Vietnam Mobile Payment Market projected to reach at $70,937 million by 2025: CAGR 18.2% - Growth Drivers and Trends
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Changes in customer preference from cash to digital payments, surge in need for immediate transactions in Vietnam, increased penetration of internet and smartphones, and growth of the e-commerce industry majorly contribute towards the growth of the market. However, data breaches & security concerns are expected to hamper the Vietnam mobile payment market growth.
Top Impacting Factors-
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.
Increase in Penetration of Smartphones:
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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Growth of the M-commerce Industry:
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.
Initiatives to Drive Cashless Payments 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.
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.
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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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