Vietnam Mobile Payment Market Expected to Reach $70,937 Million, Brief Analysis on Top Key players Mobivi, NganLuong, OnePay, Smartlink, Orange S.A., PayPal Holdings, Inc., Payoo, MOMO, 123Pay, and SohaPay.

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.

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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.

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.

Analyst Review:

Growth in penetration of smartphones and personal devices, such as tablets and smart watches, along with the evolving technology, has transformed an individual’s way of living. The mobile payment trend has taken over traditional payment methods, owing to current cashless transactions done using mobiles as a payment method. This payment method is an easy, hassle-free way to pay money virtually. Increased adoption of mobile payment in Vietnam is expected to continue to foster growth in the mobile payment market during the forecast period.

Increase in awareness of mobile banking apps and mobile wallets in Vietnam and convenience offered by these apps & e-wallets while making diverse transactions have been driving the growth of the market. The mobile payment market in Vietnam is fragmented and competitive, owing to the presence of well-diversified international and regional vendors.

However, continuously increasing presence of international vendors in the country makes the marketplace highly competitive; for instance, in November 2017, Alipay entered Vietnam through a partnership with National Payment Corporation of Vietnam (NAPAS), allowing Chinese tourists visiting Vietnam to use Alipay in the country. Furthermore, the key players operating in this market have been adopting partnership as their key developmental strategy; for instance, in February 2018, MoMo established a partnership with Bao Viet Insurance to sell products on MoMo wallet, including car insurance, motorbike insurance, health insurance, cancer insurance, and travel insurance.

Some of the key players profiled in the report include Mobivi, NganLuong, OnePay, Smartlink, Orange S.A., PayPal Holdings, Inc., Payoo, MOMO, 123Pay, and SohaPay. These players have adopted various strategies to enhance their service offerings and increase their market penetration; for instance, in May 2017, NganLuong.vn launched Alepay Tokenization, an automatic payment service. This service allows buyers to link their bank accounts to the seller's websites for automatic payments for their transactions.

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