Vietnam E-Wallet Market Report 2024, Industry Trends, Size and Forecast Till 2032

IMARC Group's report titled "𝐕𝐢𝐞𝐭𝐧𝐚𝐦 𝐄-𝐖𝐚𝐥𝐥𝐞𝐭 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐩𝐨𝐫𝐭 𝐛𝐲 𝐓𝐲𝐩𝐞 (𝐎𝐩𝐞𝐧, 𝐒𝐞𝐦𝐢-𝐂𝐥𝐨𝐬𝐞𝐝, 𝐂𝐥𝐨𝐬𝐞𝐝), 𝐎𝐰𝐧𝐞𝐫𝐬𝐡𝐢𝐩 (𝐁𝐚𝐧𝐤𝐬, 𝐓𝐞𝐥𝐞𝐜𝐨𝐦 𝐂𝐨𝐦𝐩𝐚𝐧𝐢𝐞𝐬, 𝐃𝐞𝐯𝐢𝐜𝐞 𝐌𝐚𝐧𝐮𝐟𝐚𝐜𝐭𝐮𝐫𝐞𝐫𝐬, 𝐓𝐞𝐜𝐡 𝐂𝐨𝐦𝐩𝐚𝐧𝐢𝐞𝐬), 𝐓𝐞𝐜𝐡𝐧𝐨𝐥𝐨𝐠𝐲 (𝐍𝐞𝐚𝐫 𝐅𝐢𝐞𝐥𝐝 𝐂𝐨𝐦𝐦𝐮𝐧𝐢𝐜𝐚𝐭𝐢𝐨𝐧 (𝐍𝐅𝐂), 𝐎𝐩𝐭𝐢𝐜𝐚𝐥/𝐐𝐑 𝐂𝐨𝐝𝐞, 𝐃𝐢𝐠𝐢𝐭𝐚𝐥 𝐎𝐧𝐥𝐲, 𝐓𝐞𝐱𝐭-𝐁𝐚𝐬𝐞𝐝), 𝐕𝐞𝐫𝐭𝐢𝐜𝐚𝐥 (𝐑𝐞𝐭𝐚𝐢𝐥, 𝐓𝐫𝐚𝐧𝐬𝐩𝐨𝐫𝐭𝐚𝐭𝐢𝐨𝐧, 𝐌𝐞𝐝𝐢𝐚 𝐚𝐧𝐝 𝐄𝐧𝐭𝐞𝐫𝐭𝐚𝐢𝐧𝐦𝐞𝐧𝐭, 𝐄𝐧𝐞𝐫𝐠𝐲 & 𝐔𝐭𝐢𝐥𝐢𝐭𝐢𝐞𝐬, 𝐓𝐞𝐥𝐞𝐜𝐨𝐦𝐦𝐮𝐧𝐢𝐜𝐚𝐭𝐢𝐨𝐧, 𝐚𝐧𝐝 𝐎𝐭𝐡𝐞𝐫𝐬) 𝟐𝟎𝟐𝟒-𝟐𝟎𝟑𝟐". The Vietnam E-wallet market size reached US$ 36.4 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 123.0 Billion by 2032, exhibiting a growth rate (CAGR) of 14.28% during 2024-2032.

𝐅𝐚𝐜𝐭𝐨𝐫𝐬 𝐀𝐟𝐟𝐞𝐜𝐭𝐢𝐧𝐠 𝐭𝐡𝐞 𝐆𝐫𝐨𝐰𝐭𝐡 𝐨𝐟 𝐭𝐡𝐞 𝐕𝐢𝐞𝐭𝐧𝐚𝐦 𝐄-𝐖𝐚𝐥𝐥𝐞𝐭 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲:

• 𝐈𝐧𝐜𝐫𝐞𝐚𝐬𝐢𝐧𝐠 𝐒𝐦𝐚𝐫𝐭𝐩𝐡𝐨𝐧𝐞 𝐏𝐞𝐧𝐞𝐭𝐫𝐚𝐭𝐢𝐨𝐧:
Vietnam's e-wallet market is significantly driven by the rising penetration of smartphones. With over 70% of the population owning a smartphone, access to digital payment platforms has become widespread. The convenience of managing transactions through mobile devices has led to a consumer shift toward cashless payments. This change is particularly evident among the younger, tech-savvy generation, who are quick to adopt new technologies. The integration of e-wallets in everyday apps like social media and e-commerce platforms further accelerates this trend.

• 𝐆𝐫𝐨𝐰𝐭𝐡 𝐨𝐟 𝐄-𝐂𝐨𝐦𝐦𝐞𝐫𝐜𝐞:
The surge in e-commerce activity in Vietnam is a key catalyst for the growth of the E-Wallet market. As more consumers turn to online platforms for shopping, the demand for convenient and secure digital payment solutions increases. E-wallets provide a seamless payment experience, integrating with various e-commerce platforms to offer a one-click payment solution. This integration enhances the consumer experience and boosts sales for e-commerce businesses. This trend is further bolstered by partnerships between E-Wallet providers and e-commerce platforms, offering consumers seamless payment experiences. With the convenience of integrated payment solutions, E-Wallets are becoming an essential tool for online transactions, thereby driving their market growth.

• 𝐓𝐞𝐜𝐡𝐧𝐨𝐥𝐨𝐠𝐢𝐜𝐚𝐥 𝐀𝐝𝐯𝐚𝐧𝐜𝐞𝐦𝐞𝐧𝐭𝐬:
Continuous technological advancements and innovations in the digital payment sector are propelling the e-wallet market in Vietnam. Innovations in security features, user interface, and integration capabilities make E-wallets more appealing to users. Enhanced security protocols, such as biometric authentication and encryption, build user trust in digital transactions. Furthermore, the integration of e-wallets with other services like transportation, utility payments, and loyalty programs enhances user experience, thereby encouraging more consumers to adopt e-wallets for their daily transactions, which in turn is propelling the market growth.

𝐋𝐞𝐚𝐝𝐢𝐧𝐠 𝐂𝐨𝐦𝐩𝐚𝐧𝐢𝐞𝐬 𝐎𝐩𝐞𝐫𝐚𝐭𝐢𝐧𝐠 𝐢𝐧 𝐭𝐡𝐞 𝐕𝐢𝐞𝐭𝐧𝐚𝐦 𝐄-𝐖𝐚𝐥𝐥𝐞𝐭 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲:
• MOCA System Inc.
• M-Pay Technology and Trading Service Joint Stock Company
• Vietnam Payment Solution Joint Stock Company (VNPAY)
• VinID Pay (Vingroup)
• VNPT Electronic Payment Joint Stock Company
• ZaloPay (ZION Joint Stock Company).

𝐅𝐨𝐫 𝐚𝐧 𝐢𝐧-𝐝𝐞𝐩𝐭𝐡 𝐚𝐧𝐚𝐥𝐲𝐬𝐢𝐬, 𝐲𝐨𝐮 𝐜𝐚𝐧 𝐫𝐞𝐟𝐞𝐫 𝐬𝐚𝐦𝐩𝐥𝐞 𝐜𝐨𝐩𝐲 𝐨𝐟 𝐭𝐡𝐞 𝐫𝐞𝐩𝐨𝐫𝐭: https://www.imarcgroup.com/vietnam-e-wallet-market/requestsample

𝐕𝐢𝐞𝐭𝐧𝐚𝐦 𝐄-𝐖𝐚𝐥𝐥𝐞𝐭 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐩𝐨𝐫𝐭 𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐭𝐢𝐨𝐧:

𝐁𝐲 𝐓𝐲𝐩𝐞: 
• Open
• Semi-Closed
• Closed

Open wallets dominate the market as their user-friendly interface and ease of use have attracted a significant number of customers.

𝐁𝐲 𝐎𝐰𝐧𝐞𝐫𝐬𝐡𝐢𝐩:
• Banks
• Telecom Companies
• Device Manufacturers
• Tech Companies

On the basis of ownership, the market is divided into banks, telecom companies, device manufacturers, and tech companies.

𝐁𝐲 𝐓𝐞𝐜𝐡𝐧𝐨𝐥𝐨𝐠𝐲:
• Near Field Communication
• Optical/QR Code
• Digital Only
• Text-Based

Based on technology, the market is divided into near field communication, optical/QR code, digital only, and text-based.

𝐁𝐲 𝐕𝐞𝐫𝐭𝐢𝐜𝐚𝐥:
• Retail
• Transportation
• Media and Entertainment
• Energy & Utilities
• Telecommunication
• Others

Retail sector account for the largest market share as retail sector has experienced significant growth, with the proliferation of shopping malls, supermarkets, convenience stores, and e-commerce platforms.

𝐄𝐱𝐩𝐥𝐨𝐫𝐞 𝐅𝐮𝐥𝐥 𝐑𝐞𝐩𝐨𝐫𝐭 𝐰𝐢𝐭𝐡 𝐓𝐎𝐂: https://www.imarcgroup.com/vietnam-e-wallet-market

𝐕𝐢𝐞𝐭𝐧𝐚𝐦 𝐄-𝐖𝐚𝐥𝐥𝐞𝐭 𝐌𝐚𝐫𝐤𝐞𝐭 𝐓𝐫𝐞𝐧𝐝𝐬:

QR code payments have become increasingly popular in Vietnam. Users can make payments by scanning QR codes at retail stores, restaurants, and even street vendors, making it convenient and widely accepted. Besides, e-wallet providers are expanding their services beyond payments. Many now offer features like money transfers, bill payments, savings accounts, and even microloans, making e-wallets more attractive to a broader range of users. Moreover, some e-wallet providers are partnering with traditional banks to offer more comprehensive financial services. These collaborations bridge the gap between digital and traditional banking services.

𝐍𝐨𝐭𝐞: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

𝐂𝐨𝐧𝐭𝐚𝐜𝐭 𝐔𝐬:

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This release was published on openPR.