Vietnam Mobile Payment Market Expected to Reach $70,937 Million | By Top Leading Companies Mobivi, NganLuong, OnePay, Smartlink, Orange S.A., PayPal Holdings, Inc., Payoo, MOMO, 123Pay, and SohaPay.

Vietnam mobile payment market 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. Near-Field Communication (NFC) mode of transaction is expected to grow at the highest CAGR during the forecast period, as the country has been investing into digital infrastructure and e-payment services, which includes NFC payment.

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.

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Based on type, the remote payment segment dominated the Vietnam mobile payment market in 2016, and is expected to continue this trend during the forecast period, owing to extensive use of this payment method across various sectors such as IT, retail, telecommunications, hospitality, healthcare, and others. Furthermore, the proximity payment segment is expected to grow at the highest CAGR during the forecast period, owing to rising adoption of mobile point of sale (mPOS) solutions among small- and medium-sized businesses in Vietnam.

The Vietnam mobile payment market was led by the retail segment in 2016, and is projected to maintain its dominance during the forecast period. However, the hospitality & tourism segment is expected to witness the highest growth, as large number of consumers in Vietnam have been doing transportation reservations such as hotels, flights, and railway tickets through apps, mobiles, or websites.

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.

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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.

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.

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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