Vietnam E-Wallet Market

Market Overview:

The Vietnam E-wallet market size reached US$ 36.4 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 123.0 Billion by 2032, exhibiting a growth rate (CAGR) of 14.28% during 2024-2032.

An electronic wallet, commonly known as e-wallet, refers to a digital service that allows a consumer to store money and conduct financial transactions. It acts as a virtual wallet that can be used to make payments for various applications, including goods purchasing, online shopping, booking travel tickets, paying utility bills, etc. E-wallet offers numerous advantages over conventional payment methods, such as easy accessibility, quicker money transfers, secured payment gateways, etc. In Vietnam, the growing internet connectivity along with the rising adoption of smart devices is propelling the market growth.

A significant growth in the e-commerce industry along with increasing shift from conventional cash and card payments towards digital alternatives is augmenting the market for e-wallets. Furthermore, the growing number of tech-savvy consumers in the country is also catalyzing the demand for digital wallets for making mobile-based payments. Additionally, several retail outlets in Vietnam are adopting QR codes and NFC-based devices for eliminating card swiping and manual entry, which in turn helps in mitigating human errors and facilitating a smoother checkout experience. Additionally, the rising availability of several customer-centric offers, such as discounts, cashback, and shopping vouchers, associated with e-wallets is also bolstering the market growth. Apart from this, the growing incidences of card thefts are further driving the demand for safer and secured alternatives, including e-wallets. Furthermore, the introduction of multi-factor authentication solutions, including fingerprint and facial recognition, for providing secured e-wallets is also catalyzing the market growth in the country. In the coming years, the rising integration of mobile wallets with numerous advanced technologies, such as AI, predictive analytics, cloud computing, etc., will continue to drive the market for e-wallets in Vietnam.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the Vietnam E-wallet market report, along with forecasts for the period 2024-2032. Our report has categorized the market based on type, ownership, technology and vertical.

Breakup by Type:

• Open
• Semi-Closed
• Closed
   

Breakup by Ownership:

• Banks
• Telecom Companies
• Device Manufacturers
• Tech Companies
   

Breakup by Technology:

• Near Field Communication
• Optical/QR Code
• Digital Only
• Text-Based
   

Breakup by Vertical:

• Retail
• Transportation
• Media and Entertainment
• Energy & Utilities
• Telecommunication
• Others
   

Competitive Landscape:

The competitive landscape of the industry has also been examined with some of the key players being MOCA System Inc., M-Pay Technology and Trading Service Joint Stock Company, Vietnam Payment Solution Joint Stock Company (VNPAY), VinID Pay (Vingroup), VNPT Electronic Payment Joint Stock Company and ZaloPay (ZION Joint Stock Company).

Report Coverage:

Key Questions Answered in This Report:

• How has the Vietnam E-wallet market performed so far and how will it perform in the coming years?
• What has been the impact of COVID-19 on the Vietnam E-wallet market?
• What is the breakup of the market based on the type?
• What is the breakup of the market based on the ownership?
• What is the breakup of the market based on the technology?
• What is the breakup of the market based on the vertical?
• What are the various stages in the value chain of the industry?
• What are the key driving factors and challenges in the industry?
• What is the structure of the Vietnam E-wallet market and who are the key players?
• What is the degree of competition in the industry?