Vietnam Mobile Payment Market by Type (Proximity Payment and Remote Payment), Mode of Transaction (Short Message Service (SMS), Near-Field Communication (NFC), and Wireless Application Protocol (WAP)), End User (Personal and Business), Type of Purchase (A

Mobile payment refers to the payment for goods or services or transfer of money through mobiles or smartphones. The mobile payment market in Vietnam has been growing at a rapid rate, and is expected to maintain this trend during the forecast period. As the use of mobile is predominant, mobile payments serve as a prime choice for low-value payments.

Moreover, mobile phones act as an ideal alternative for payments in unattended areas, such as parking lots and vending machines, providing a more secure, less costly, and faster means to handle such payments. The Vietnam mobile payment market size was valued at $16,054 million in 2016, and is projected to reach at $70,937 million by 2025, growing at a CAGR of 18.2% from 2018 to 2025.

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The remote payment segment dominated the overall market in 2016, and is expected to continue this trend during the forecast period, owing to the growth of the e-commerce industry in Vietnam driven by rise in online shopping through mobile devices.

The wireless application protocol (WAP) segment dominated the overall market in 2016, and is expected to continue this trend during the forecast period, owing to increase in adoption of smartphones and rise in need for ride-hailing applications in Vietnam.

The retail segment dominated the overall market in 2016 as number of traditional retailers & offline stores in the retail industry have commenced to deploy cashless payment systems, owing to the development of the e-commerce industry. However, the hospitality & tourism segment is expected to witness the highest growth rate during the forecast period.

The report focuses on the growth prospects and restraints of the market based on the analysis of the Vietnam mobile payment market trends. The study provides Porter’s Five Forces analysis of the industry to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the growth of the market.

The Vietnam mobile payment market is segmented by type, mode of transaction, type of purchase, application, and end user. Based on type, the market is bifurcated into proximity payment and remote payment. By mode of transaction, it comprises short message service (SMS), near-field communication (NFC), and wireless application protocol (WAP). On the basis of end user, it is categorized into personal and business. According to type of purchase, it is segmented into airtime transfer & top-ups, money transfers & payments, merchandise & coupons, travel & ticketing, and others. The applications covered in the study include hospitality & tourism, media & entertainment, retail, healthcare, energy & utilities, IT & telecommunication, and others.

The key players operating in the Vietnam mobile payment market include Mobivi, NganLuong, OnePay, Smartlink, Orange S.A., PayPal Holdings, Inc., Payoo, MOMO, 123Pay, and SohaPay.

Increase in penetration of smartphones, growth of the m-commerce industry, and the development of the FinTech & payment industry act as major drivers of the market. However, data breach & security concerns are expected to hamper the Vietnam mobile payment market growth during the forecast period. Furthermore, increase in demand for fast & hassle-free transaction services and initiatives to drive cashless payments in Vietnam are expected to provide lucrative opportunities for the market.

Enhanced usage of smartphones in Vietnam significantly boosts the growth of the mobile payment market; for instance, around 84% of the people were using smartphones in 2016 as compared to 78% in 2016. In addition, in rural areas, almost 89% of the population owns a mobile phone, out of which 68% of them possess a smartphone. Adoption of connected devices, especially tablets and smartphones, has considerably grown in Vietnam, owing to the fact that smartphone brands have been offering consumers with abundant choices at affordable prices.

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The mobile commerce industry has been witnessing significant growth over the past few years, owing to upsurge in penetration of smartphones coupled with fast connectivity. Owing to the increasing popularity of m-commerce in Vietnam, several companies in the country have been investing in business operations and upgrading their websites to be compatible with mobile devices to develop their own applications; for instance, in 2016, around 15% of enterprises owned a mobile app for sales in Vietnam.

The government and local commercial banks of Vietnam have taken various initiatives to deploy cashless payments in Vietnam, which are expected to create lucrative opportunities for the market. Local commercial banks and their partners have been launching numerous promotional programs for card and mobile payment; for instance, Vietnam Payment Solutions JSC (VNPAY) took the initiative by launching the VNPAY QR code payment tool on its own mobile banking application. Moreover, VNPAY collaborated with large commercial banks in Vietnam to expand its network. Moreover, the Government of Vietnam recently introduced an ambitious policy, which is predicted to encourage the population to drop cash payments, and is expected to increase the penetration of e-payment methods.

LIST OF FIGURES

FIGURE 01. VIETNAM MOBILE PAYMENT MARKET, 2016-2025
FIGURE 02. VIETNAM MOBILE PAYMENT MARKET, 2016-2025
FIGURE 03. VIETNAM MOBILE PAYMENT MARKET: KEY PLAYERS
FIGURE 04. VIETNAM MOBILE PAYMENT MARKET SEGMENTATION
FIGURE 05. VIETNAM MOBILE PAYMENT MARKET: TOP IMPACTING FACTOR
FIGURE 06. VIETNAM MOBILE PAYMENT MARKET: TOP INVESTMENT POCKETS
FIGURE 07. TOP WINNING STRATEGIES, BY YEAR, 2015-2018*
FIGURE 08. TOP WINNING STRATEGIES, BY DEVELOPMENT, 2015-2018* (%)
FIGURE 09. TOP WINNING STRATEGIES, BY COMPANY, 2015-2018*
FIGURE 10. LOW BARGAINING POWER OF SUPPLIER
FIGURE 11. MODERATE-TO-HIGH BARGAINING POWER OF BUYER
FIGURE 12. HIGH THREAT OF SUBSTITUTES
FIGURE 13. MODERATE-TO-HIGH THREAT OF NEW ENTRANTS
FIGURE 14. HIGH COMPETITIVE RIVALRY
FIGURE 15. VIETNAM MOBILE PAYMENT MARKET: KEY PLAYER POSITIONING, 2016
FIGURE 16. DRIVERS, RESTRAINTS, AND OPPORTUNITIES
FIGURE 17. ORANGE S.A.: REVENUE, 2015-2017 ($MILLION)
FIGURE 18. ORANGE S.A.: REVENUE SHARE BY SEGMENT, 2017 (%)
FIGURE 19. PAYPAL HOLDINGS, INC.: REVENUE, 2015-2017 ($MILLION)
FIGURE 20. PAYPAL HOLDINGS, INC.: REVENUE SHARE BY GEOGRAPHY, 2017 (%)

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