study_id116072_digital-payments-in-vietnam.pdf

Digital payments in Viẹtnam ' Statista

1. DIGITAL & TRENDS
Digital payments in Vietnam

2. Table of Contents
1
01 Overview
04Cashless payments adoption rate SEA 2021, by country
05Digital payments transaction value in Southeast Asia 2022, by country and segment
06Value of domestic cashless transactions Vietnam Q1 2022, by payment type
07Number of domestic cashless transactions Vietnam Q1 2022, by payment type
08Most popular in-store payment methods in Vietnam 2017-2022
02 Key indicators
10Digital payment users in Vietnam 2017-2027, by segment
11Digital payment transaction value in Vietnam 2017-2027, by segment
12Digital payment per user transaction value in Vietnam 2017-2025, by segment
13E-commerce revenue in Vietnam 2017-2025, by payment method
03 Bank cards
15Number of bank cards in circulation Vietnam Q4 2019-Q1 2022, by quarter
16Quarterly number of bank cards in circulation Vietnam 2020-Q1 2022, by type
17Value of bank card transactions Vietnam 2019-Q1 2022, by quarter
18Number of domestic bank card transactions Vietnam 2019-Q1 2022, by quarter
04 Internet and mobile banking
20Quarterly value of domestic transactions via internet Vietnam 2020-Q1 2022
21Quarterly number of domestic transactions via internet banking Vietnam 2020-Q1 2022
22Quarterly value of domestic transactions via mobile banking Vietnam 2020-Q1 2022
23Quarterly number of domestic transactions via mobile banking Vietnam 2020-Q1 2022
05 E-wallets
25Mobile wallet transaction value Vietnam 2020-2025
26Number of mobile wallet users Vietnam 2021-2026
27Number of e-wallet apps Vietnam 2015-2020
28Number of total installations of major e-wallets Vietnam H1 2021
29Number of e-wallet apps in use per user Vietnam Q3-2021
30E-wallet average monthly spending Vietnam 2021
31Most popular e-wallet brands Vietnam Q2 2023
06 Other payment services
33Forecast GMV of BNPL services Vietnam 2022-2028
34Number of mobile subscribers using Mobile Money Vietnam 2022, by month
35Usage of QR code payments among Vietnamese 2020-2021
36Awareness and interest in QR code payments among Vietnamese 2021
07 User behavior
38Change in intention to use and carry cash among Vietnamese 2021

3. Table of Contents
2
39Cashless payment method usage Vietnamese 2021
40Most used digital payment methods among Vietnamese 2021
41Digital banking services usage during COVID and future usage intention Vietnam 2021
42First-time users of mobile banking apps pre and post COVID-19 among Vietnamese 2021

4. Overview
CHAPTER 01

5. Description: According to a survey from 2021, the adoption rate of cashless payments in Southeast Asia was 93 percent. Singapore had the highest adoption rate of 97 percent in Southeast Asia, while the adoption rate was 68 percent in Cambodia in 2021. Read more
Note(s): Asia; August to September 2021; 6,520 respondents; 18 to 65 years
Source(s): Clear; Visa Inc.
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 110%
Singapore
Malaysia
Indonesia
Vietnam
Thailand
Philippines
Cambodia
Southeast Asia
97%
96%
95%
95%
94%
92%
68%
93%
Share of respondents
4
Cashless payments adoption rate in Southeast Asia in 2021, by country
Cashless payments adoption rate SEA 2021, by country

6. Description: In 2022, Singapore is expected to have the highest transactional value in mobile POS payments in Southeast Asia with a value of approximately 6.02 billion U.S. dollars. In comparison, digital commerce transaction value in Indonesia was forecast to reach
67.83 billion U.S. dollars in 2022. Read more
Note(s): Asia
Source(s): Statista; Statista Digital Market Insights
0 10 20 30 40 50 60 70 80
Indonesia
Thailand
Philippines
Vietnam
Malaysia
Singapore
Myanmar
Cambodia
Laos
Brunei
Timor-Leste
Mobile POS Payments Digital Commerce
Transactional value in billion U.S. dollars
5
Transaction value of digital payments in Southeast Asia in 2022, by country
and segment (in billion U.S. dollars)
Digital payments transaction value in Southeast Asia 2022, by country and segment

7. Description: In the first quarter of 2022, the value of transactions via domestic credit transfer reached over 45,488 trillion Vietnamese dong in Vietnam. In the same period, the number of these transactions amounted to 1.25 billion in the country. Previously one of the
most cash-dependent countries in Southeast Asia, Vietnam has seen substantial growth in cashless payment usage among its population in recent years. Read more
Note(s): Vietnam; Q1 2022; *Indicating volume and value of domestic card payment transactions reported by issuing bank, excluding: (i) international transactions, card payment transactions initiated by oversea issuing banks; (ii) deposits, [...] Read more
Source(s): State Bank of Vietnam
0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 50,000
Credit transfer
Direct debit
Others**
Bank card*
Check
45,488.12
1,973.71
1,540.82
423.36
28.44
Value of transactions in trillion Vietnamese dong
6
Value of domestic cashless transactions in Vietnam in1st quarter 2022, by
payment type (in trillion Vietnamese dong)
Value of domestic cashless transactions Vietnam Q1 2022, by payment type

8. Description: In the first quarter of 2022, the number of transactions via domestic credit transfer reached over 1.25 billion in Vietnam. In the same period, the value of these transactions reached 45,49 trillion Vietnamese dong in the country. Previously one of the most
cash-dependent countries in Southeast Asia, Vietnam has seen substantial growth in cashless payment usage among its population in recent years. Read more
Note(s): Vietnam; Q1 2022
Source(s): State Bank of Vietnam
0 200 400 600 800 1,000 1,200 1,400
Credit transfer
Bank card
Others
Direct debit
Check
1,250.81
181.25
27.83
2.64
0.01
Number of transactions in millions
7
Number of domestic cashless transactions in Vietnam in1st quarter 2022,
by payment type (in millions)
Number of domestic cashless transactions Vietnam Q1 2022, by payment type

9. Description: Vietnam's share of cash in POS declined by more than 30 percent since COVID-19, as consumers used credit cards and wallets. Payments in the Asian country seemed to be digitalizing rapidly, with the number of users of mobile wallet MoMo predicted to
grow by over 200 percent between 2020 and 2025. Indeed, Statista estimates that Vietnam in 2021 already was one of the world's major countries for mobile POS payments. Read more
Note(s): Vietnam; 2017, 2019, 2020, 2021, 2022; * The source made changes to its categories in 2021, see the "Details" tab for more information.
Source(s): GlobalData; IMF; McKinsey & Company; World Bank; Worldpay
2017 2019 2020 2021 2022
Cash 86%% 85%% 58%% 54%% 42%%
E-wallet, Digital/mobile wallet 2%% 4%% 12%% 14%% 29%%
Credit card (incl. "charge card" since 2021)* 3%% 3%% 16%% 18%% 19%%
Debit card 9%% 9%% 9%% 10%% 9%%
POS financing* -% -% 4%% -% 2%%
Retailer/bank financing (split off from "POS
financing" in 2021)*
-% -% -% 5%% -%
Buy Now, Pay Later (split off from "POS financing" in
2021)*
-% -% -% 0%% -%
8
Market share of cash, credit cards, and other payment methods at point of
sale (POS) in Vietnam in 2017, 2019, 2020, 2021, and 2022
Most popular in-store payment methods in Vietnam 2017-2022

10. Key indicators
CHAPTER 02

11. Description: Over the last two observations, the number of users is forecast to significantly increase in all segments. This reflects the overall trend throughout the entire forecast period from 2017 to 2027. It is estimated that the user number is continuously rising in all
segments. In this regard, the Digital Commerce segment achieves the highest value of 79.32 million users in 2027. Read more
Note(s): Vietnam; 2017 to 2027
Source(s): Statista; Statista Digital Market Insights
Number of users in millions
2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
0
10
20
30
40
50
60
70
80
90
26.27
34.24
39.63
45.6
51.78
57.62
62.99
66.88
70.9
75.05
79.32
5.22
12.36
18.43
25.78
28.55 28.94
30
31.28
32.54
33.8
35.05
0 0 0 0 0 0 0 0 0.01
Digital Commerce Mobile POS Payments Digital Remittances
10
Number of users of digital payments in Vietnam from 2017 to 2027, by
segment (in million users)
Digital payment users in Vietnam 2017-2027, by segment

12. Description: Transaction value in the digital commerce segment of Vietnam reached 18.06 billion U.S. dollars in 2022. By 2027, the Statista Digital Market Outlook estimates transaction value in this segment to reach 35.5 billion dollars. The digital remittances market
segment in contrast had a market value of around 0.04 billion dollars in 2021 and is expected to increase to 0.05 billion by 2025. Read more
Note(s): Vietnam
Source(s): Statista; Statista Digital Market Insights
Transaction value in billion U.S. dollars
2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
0
5
10
15
20
25
30
35
40
5.37
6.9
8.73
11.1
15.15
18.06
21.07
24.1
27.59
31.74
35.5
0.12 0.44
0.88
1.55
2.09
2.52
3
3.47
3.95
4.48
4.97
0.01 0.02 0.02 0.03 0.03 0.04 0.04 0.05 0.05 0.05 0.05
Digital Commerce Mobile POS Payments Digital Remittances
11
Transaction value of digital payments in Vietnam from 2017 to 2027, by
segment (in billion U.S. dollars)
Digital payment transaction value in Vietnam 2017-2027, by segment

13. Description: Transaction value in the digital commerce segment of Vietnam reached 238.1 U.S. dollars per user in 2021. By 2025, the Statista Digital Market Outlook estimates transaction value in this segment to reach 275.6 dollars per user. While the per user
transaction value of mobile POS payment methods will increase to almost 110 U.S. dollars by 2025, the highest transaction value now and in the coming years can be found in the digital remittances market segment. Read more
Note(s): Vietnam
Source(s): Statista; Statista Digital Market Insights
Per user transaction value in U.S. dollars
2017 2018 2019 2020 2021 2022 2023 2024 2025
0
2,000
4,000
6,000
8,000
10,000
12,000
6,790.2
8,403.6
9,562.5 9,628.5
9,959.2 10,011.9 9,931.3
9,794.7
9,615.4
257.9 241.4 251.1 214.3 238.1 251.4 260.8 271.5 275.6
23.7 35.8 47.7 60 70.5 80.8 90.8 100.5 109.9
Digital RemittancesDigital Commerce Mobile POS Payments
12
Transaction value per user of digital payments in Vietnam from 2017 to
2025, by segment (in U.S. dollars)
Digital payment per user transaction value in Vietnam 2017-2025, by segment

14. Description: In the time period of 2017 to 2025, bank transfer was the most popular payment method for e-commerce purchases in Vietnam with a revenue share of approximately 28 percent in 2021. Ranked second and third were cash on delivery and card payments
which had a revenue share of 30 and 21 percent respectively in 2021. According to estimates of the Statista Digital Market Outlook, these shares are expected to continue increasing in the coming years. Read more
Note(s): Vietnam; *Forecast. Data provided by Statista Market Outlook are estimates The eCommerce market encompasses the sale of physical goods via a digital channel to a private end user (B2C). Incorporated in this definition are purchases via [...] Read more
Source(s): Statista; Statista Digital Market Insights
Revenue share
2017 2018 2019 2020 2021 2022* 2023* 2024* 2025*
0%
5%
10%
15%
20%
25%
30%
35%
40%
26%
25%
27%
28% 28%
29% 29%
30% 30%
36% 36%
34%
32%
30%
28%
27%
26%
25%
20% 20%
21% 21% 21%
22% 22% 22%
23%
11% 11%
12% 12% 12%
13% 13% 13%
14%
6% 6% 6% 6% 6% 6% 6% 6% 6%
2% 2% 2% 2% 2% 2% 2% 2% 2%
Bank transferCash on deliveryCardsE-walletOtherDirect debits
13
Breakdown of e-commerce revenue in Vietnam from 2017 to 2025, by
payment method
E-commerce revenue in Vietnam 2017-2025, by payment method

15. Bank cards
CHAPTER 03

16. Description: As of the first quarter of 2022, there were around 133 million bank cards in circulation in Vietnam. The number of bank cards circulating in the country had been increasing each quarter. Previously one of the most cash-dependent countries in Southeast
Asia, Vietnam has seen substantial growth in cashless payment usage among its population in recent years. Read more
Note(s): Vietnam; Q4 2019 to Q1 2022; as of the last working day of the reporting period, excluding cards that were issued but not yet activated, expired cards and canceled cards
Source(s): State Bank of Vietnam
Number of cards in millions
Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022
0
20
40
60
80
100
120
140
99
103.13
106.31
110.24 111
114
118
123.13
129.37
133
15
Number of bank cards in circulation in Vietnam from 4th quarter 2019 to
1st quarter 2022 (in millions)
Number of bank cards in circulation Vietnam Q4 2019-Q1 2022, by quarter

17. Description: As of the first quarter of 2022, there were around 107.7 million domestic bank cards and 25.3 million international bank cards in circulation in Vietnam. The number of bank cards circulating in the country had been increasing each quarter. Previously one
of the most cash-dependent countries in Southeast Asia, Vietnam has seen substantial growth in cashless payment usage among its population in recent years. Read more
Note(s): Vietnam; 2020 to Q1 2022; as of the last working day of the reporting period, excluding cards that were issued but not yet activated, expired cards and canceled cards
Source(s): State Bank of Vietnam
Number of cards in millions
Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022
0
20
40
60
80
100
120
87.78
90.69
93.78 94
96
98
101.52
105.92
107.7
15.35 15.62 16.46 17 18
20
21.61
23.45
25.3
Domestic International
16
Number of bank cards in circulation in Vietnam from 2020 to 1st quarter
2022, by type (in millions)
Quarterly number of bank cards in circulation Vietnam 2020-Q1 2022, by type

18. Description: In the first quarter of 2022, the value of domestic transactions via bank cards in Vietnam reached over 423 trillion Vietnamese dong in Vietnam. In the same period, the number of these transactions amounted to 181 million in the country. Previously one
of the most cash-dependent countries in Southeast Asia, Vietnam has seen substantial growth in cashless payment usage among its population in recent years. Read more
Note(s): Vietnam; Q1 2019 to Q1 2022
Source(s): State Bank of Vietnam
Value of transactions in trillion Vietnamese dong
Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022
0
50
100
150
200
250
300
350
400
450
171.46
194.72
210.62
222.07
205.62
233.16
260.75
294.29
267.85
260.36
204.94
325.56
423.36
17
Value of transactions using bank cards in Vietnam from 1st quarter 2019
to 1st quarter 2022 (in trillion Vietnamese dong)
Value of bank card transactions Vietnam 2019-Q1 2022, by quarter

19. Description: In the first quarter of 2022, the number of domestic transactions via bank cards in Vietnam reached over 181 million in Vietnam. In the same period, the value of these transactions amounted to 423 trillion Vietnamese dong in the country. Previously one
of the most cash-dependent countries in Southeast Asia, Vietnam has seen substantial growth in cashless payment usage among its population in recent years. Read more
Note(s): Vietnam; Q1 2019 to Q1 2022
Source(s): State Bank of Vietnam
Number of transactions in millions
Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022
0
20
40
60
80
100
120
140
160
180
200
65.05
76.52
88.26
96.9
85.92
101.7
124.21
144.33
123.48
132.35
102.98
143.48
181.05
18
Number of domestic transactions using bank cards in Vietnam from 1st
quarter 2019 to 1st quarter 2022 (in millions)
Number of domestic bank card transactions Vietnam 2019-Q1 2022, by quarter

20. Internet and mobile banking
CHAPTER 04

21. Description: In the first quarter of 2022, the value of transactions via internet banking in Vietnam amounted to around 10,868.5 trillion Vietnamese dong. In the same period, there were over 231 million internet banking transactions in the country. Previously one of
the most cash-dependent countries in Southeast Asia, Vietnam has seen substantial growth in cashless payment usage among its population in recent years. Read more
Note(s): Vietnam; Q1 2020 to Q1 2022
Source(s): State Bank of Vietnam
Value of transactions in trillion Vietnamese dong
Q1 2020 Q2 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022
0
2,000
4,000
6,000
8,000
10,000
12,000
55.53 54.35
811.72
8,949.91
8,444.41
11,264.69
10,868.46
20
Quarterly value of domestic transactions via internet in Vietnam from
2020 to 1st quarter 2022 (in trillion Vietnamese dong)
Quarterly value of domestic transactions via internet Vietnam 2020-Q1 2022

22. Description: In the first quarter of 2022, the number of transactions via internet banking in Vietnam amounted to around 231 million. In the same period, the value of these transactions reached 10,868 trillion Vietnamese dong in the country. Previously one of the
most cash-dependent countries in Southeast Asia, Vietnam has seen substantial growth in cashless payment usage among its population in recent years. Read more
Note(s): Vietnam; Q1 2020 to Q1 2022
Source(s): State Bank of Vietnam
Number of transactions in thousands
Q1 2020 Q2 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022
0
50,000
100,000
150,000
200,000
250,000
94.83 533.33
156,217.29
169,191.03 167,313.02
214,712.79
231,025.62
21
Quarterly number of domestic transactions via internet banking in
Vietnam from 2020 to 1st quarter 2022 (in 1,000s)
Quarterly number of domestic transactions via internet banking Vietnam 2020-Q1 2022

23. Description: In the first quarter of 2022, the value of transactions via mobile banking in Vietnam amounted to around 8.9 quadrillion Vietnamese dong. In the same period, there were over 784 million mobile banking transactions in the country. Previously one of the
most cash-dependent countries in Southeast Asia, Vietnam has seen substantial growth in cashless payment usage among its population in recent years. Read more
Note(s): Vietnam; Q1 2020 to Q1 2022
Source(s): State Bank of Vietnam
Value of transactions in trillion Vietnamese dong
Q1 2020 Q2 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
10,000
543.45
643.53
4,630.88
5,884.24
4,993.45
8,140.53
8,967.86
22
Quarterly value of domestic transactions via mobile banking in Vietnam
from 2020 to 1st quarter 2022 (in trillion Vietnamese dong)
Quarterly value of domestic transactions via mobile banking Vietnam 2020-Q1 2022

24. Description: In the first quarter of 2022, the number of transactions via mobile banking in Vietnam amounted to around 784 million. In the same period, the value of these transactions reached 8.97 quadrillion Vietnamese dong in the country. Previously one of the
most cash-dependent countries in Southeast Asia, Vietnam has seen substantial growth in cashless payment usage among its population in recent years. Read more
Note(s): Vietnam; Q1 2020 to Q1 2022
Source(s): State Bank of Vietnam
Number of transactions in thousands
Q1 2020 Q2 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022
0
100,000
200,000
300,000
400,000
500,000
600,000
700,000
800,000
900,000
56.23 34.23
395,052.96
467,775.36
506,596.2
712,919.03
784,187.02
23
Quarterly number of domestic transactions via mobile banking in Vietnam
from 2020 to 1st quarter 2022 (in 1,000s)
Quarterly number of domestic transactions via mobile banking Vietnam 2020-Q1 2022

25. E-wallets
CHAPTER 05

26. Description: In 2020, the mobile wallet transaction value in Vietnam reached around 14 billion U.S. dollars. In that year, there were 9.2 million mobile wallet users in the country. Vietnam's fintech sector has been accelerating fast in recent years alongside the country's
growing internet economy. Read more
Note(s): Vietnam; *Forecast. Read more
Source(s): Fortumo
Transaction value in billion U.S. dollars
2020 2025*
0
10
20
30
40
50
60
14
48.6
25
Transaction value of mobile wallets in Vietnam in 2020, with a forecast for
2025 (in billion U.S. dollars)
Mobile wallet transaction value Vietnam 2020-2025

27. Description: In 2021, the number of mobile wallet users in Vietnam reached around 24.7 million. This figure is forecast to continue growing to almost 70 million users by 2026. Vietnam's fintech sector has been accelerating fast in recent years. Read more
Note(s): Vietnam; *Forecast. Read more
Source(s): IDC
Number of users in millions
2021 2026*
0
10
20
30
40
50
60
70
80
24.7
67.6
26
Number of mobile wallet users in Vietnam in 2021, with a forecast for
2026 (in millions)
Number of mobile wallet users Vietnam 2021-2026

28. Description: According to a survey on e-wallet usage in Vietnam in 2021 by Decision Lab, there were 37 e-wallet apps in Vietnam as of August 2020. The e-wallet market has grown significantly in the country, starting with five e-wallet brands in October 2015. Read
more
Note(s): Vietnam
Source(s): Decision Lab; iDauTu.com
Number of apps
October 2015 2017 August 2020
0
5
10
15
20
25
30
35
40
55
2121
3737
27
Number of e-wallet apps in Vietnam from October 2015 to August 2020
Number of e-wallet apps Vietnam 2015-2020

29. Description: As of the first half of 2021, MoMo e-wallet recorded over 26 million installations from Vietnamese users. MoMo e-wallet was the leading e-wallet in Vietnam in 2020 based on market share. Read more
Note(s): Vietnam; as of H1 2021
Source(s): AppotaPay; Data.ai
0 5 10 15 20 25 30
MoMo
Viettelpay
ZaloPay
26.23
13.9
9.66
Number of installations in millions
28
Number of accumulated installations selected e-wallets in Vietnam as of
the first half of 2021 (in millions)
Number of total installations of major e-wallets Vietnam H1 2021

30. Description: According to a survey on e-wallet usage in Vietnam in 2021 by Decision Lab, around 44 percent of the respondents stated to have had two e-wallet apps. Meanwhile, 18 percent of them had at least four e-wallet apps in use. Read more
Note(s): Vietnam; Q3 2021; 461 respondents
Source(s): Decision Lab
0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50%
1 app
2 apps
4 apps and above
39%
44%
18%
Share of respondents
29
Number of e-wallet apps in use among users in Vietnam as of 3rd quarter
2021
Number of e-wallet apps in use per user Vietnam Q3-2021

31. Description: According to a survey on e-wallet usage in Vietnam in 2021 by Decision Lab, around 24 percent of respondents spent from 100,000 to 500,000 Vietnamese dong monthly on e-wallets. Meanwhile, around 13 percent of them had an average monthly e-
wallet spending of more than three million Vietnamese dong. Read more
Note(s): Vietnam; October 2021; 589 respondents; among e-wallet users nationwide
Source(s): Decision Lab
0% 5% 10% 15% 20% 25% 30%
Less than 100,000 VND
100,000-500,000 VND
500,000-1,000,000 VND
1,000,000-1,500,000 VND
1,500,000-2,000,000 VND
2,000,000-3,000,000 VND
More than 3,000,000 VND
4%
24%
23%
14%
11%
11%
13%
Share of respondents
30
Average monthly spending using e-wallets among users in Vietnam as of
October 2021
E-wallet average monthly spending Vietnam 2021

32. Description: According to a survey on e-wallet usage in Vietnam in the second quarter of 2023 by Decision Lab, MoMo was the most used e-wallet by Vietnamese respondents, as stated by 68 percent of them. Meanwhile, the same survey revealed that ShopeePay was
used the most by 28 percent of the respondents. Read more
Note(s): Vietnam; Q2 2023; 1,603 respondents; 16-62 years; among e-wallet users nationwide
Source(s): Decision Lab; MMA; YouGov
0% 10% 20% 30% 40% 50% 60% 70% 80%
MoMo
ZaloPay
ViettelPay
ShopeePay
VNPay
Moca (Grabpay)
68%
52%
29%
28%
17%
6%
Share of respondents
31
Leading e-wallet brands in use among users in Vietnam in the 2nd quarter
of 2023
Most popular e-wallet brands Vietnam Q2 2023

33. Other payment services
CHAPTER 06

34. Description: In 2022, the gross merchandise value of buy now, pay later (BNPL) services in Vietnam was forecast to reach over 496 million U.S. dollars. The GMV of these payment services was expected to grow fast in the next years and become a billion-dollar segment
in the country. Read more
Note(s): Vietnam; 2022; *Forecast. Read more
Source(s): Research and Markets
GMV in million U.S. dollars
2022* 2028*
0
2,000
4,000
6,000
8,000
10,000
12,000
496.4
10,528.1
33
Forecast of gross merchandise value (GMV) of buy now, pay later (BNPL)
services in Vietnam in 2022 and 2028 (in million U.S. dollars)
Forecast GMV of BNPL services Vietnam 2022-2028

35. Description: As of June 2022, there were approximately 1.8 million mobile subscribers using Mobile Money services in Vietnam. Mobile Money refers to payment services that provide mobile subscribers with accounts that allow them to transfer money and pay for
services and goods in Vietnam. The use of these payment services has been encouraged by the government to promote financial inclusion in the country. Read more
Note(s): Vietnam; January to June 2022
Source(s): Ministry of Information and Communications (Vietnam); VietNamNet
Number of users in millions
Jan 2022 Feb 2022 Mar 2022 Apr 2022 May 2022 June 2022
0.0
0.2
0.4
0.6
0.8
1.0
1.2
1.4
1.6
1.8
2.0
0.43
0.83
1.09
1.34
1.57
1.77
34
Number of mobile subscribers using Mobile Money services in Vietnam in
2022, by month (in millions)
Number of mobile subscribers using Mobile Money Vietnam 2022, by month

36. Description: According to a survey on consumer payment behavior conducted in September 2021 in Vietnam, approximately 35 percent of respondents stated that they had used QR code payment methods in 2021. Meanwhile, the share of respondents who indicated
having used these payment methods was slightly higher the year before. Read more
Note(s): Vietnam; August to September 2021; 6,520 respondents; 18-65 years; among consumers in Singapore, Malaysia, Thailand, Indonesia, the Philippines, Vietnam, and Cambodia
Source(s): Visa Inc.
Share of respondents
2020 2021
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
40%
35%
35
Share of people who have used QR code payments in Vietnam in 2020 and
2021
Usage of QR code payments among Vietnamese 2020-2021

37. Description: According to a survey on consumer payment behavior conducted in September 2021 in Vietnam, approximately 82 percent of respondents stated that they had been interested in QR code payment methods. Meanwhile, 35 percent of the surveyed
consumers indicated having used these payment methods in the same year. Read more
Note(s): Vietnam; August to September 2021; 6,520 respondents; 18-65 years; among consumers in Singapore, Malaysia, Thailand, Indonesia, the Philippines, Vietnam, and Cambodia
Source(s): Visa Inc.
Share of respondents
Interest Awareness
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
82%
74%
36
Share of people who are aware of and interested in QR code payments in
Vietnam in 2021
Awareness and interest in QR code payments among Vietnamese 2021

38. User behavior
CHAPTER 07

39. Description: According to a survey on consumer payment behavior conducted in September 2021 in Vietnam, around 65 percent of Vietnamese respondents intended to carry less cash in their wallets. At the same time, almost a third of the surveyed consumers
planned to stop using cash altogether. Read more
Note(s): Vietnam; August to September 2021; 6,520 respondents; 18-65 years; among consumers in Singapore, Malaysia, Thailand, Indonesia, the Philippines, Vietnam, and Cambodia
Source(s): Vietnam Investment Review; Visa Inc.
Share of respondents
Carry less cash in their wallets Stop using cash after the pandemic
0%
10%
20%
30%
40%
50%
60%
70%
65%
32%
38
Change in intention to use and carry cash among people in Vietnam in
2021
Change in intention to use and carry cash among Vietnamese 2021

40. Description: According to a survey on consumer payment behavior conducted in September 2021 in Vietnam, approximately 82 percent of respondents stated that they used cards. Meanwhile, almost a third of the surveyed consumers planned to stop using cash
altogether. Read more
Note(s): Vietnam; August to September 2021; 6,520 respondents; 18-65 years; among consumers in Singapore, Malaysia, Thailand, Indonesia, the Philippines, Vietnam, and Cambodia
Source(s): Vietnam Investment Review; Visa Inc.
Share of respondents
Mobile wallets Cards
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
76%
82%
39
Usage of selected cashless payment methods among people in Vietnam in
2021
Cashless payment method usage Vietnamese 2021

41. Description: According to a survey on consumer payment behavior conducted in September 2021 in Vietnam, approximately 52 percent of respondents stated that they had used card online as a payment method. Meanwhile, 38 percent of the surveyed consumers
indicated to have used mobile contactless payment methods. Read more
Note(s): Vietnam; August to September 2021; 6,520 respondents; 18-65 years; among consumers in Singapore, Malaysia, Thailand, Indonesia, the Philippines, Vietnam, and Cambodia
Source(s): Visa Inc.
0% 10% 20% 30% 40% 50% 60%
Card online
Contactless card
Mobile contactless
52%
46%
38%
Share of respondents
40
Most used digital payment methods among people in Vietnam in 2021
Most used digital payment methods among Vietnamese 2021

42. Description: According to a survey on consumer payment behavior conducted in September 2021 in Vietnam, approximately 73 percent of respondents stated that they had increased their usage of online or mobile banking services during the COVID-19 pandemic.
Meanwhile, around 72 percent of respondents expected to continue increasing their usage in the upcoming year. Read more
Note(s): Vietnam; August to September 2021; 6,520 respondents; 18-65 years; among consumers in Singapore, Malaysia, Thailand, Indonesia, the Philippines, Vietnam, and Cambodia
Source(s): Visa Inc.
Share of respondents
During COVID-19 Expected future use, 1 year from now
0%
10%
20%
30%
40%
50%
60%
70%
80%
73%
72%
41
Increase in usage of online or mobile banking services during COVID-19
and future usage intention among people in Vietnam in 2021
Digital banking services usage during COVID and future usage intention Vietnam 2021

43. Description: According to a survey on consumer payment behavior conducted in September 2021 in Vietnam, approximately 78 percent of respondents stated that they had been using mobile banking applications even before the COVID-19 pandemic hit. The
convenience of accessing their accounts from anywhere and not having to go to the bank to do financial transactions was among the most common reasons for digital banking usage. Read more
Note(s): Vietnam; August to September 2021; 6,520 respondents; 18-65 years; among consumers in Singapore, Malaysia, Thailand, Indonesia, the Philippines, Vietnam, and Cambodia
Source(s): Visa Inc.
Share of respondents
Prior to COVID-19 After COVID-19
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
78%
18%
42
Share of people who are first-time users of mobile banking apps prior to
and after COVID-19 in Vietnam in 2021
First-time users of mobile banking apps pre and post COVID-19 among Vietnamese 2021

44. Sources
43
AppotaPay
Clear
Data.ai
Decision Lab
Fortumo
GlobalData
iDauTu.com
IDC
IMF
McKinsey & Company
Ministry of Information and Communications (Vietnam)
MMA
Research and Markets
State Bank of Vietnam
Statista
Statista Digital Market Insights
Statista estimates
Vietnam Investment Review
VietNamNet
Visa Inc.
World Bank
Worldpay
YouGov