Vietnam Mobile Wallet Market

Vietnam Mobile Wallet Market Size and Share:

The Vietnam mobile wallet market size was valued at USD 782.40 Million in 2024. Looking forward, IMARC Group estimates the market to reach USD 12,374.25 Million by 2033, exhibiting a CAGR of 35.90% from 2025-2033. The market is experiencing growth because of the increasing smartphone penetration, a rise in digital payment adoption, and strong government support for cashless transactions. The younger, tech-savvy population's preference for quick, convenient payment methods, alongside the expansion of mobile banking services, is also catalyzing the demand for mobile wallets across Vietnam. Additionally, the rising e-commerce activity, enhanced security features, and user-friendly interfaces further contribute to the Vietnam mobile wallet market share.

Vietnam is experiencing a notable rise in smartphone usage, especially in urban regions. As more people gain access to smartphones, mobile wallets become more accessible. With smartphones acting as the primary device for internet access, individuals are using them for various digital services, including mobile payments. In addition, the regulatory authority is actively encouraging cashless payments and digital financial solutions as part of its wider initiative for financial inclusion and modernization. Such programs motivate citizens to embrace digital payments, offering the regulatory backing and infrastructure required for mobile wallets to flourish. These initiatives seek to lessen reliance on cash, improve the security of payment systems, and foster financial access for every citizen, particularly in rural and neglected regions.

Furthermore, the growing number of e-commerce channels, driven by rising internet access, convenience, and a heightened inclination towards online shopping, is offering a favorable Vietnam mobile wallet outlook. As e-commerce transactions often require quick, secure payment methods, mobile wallets are increasingly being integrated into these platforms. This integration allows consumers to make seamless payments, improving the overall online shopping experience and driving further demand for mobile wallets in the country. Apart from this, individuals in Vietnam are progressively looking for quicker and more efficient payment methods. Mobile wallets satisfy this demand by providing a fast, convenient option compared to conventional payment methods like cash and cards. With features like one-click payments, contactless options, and the ability to store multiple payment methods, mobile wallets make transactions faster and more convenient, which is leading to their growing popularity in retail, transportation, and other sectors.

Vietnam Mobile Wallet Market Trends:

Government Support for Cashless Payments

The governing body is making advancements towards a cashless economy, which is contributing to the growth of the market. The governing authority is actively encouraging the transition from cash to digital payments across multiple sectors, such as education, healthcare, and government services, through various policies and initiatives. This initiative is fostering a more advantageous atmosphere for mobile wallets, promoting extensive acceptance by both individuals and companies. The State Bank of Vietnam announced that non-cash transactions in the nation exceeded 17 billion in 2024, indicating the swift expansion of digital payment solutions. Moreover, the government's initiatives to upgrade infrastructure, partnerships with fintech firms, and introduction of secure digital payment options further boost the accessibility and dependability of mobile wallets. These measures are speeding up the growth of the market and assisting Vietnam in reaching its objective of achieving a cashless society.

Rising Smartphone Penetration and Internet Accessibility

The swift increase in smartphone adoption and enhancements in internet access are bolstering the market growth. The nation’s mobile usage is gradually rising, as smartphones are becoming less expensive and more readily available. The growing use of smartphones is resulting in heightened demand for mobile wallets, as users look for convenient and secure digital payment options. In 2024, the Vietnamese government revealed intentions to achieve 100 million Internet subscribers by 2029, propelled by developments in 5G, artificial intelligence (AI), cloud computing, and data centers. This investment in digital infrastructure is broadening internet access in both urban and rural regions, enabling more people to utilize mobile wallet services. With the advancements in 4G and 5G networks, the quickness and convenience of transactions are especially attractive to tech-savvy users, which is accelerating the widespread use of mobile wallets in Vietnam.

Advancements in Digital Banking Solutions

With the rise of digital-first services, banks and fintech firms are creating cutting-edge platforms to provide easier and safer financial transactions. Elements like one-tap payments, biometric authentication, and tailored services are improving user experience and increasing the accessibility of digital banking. Through these advancements, users can effortlessly manage their accounts, transfer money, apply for loans, and utilize additional services via mobile wallets. The growing unification of these services into one platform is encouraging more people to embrace mobile wallets for everyday financial tasks. For instance, in 2024, Backbase, OCB, and SmartOSC introduced OCB OMNI 4.0 in Vietnam to improve digital banking through features, such as one-touch QR payments, biometric security, and tailored services. The system was established in only six months and facilitated account administration, transfers, loans, and additional features. It represented a significant advancement in Vietnam's digital banking evolution.

Vietnam Mobile Wallet Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the Vietnam mobile wallet market, along with forecasts at the country and regional levels from 2025-2033. The market has been categorized based on type and application.

Analysis by Type:

• Proximity
• Remote

Proximity enables users to complete transactions by placing their smartphones near a point-of-sale (POS) terminal that features near field communication (NFC) technology. This segment is propelled by the increasing use of contactless payment solutions and the ease they provide for in-store purchases. Proximity wallets offer quicker and safer payment options, diminishing the requirement for physical cash or cards. With individuals looking for fast and sanitary payment methods, proximity mobile wallets are becoming more popular in retail, transport, and various daily-use industries.

Remote allows users to conduct transactions without having to be in close proximity to a POS terminal. These wallets facilitate online transactions, bill payments, peer-to-peer transfers, and e-commerce purchases, making them suitable for remote or internet-based engagements. The sector is gaining from the expanding e-commerce market, the increase in digital services, and the transition to online banking. Remote wallets provide ease of use by enabling users to conduct transactions from any location at any time, which is leading to their extensive acceptance in online shopping, utility bill payments, and financial services.

Analysis by Application:

• Retail
• Hospitality and Transportation
• Telecommunication
• Healthcare
• Others

Retail is a crucial segment in the market, fueled by the rising user preferences for cashless and contactless payments. Mobile wallets facilitate effortless transactions for both in-store and online purchases, providing ease and safety. Retailers gain from faster transactions, tailored promotions, and enhanced client loyalty initiatives, which contribute to the Vietnam mobile wallet market growth.

Mobile wallets in the hospitality and transportation industries offer a simple, safe, and effective method for clients to pay for services, including hotel reservations, dining bills, and public transit fares. They enable fast check-ins, digital room access, and ticketless journeys, improving the overall user experience. The growth of contactless payments, particularly in public transport systems, is encouraging the use of mobile wallets, simplifying procedures for individuals and service providers within these sectors.

In the telecommunication industry, mobile wallets allow users to pay for telecom services including prepaid top-ups, postpaid bills, and data plans straight from their devices. Telecom firms are progressively incorporating mobile wallets into their offerings to provide convenient payment alternatives, easing the process of subscription renewals and service acquisitions.

The healthcare industry is embracing mobile wallets for various services, such as booking appointments, filing insurance claims, paying medical bills, and buying pharmacy items. Through mobile wallets, patients can simplify their payment methods, decreasing the necessity for physical transactions or insurance documentation. Mobile wallets in healthcare facilitate immediate billing and promote more secure, transparent, and efficient financial transactions among patients, healthcare providers, and insurance companies, enhancing client satisfaction and operational efficiency.

Others include a diverse array of specialized uses for mobile wallets, including educational services, government transactions, charitable contributions, and person-to-person transfers. As mobile wallets grow beyond conventional areas, they are being utilized more for niche financial services like remittances, gaming, and cryptocurrency exchanges. This broadening scope highlights the dynamic growth trajectory and expanding functionality outlined in the Vietnam mobile wallet market forecast.

Regional Analysis:

• Northern Vietnam
• Central Vietnam
• Southern Vietnam

In Northern Vietnam, the rise in mobile wallet usage is supported by the expanding urbanization and higher smartphone usage in urban areas such as Hanoi. The area is experiencing an increase in digital payment options, especially in retail and online commerce. The market in Northern Vietnam is shaped by government initiatives to encourage cashless payments, as local enterprises are progressively embracing mobile wallet solutions to serve tech-savvy individuals seeking quick and secure transaction methods.

Central Vietnam exhibits a varied rate of mobile wallet usage, with urban areas like Da Nang experiencing increased demand for digital payment options driven by tourism and a rise in international companies. Mobile wallets are growing more popular for transactions in hospitality, retail, and transportation. Government efforts focused on enhancing digital infrastructure are further encouraging the adoption of mobile wallets.

Southern Vietnam, especially Ho Chi Minh City, is a critical segment in the market because of a greater number of tech-savvy individuals, companies, and startups. The region's economic vitality, coupled with the expanding e-commerce and fintech industries, is creating a favorable atmosphere for the development of mobile wallets. The market in Southern Vietnam is marked by significant smartphone usage, increased internet accessibility, and the prevalent adoption of mobile wallets for retail, transportation, and online transactions.

Competitive Landscape:

Main stakeholders in the industry are concentrating on boosting user experiences by enhancing security, simplifying usage, and integrating with multiple services. They are putting money into cutting-edge technologies like QR code payments, biometric verification, and real-time transaction tracking to boost user confidence and interaction. To widen their reach, these firms are establishing strategic alliances with banks, retailers, and service providers, with the goal of delivering seamless payment solutions across different sectors. Moreover, leading companies are progressively focusing on the unbanked demographic, providing straightforward onboarding procedures and affordable transaction alternatives. These initiatives are designed to enhance market penetration and encourage wider usage of digital wallets within the nation. In 2024, KogoPAY launched Version 3 of its mobile wallet, enabling seamless cross-border payments and integration with Vietnam through VietQR. The update allowed users to transact effortlessly in Vietnamese Dong, addressing local payment limitations.

The report provides a comprehensive analysis of the competitive landscape in the Vietnam mobile wallet market with detailed profiles of all major companies.

Latest News and Developments:

• April 2025: Vietnam extended its Mobile Money pilot program until December 31, 2025. The initiative, launched by the Ministry of Science and Technology, allows telecom accounts to make small payments without a bank account or internet. It aims to boost digital financial services in rural areas and supports cashless payment goals.
• April 2025: NAPAS introduced Apple Pay for its cardholders in Vietnam, enabling secure, contactless payments via iPhone, Apple Watch, iPad, and Mac. Customers can use domestic cards for in-store, in-app, and online transactions, enhancing digital payments and expanding mobile wallet adoption across various sectors, including retail and transportation.
• March 2025: Airwallex, a Tencent-backed payments startup, signed agreements to acquire Vietnam's CTIN Pay, expanding its financial infrastructure across Southeast Asia. This acquisition strengthens Airwallex’s global presence, supporting Vietnamese merchants' international expansion and enabling foreign businesses to enter Vietnam's rapidly growing digital market.
• May 2024: Visa partnered with e-wallets MoMo, VNPAY, and ZaloPay to enable Visa cardholders to pay at SMEs using QR codes. The collaboration aims to enhance cashless payments, support SMEs, and drive financial inclusion as Vietnam moves towards a cashless society with 50 million active e-wallets by 2024.

Vietnam Mobile Wallet Market Report Scope:

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the Vietnam mobile wallet market from 2019-2033.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the Vietnam mobile wallet market.
• Porter's Five Forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the Vietnam mobile wallet industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.