Vietnam Mobile Payment Market Report and Forecast 2025-2034

Vietnam Mobile Payment Market Size

The Vietnam mobile payment market reached approximately USD 37.80 billion in 2023. The market is projected to grow at a CAGR of 9.6% between 2024 and 2032, reaching a value of around USD 86.26 billion by 2032.

Vietnam Mobile Payment Market Outlook

• The State Bank of Vietnam reported that between 2021 and 2023, online and mobile payment transactions increased by 52% and 103%, respectively. The number of QR code payments alone increased by over 170%.

• In January 2023, it was estimated that there were 4.7 million more mobile connections in Vietnam than in 2022 which was 164% of the country's total population.

• Vietnam is one of the few nations showing gender parity in internet usage and digital skills.

Vietnam Mobile Payment Market Growth

Vietnam's adoption of smartphones has significantly increased as a result of their widespread affordability. Moreover, the National Digital Transformation Programme, which will be implemented by 2025, aims to quicken the nation's digital transition. By the end of 2025, it is anticipated that Vietnam's digital commerce will generate transaction values of $19.5 million, leading to the expansion of Vietnam's mobile and online payment transactions.

In Vietnam, rising card payments and QR Code transfers are driving the trend toward cashless transactions. Notable developments in digital payment services and infrastructure are facilitating this transition successfully. The nation's financial institutions are making significant efforts to ensure security and encourage digital payments. For instance, in June 2024, the State Bank of Vietnam instructed commercial banks to make a mandatory biometric verification policy.  Starting on July 1st 2024, biometric verification of facial recognition is necessary for completing online banking transactions of 10 million VND (USD 391) or more, in accordance with the policy on implementing security solutions in online payments and bank card payments. The State Bank of Vietnam reported that 60 financial institutions adopted customer verification through in-branch chip-based ID cards, 49 through mobile apps, and 22 through the VNeID electronic identity application.

Vietnam Mobile Payment Industry Segmentation

“Vietnam Mobile Payment Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

Market Breakup by Transaction Mode

• Mobile Web Payments

• Near Field Communication

• SMS Direct Carrier Billing

• Others

Market Breakup by Purchase Type

• Airtime Transfer and Top Ups

• Money Transfers and Bill Payments

• Merchandise and Coupons

• Travel and Ticketing

• Others

Market Breakup by Application

• Media and Entertainment

• Energy and Utilities

• Healthcare

• Retail

• Hospitality and Transportation

• Others

Market Breakup by End Use

• Personal

• Business

Market Breakup by Region

• Southeast

• Red River Delta

• Mekong River Delta

• South Central Coast

• Others

Vietnam Mobile Payment Market Share

Based on transaction mode, the market is segmented into mobile web payments, near field communication, and SMS direct carrier billing, among others. The near field communication type is projected to grow at a CAGR of 10.4% during the forecast period of 2024-2032. Short-range wireless communication between two devices is made possible by the technology of near field communication, or NFC.

Leading Companies in the Vietnam Mobile Payment Market

Major players are focusing on the adoption of advanced technologies to gain a competitive edge in the market.

• ONLINE MOBILE SERVICES JOINT STOCK COMPANY

• ZION Joint Stock Company

• Moca Inc.

• VNPAY

• Viettel Digital

• Others

Key Highlights of the Report

Vietnam Mobile Payment Market Report Snapshots

Vietnam Mobile Payment Market Size

Vietnam Mobile Payment Market Growth

Vietnam Mobile Payment Market Share

Vietnam Mobile Payment Companies