Vietnam Mobile Wallet Market to grow at a Significant Rate through 2026
Growing youth population and
the rising demand for e-commerce channels is expected to drive the demand for Vietnam
Mobile Wallet market in the forecast period.
According to TechSci Research report, “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,
Company Forecast & Opportunities, 2026”, The Vietnam Mobile Wallet
market is expected to witness significant growth in the forecast period. Mobile
payment is defined as the payment method in which the money can be transferred
through several mobile devices such as smartphones, tablets, and other smart
devices. It is used as the virtual wallet and can be used to make payments for
various applications including online shopping, paying utility bills, amongst
others, and is considered better than the conventional method of payment as it
offers easy accessibility, secured payment gateways, quick money transfers,
among others which are expected to fuel the demand among consumers contributing
to the Mobile Wallet market growth. Significant growth in the adoption of
e-commerce channels in Vietnam owing to the benefits provided by the e-commerce
industry market players such as higher convenience, secure payment options,
easy dispatch, and delivery options along with lucrative discounts and offers
thereby attracting a huge number of consumers to make a purchase via online
channels. Supportive government policies to promote digitalization across the
industry verticals to increase efficiency and speed up the process is expected
to pave the way for the Mobile Wallet market growth. Market players are
providing attractive cashback and discount offers to Mobile Wallet service
providers to increase the reach of the Mobile Wallet to consumers.
The COVID-19 outbreak across the world which has been
declared as a pandemic by World Health Organization has affected several
countries adversely. Coronavirus-affected patients started suffering from
shortness of breath along with coughing and sneezing. Leading authorities in
Vietnam imposed lockdown restrictions and released a set of precautionary
measures to contain the spread of novel coronavirus. The rise in the adoption of
online channels increased during this period. Businesses and individuals began
opting for contactless cashless payment options to purchase through offline and
online channels, which in turn in boosting the demand for Mobile Wallets for
online payments.
However, the rise in concerns about frauds and data
breaches may restrain the growth of the Mobile Wallet market growth in the
forecast period.
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Vietnam
Mobile Wallet market is segmented into type, technology, application, industry
vertical, regional distribution, and company. Based on the industry vertical,
the market can be divided into transportation, media & entertainment,
retail, healthcare, energy & utilities, telecommunication, and others. The
transportation segment is anticipated to witness growth in the forecast period,
2022-2026. Market players are providing the consumers to make payments using
Mobile Wallet technology as it is a hassle-free process, and it is a
transparent and secure process for online transactions. Based on the
application, the market can be divided into bill payment, mobile recharge,
money transfer, micropayment & others. The bill payment application segment
is expected to hold significant growth in the next years as it provides the
user the ease and convenience to pay easily without physically visiting the
offices or stores to make payments.
MoMo,
VNG Corporation, Viettel, AirPay, VNPay, GrabPay, ManagePay Systems, Payoo,
Moca, SenPay are the leading players operating in Vietnam Mobile Wallet market.
Service providers are increasingly focusing on research and development process
to fuel higher growth in the market. To meet evolving customer demand with
respect to better efficiency and durability, several Mobile Wallet service
providers are coming up with their technologically advanced offerings.
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“The
rise in presence of fintech firms and the high-end investment by the market
players for technological advancements such as e-banking, mobile money is
expected to influence the growth of the Mobile Wallet market. Growing
development in the telecommunication industry to expand the reach of internet
services to urban as well as rural areas is expected to widen the reach of
Mobile Wallet technology to each citizen which in turn is expected to fuel the
market growth. An increase in the efforts made by the market players to upgrade
the existing infrastructure by providing extra security layers to users and the
adoption of attractive marketing strategies such as social media campaigns,
hiring of influencers for advertisement purposes is expected to propel the Mobile
Wallet market growth till 2026” said Mr. Karan Chechi, Research Director with
TechSci Research, a research-based global 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, Company Forecast &
Opportunities, 2026” has evaluated the future growth potential of Vietnam Mobile
Wallet market and provided statistics & information on market size, shares,
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 the of Vietnam Mobile
Wallet market.
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