and restaurants. Thus, growth of the e-commerce industry, increased penetration of smartphones, improvement in standard of living, and need for quick & hassle-free transactions drive the growth of the mobile payment market in Vietnam.
However, data breaches & security concerns are expected to impede the market growth. Conversely, rise in awareness about mobile payment, exposure to social media, and increase in popularity of cashless payments in Vietnam are expected to present major opportunities for market expansion during the forecast period.
The Vietnam mobile payment market is categorized based on type, mode of transaction, type of purchase, application, and end user. Depending on type, the market is bifurcated into proximity payment and remote payment.
By mode of transaction, it comprises short message service (SMS), near-field communication (NFC), and wireless application protocol (WAP). On the basis of type of purchase, it is segmented into airtime transfer & top-ups, money transfers & payments, merchandise & coupons, travel & ticketing, and others.
The applications covered in the study include hospitality & tourism, media & entertainment, retail, healthcare, energy & utilities, IT & telecommunication, and others. According to end user, the market is classified into personal and business.
The key players profiled in the report include Mobivi, NganLuong, OnePay, Smartlink, Orange S.A., PayPal Holdings, Inc., Payoo, MOMO, 123Pay, and SohaPay.
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Key Benefits for Stakeholders
This study includes the analytical depiction of the Vietnam mobile payment market along with current trends and future estimations to determine the imminent investment pockets.
The report presents information related to key drivers, restraints, and opportunities.
The current market is quantitatively analyzed from 2016 to 2025 to highlight the financial competency of the industry.
Porter’s Five Forces analysis illustrates the potency of buyers & suppliers in the Vietnam mobile payment industry.
Vietnam Mobile Payment Market Key Segments:
By Type
Proximity payment
Remote payment
By Mode Of Transaction
Short message service (SMS)
Near-field communication (NFC)
Wireless application protocol (WAP)
By End User
Personal
Business
By Type Of Purchase
Airtime transfer & top-up
Money transfer & payment
Merchandise & coupon
Travel & ticketing
Others
By Applications
Hospitality & tourism
Media & entertainment
Retail
Healthcare
Energy & utilities
IT & telecommunication
Others
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Key Market Players
Mobivi
NganLuong
OnePay
Smartlink
Orange S.A.
PayPal Holdings, Inc.
Payoo
MOMO
123Pay
SohaPay
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