The 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.
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.
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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.
Growth in penetration of smartphones and personal devices, such as tablets and smart watches, along with the evolving technology, has transformed an individual’s way of living. The mobile payment trend has taken over traditional payment methods, owing to current cashless transactions done using mobiles as a payment method. This payment method is an easy, hassle-free way to pay money virtually. Increased adoption of mobile payment in Vietnam is expected to continue to foster growth in the mobile payment market during the forecast period.
Increase in awareness of mobile banking apps and mobile wallets in Vietnam and convenience offered by these apps & e-wallets while making diverse transactions have been driving the growth of the market. The mobile payment market in Vietnam is fragmented and competitive, owing to the presence of well-diversified international and regional vendors.
However, continuously increasing presence of international vendors in the country makes the marketplace highly competitive; for instance, in November 2017, Alipay entered Vietnam through a partnership with National Payment Corporation of Vietnam (NAPAS), allowing Chinese tourists visiting Vietnam to use Alipay in the country. Furthermore, the key players operating in this market have been adopting partnership as their key developmental strategy; for instance, in February 2018, MoMo established a partnership with Bao Viet Insurance to sell products on MoMo wallet, including car insurance, motorbike insurance, health insurance, cancer insurance, and travel insurance.
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.
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