Top Mobile Payment Service Providers in Vietnam 2020 and their Reaction to the COVID-19 Crisis

Due to the COVID-19 Pandemic, Online Payments in Vietnam Boosted

Mobile payments boosted by spread of COVID-19 in Vietnam

The Vietnamese online payment market has strongly profited from the coronavirus pandemic and the imposed restrictions. Even though cash is still widely used in the country, even for E-Commerce purchases, digital wallets along with cards and bank transfers, are catching up. According to this publication, the transaction volume of payments via mobile phones underwent a year-on-year triple-digit increase in July 2020.

Amid the coronavirus pandemic, Momo celebrates a doubling in its consumer base

Amid the COVID-19 pandemic, consumers have increased the use of mobile and contactless payment methods in Vietnam. Momo, the country’s most used E-wallet, saw a doubling in the number of users as of October 2020 from earlier this year. Moreover, the platform has been increasingly implementing new payment solutions to allow its partner merchants and their customers a better payment experience during and after the health crisis, says the report.

Health crisis significantly profited smaller E-Wallets in Vietnam

Other E-Wallets in the country are making efforts to provide competition for the most leading online payment provider, Momo. AirPay especially profits from its partnership with the E-Commerce platform with the highest number of monthly visits in the country, Shopee. ViettelPay experienced six times increase in their user base in 2020, compared to 2018, according to a recent survey cited in this report. This was partially because of its cooperation with Doctor Anywhere as the outbreak of the pandemic.

Report Coverage

• This report covers Vietnam’s payment market with a focus on the reaction of the top mobile payment service providers to the COVID-19 outbreak. It includes information related to payment methods used, transaction volumes, payment trends and recent COVID-19 related news of the top Mobile PSPs in Vietnam.
• The report focuses on the strategies adopted by Vietnamese Mobile PSP’s during the COVID-19 pandemic. Information is related to both remote and in-store payments.
• The data in our reports is mostly published in the previous 12 months. The exact date of publication of the source is stated on each chart. The time period which the data refers to differs by source.

Report Structure

• The overview chapter opens the report, featuring a summary of the payments market in Vietnam. The latest trends and developments are summarized on the text charts and data highlights are provided on quantitative charts.
• The rest of the report is divided by the top four mobile PSP’s presented in the descending order of their market share of payment apps. Within each chapter,  there is a company profile, text charts with relevant news and quantitative charts.
• Depending on data availability, the following types of market information are included: value and/or volume of transactions, number of users, payment methods used in-store and online, COVID-19’s impact on the PSPs.
• Not all the mentioned types of information are provided for each of the covered Payment Service Providers due to varying data availability.

Please note: For this report, the purchase of an Enterprise license allows up to ten worldwide users of an organization access to the report