Press Release

Vietnam Mobile Wallet Market Expands with Money Transfer Segment at a robust CAGR

The Vietnam Mobile Wallet Market is increasing due to rising smartphone penetration, government support for cashless transactions, the convenience of mobile payments, and a growing digital economy 2025-2029F

 

According to TechSci Research report, “Mobile Wallet Market – Vietnam Industry Size, Share, Trends, Opportunity, and Forecast 2019-2029F, A significant driver propelling the growth of the Vietnam Mobile Wallet Market is the increasing smartphone penetration across the country. With the rising affordability of smartphones and improved access to mobile internet connectivity, a larger segment of the Vietnamese population now owns smartphones, enabling them to participate in the digital economy and utilize mobile wallet services. Smartphone penetration has not only expanded access to mobile wallets but has also heightened consumer familiarity and comfort with mobile-based transactions. The proliferation of smartphones has facilitated greater adoption of mobile wallets as users increasingly rely on their devices for a wide range of activities, including banking, shopping, and communication. The convenience and versatility offered by smartphones make them an ideal platform for mobile wallet services, allowing users to make payments, transfer money, and access financial services seamlessly from their handheld devices. The major challenges facing the Vietnam Mobile Wallet Market is the limited digital literacy and awareness among certain segments of the population. While smartphone penetration has increased rapidly, there remains a portion of the population, particularly in rural and underserved areas, with limited access to technology and digital skills. Many individuals, especially older adults and those from low-income backgrounds, may lack the knowledge and confidence to effectively use mobile wallet applications and understand their benefits. Additionally, there is a general lack of awareness about the availability and functionality of mobile wallets, with some consumers still relying on traditional cash-based transactions due to familiarity or mistrust of digital payment methods. Addressing this challenge requires comprehensive efforts to improve digital literacy and raise awareness about mobile wallet solutions through targeted education and outreach programs. Collaborative initiatives involving government agencies, financial institutions, mobile network operators, and non-profit organizations can play a crucial role in providing training, workshops, and informational campaigns to empower individuals with the skills and knowledge needed to adopt and utilize mobile wallets effectively. Moreover, mobile wallet providers need to focus on user-friendly design, intuitive interfaces, and multilingual support to cater to diverse user demographics and ensure accessibility for all segments of the population. By addressing the challenge of limited digital literacy and awareness, stakeholders can unlock the full potential of the Vietnam Mobile Wallet Market and drive greater financial inclusion and digital transformation across the country.

 

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Central Vietnam has emerged as the fastest-growing region in the Vietnam Mobile Wallet Market due to several key factors contributing to its rapid adoption and expansion. One significant driver of growth is the region's increasing urbanization and economic development, particularly in cities like Da Nang and Hue. As urban centers experience population growth and infrastructure improvements, there is a corresponding rise in consumer spending, business activities, and digitalization efforts, creating a conducive environment for the adoption of mobile wallet solutions. Moreover, Central Vietnam's strategic location as a major transportation and logistics hub facilitates commerce and trade, attracting businesses and merchants seeking innovative payment solutions to cater to the growing consumer base. The vibrant tourism industry in Central Vietnam, with popular destinations such as Hoi An and My Son, further drives the demand for mobile wallet services as visitors seek convenient and secure payment options during their travels. Additionally, the government's initiatives to promote cashless transactions and digital financial inclusion play a crucial role in driving mobile wallet adoption in Central Vietnam. As part of broader digitalization efforts, the government has implemented policies and incentives to encourage businesses, merchants, and consumers to embrace mobile payment solutions, driving increased usage and acceptance across the region. Central Vietnam's dynamic and youthful population, characterized by a high concentration of tech-savvy millennials and Gen Z consumers, fuels the demand for innovative digital payment solutions. As digital natives accustomed to using smartphones for various activities, including banking, shopping, and socializing, younger generations in Central Vietnam are more open to adopting mobile wallet services as part of their daily routines. This demographic shift, combined with increasing disposable incomes and changing consumer preferences, creates a fertile ground for mobile wallet providers to capture market share and drive growth in Central Vietnam. The presence of leading mobile wallet providers and fintech startups actively expanding their operations and partnerships in Central Vietnam contributes to the region's accelerated growth. These companies invest in marketing initiatives, promotional campaigns, and user acquisition strategies to raise awareness and incentivize adoption among consumers and merchants. By forging strategic alliances with local businesses, retailers, and service providers, mobile wallet providers can establish a strong presence in Central Vietnam's retail landscape, offering seamless integration with existing payment ecosystems and enhancing the overall user experience. Central Vietnam's burgeoning startup ecosystem and supportive regulatory environment foster innovation and entrepreneurship in the fintech sector, driving the development of localized mobile wallet solutions tailored to the region's unique needs and preferences. By leveraging cutting-edge technologies, such as artificial intelligence, biometrics, and blockchain, mobile wallet providers can differentiate their offerings and deliver value-added services that resonate with Central Vietnam's tech-forward population.

Based on Technology, the QR code technology segment dominated the Vietnam Mobile Wallet Market and is expected to maintain its dominance during the forecast period. QR code-based mobile wallets offer a versatile and accessible payment solution that enables users to make transactions by scanning QR codes displayed at merchant locations or on invoices. This technology has gained significant traction due to its simplicity, convenience, and widespread acceptance among consumers and merchants across various sectors. QR code mobile wallets eliminate the need for physical cash or card swiping, allowing users to complete transactions quickly and securely using their smartphones. Moreover, QR code payments offer interoperability, enabling users to make payments across different mobile wallet platforms and merchant networks, enhancing convenience and accessibility. The popularity of QR code payments is further fueled by the government's support for cashless transactions, the proliferation of QR code-enabled POS terminals, and the growing adoption of QR codes in various aspects of daily life, such as retail, F&B, transportation, and utilities. As consumers increasingly embrace QR code-based payment methods for their simplicity, speed, and versatility, the dominance of QR code technology in the Vietnam Mobile Wallet Market is expected to persist, driving continued growth and innovation in the mobile payments ecosystem.

 

Key market players in the Vietnam Mobile Wallet market are:-

  • Apple Inc.
  • Alphabet Inc.
  • Samsung Electronics Co., Ltd
  • PayPal Holdings, Inc.
  • Square, Inc.
  • Visa Inc.
  • Vietnam Payment Solution Joint Stock Company
  • Mastercard International Incorporated
  • Amazon Inc.
  • Rakuten Group Inc.

 

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“The Vietnam Mobile Wallet Market is experiencing rapid growth driven by increasing smartphone penetration, government initiatives promoting cashless transactions, and changing consumer preferences. Mobile wallet solutions offer convenience, security, and accessibility for a wide range of financial transactions, including payments, money transfers, and bill management. Key players in the market include MoMo, Moca, ZaloPay, and ViettelPay, among others. With a vibrant digital ecosystem and rising demand for digital payment solutions, the Vietnam Mobile Wallet Market presents significant opportunities for growth and innovation.Top of Form” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based United States management consulting firm.

“Vietnam Mobile Wallet Market By Type (Remote, Proximity) By Technology (Near Field Communication (NFC), QR Code, Digital Only, Text-based) By Application (Bill Payment, Mobile Recharge, Money Transfer, Micropayment & Others) By Industry Vertical (Transportation, Media & Entertainment, Retail, Healthcare, Energy & Utilities, Telecommunication and Others), By Region, By Competition, 2019-2029F,” has evaluated the future growth potential of Vietnam Mobile Wallet Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Vietnam Mobile Wallet Market.

 

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