Unleashing the Potential: Exploring Vietnam's Booming Mobile Payment MarkeT

The Vietnam mobile payment market size was valued at $250 billion in 2019, and is projected to reach $2,732 billion by 2027, growing at a CAGR of 30.2% from 2020 to 2027.

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In the wake of COVID-19 pandemic, various banks & FinTech industries are enhancing their mobile payments solutions & services in the country. In addition, rise in COVID-19 patients have led many businesses and individuals to adopt contactless payment options, which boosts the growth of the mobile payment market in the country..

Mobile payment refers to a payment method in which money is transferred from various mobile devices such as smartphones, tablets, and other smart devices, for purchasing a product or services. In addition, various banks and financial institutions are providing mobile payment services as it provide bank customers with convenient, fast, and secure payment processing systems. Furthermore, mobile payments eliminate the need to carry cash, credit cards, and debit cards to pay for a particular product and service as well as provide a secured substitute for the cash-based transaction. In addition, various industries such as entertainment & media, transportation, BFSI, and others, are rapidly adopting mobile payment services. This helps in improving the security of the payment method and provides faster payment services, which is propelling the Vietnam mobile payment market growth.

Vietnam-Mobile-Payment-Market-2020-2027

Rise in penetration of smartphones across the globe and increase in the m-commerce industry in emerging countries are the major factors driving the growth of the market. In addition, upsurge in adoption of mobile payment services in emerging countries fuels the growth of the market. Furthermore, rise in data breaches and security issues in mobile payments hampers the growth of the market. Furthermore, growth in usage of NFC, RFID and host-card emulation technology in mobile payments and rise in demand for fast and hassle-free transaction services are expected to provide lucrative opportunities for the Vietnam mobile payment market.

The mobile web payments segment is expected to garner a significant share during the forecast period. Mobile web payments mode of payment is the most popular and preferred method of making mobile payment as users only need a smartphone, which drives the growth of the Vietnam mobile payment market share in this segment.

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However, the near field communication segment is expected to witness growth at the highest rate during the forecast period, owing to varied features such as higher security, faster transaction processing and growing demand among the end users.

The report focuses on the growth prospects, restraints, and Vietnam mobile payment market trends. The study provides Porter's five forces analysis 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 mobile payment market.

Segment review
The Vietnam mobile payment market analysis is segmented on the basis of type, mode of transaction, end user, application, and type of purchase. In terms of type, it is bifurcated into proximity payment and remote payment. Based on mode of transaction, the market is segmented into short message service, wireless application protocol, and near-field communication. By end user, it is segmented into personal and business. On the basis of application, it is segmented into hospitality & tourism, media & entertainment, retail, healthcare, energy & utilities, IT & telecommunication, and others. Based on type of purchase, the market is segmented into airtime transfer & top-ups, money transfers & payments, merchandise & coupons, travel & ticketing, and others.

The report analyses the profiles of key players operating in the Vietnam mobile payments industry including Movi, M_Service, National Payment Corporation of Vietnam (NAPAS), NganLuong.vn, OnePAY, Orange, PayPal Holdings, Inc., SohaPay Electronic Payment Tool, VietUnion Online Services Corporation (Payoo), and VNG Corp. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.

COVID-19 pandemic had a significant impact on the Vietnam mobile payment market revenue. This is attributed to implementation of lockdown by governments in the country and shutdown of businesses and public & private organizations across the world to prevent transmission of the virus. Therefore, consumers have increased the use of mobile & contactless payment methods in order to avoid cash payments. This, in turn, has become one of the major growth factors for the Vietnam mobile payment market during the global health crisis.

Top impacting factors
Development of the fintech & payment industry
Advancements in technology have made it viable for financial institutions to provide services such as e-banking and mobile money, to unbanked and under-banked population in Vietnam. Moreover, increase in presence of fintech firms has supplemented the growth of the mobile payment market in Vietnam. For instance, as of 2019, more than 45 fintech firms were established in Vietnam, of which two-thirds provide mobile payment services. According to the State Bank of Vietnam, approximately 50% of the population holds a bank account; however, in rural areas, the number of people possessing a bank account is relatively lower. Nonetheless, upsurge in penetration of mobile devices and improvement in communication infrastructure in Vietnam are expected to boost the adoption of e-payments in Vietnam.

Rise in data breaches and security issues in mobile payments
Innovative payment technologies offer substantial advantages and convenience to customers; however, increase in data breaches and security concerns hinder the growth of the market. Consumers are hesitant to make or receive payments via their mobile phones, as they are concerned about the risk of their financial information being accessed by third-party mobile service providers. Moreover, adoption of mobile payment services is on the rise rapidly; however, risk of identity theft and data breaches is also expected to rise in the coming years. This is attributed to use of public Wi-Fi, vulnerabilities in password, and phishing attacks. All these factors together lead in high risks while making mobile payments, which restrains the Vietnam mobile payment market growth.

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Increase in demand for fast & hassle-free transaction services
Mobile payment is the preferred medium for paying or receiving payments, as it offers high-speed and hassle-free services. This in turn attracts companies to offer their goods and services via mobile platform. Telecommunication providers, groceries, retailers are now gradually launching their mobile apps through which customers can shop online. For instance, in February 2018, PetroVietnam Oil, a state-owned gas station operator, introduced a mobile payment system, which accepts mobile payments using an account card and QR code. The system is expected to ease congestion at gas stations. Moreover, payment records can be accessed online, allowing business users to keep a track of fuel expenses. Furthermore, to sustain the intense competition in the market, key players are adopting different strategies to cater to the growing needs of customers. For instance, MoMo, a leading mobile payment company in Vietnam, is developing a customer-friendly, 24-hour nationwide cashless payment system.

Key benefits for stakeholders

The study provides an in-depth analysis of the Vietnam remote payment market share along with the current & future trends to elucidate the imminent investment pockets.
Information about key drivers, restrains, and opportunities and their impact analysis on the Vietnam proximity payment solutions market size is provided in the report.
Porter's five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
An extensive analysis of the key segments of the industry helps to understand the Vietnam mobile banking market trends.
The quantitative analysis of the Vietnam mobile payment solutions market from 2020 to 2027 is provided to determine the market potential.

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