Most popular e-wallet brands Vietnam Q2 2024

According to a survey on e-wallet usage in Vietnam in the second quarter of 2024 by Decision Lab, MoMo was the most used e-wallet by Vietnamese respondents, as stated by 62 percent of them. Meanwhile, the same survey revealed that ShopeePay was used the most by 22 percent of the respondents.

Digital payments in Vietnam

Vietnam was formerly one of the most cash-dependent countries in Southeast Asia. Although cash is still widely used, the COVID-19 pandemic and the rise of e-commerce have accelerated the adoption of digital payments across the country. Following a prolonged period of enduring significant impacts from the COVID-19 pandemic, Vietnam now has one of the largest digital payment markets based on transaction value in Southeast Asia. It has become the nation with the second-highest mobile payment penetration rate worldwide in 2022.

MoMo e-payment service

MoMo e-payment service and the namesake super app is arguably the most successful digital payment startup in Vietnam. MoMo’s mobile wallet has surpassed its competitors, including ZaloPay by VNG Corporation, and ShopeePay of Southeast Asia’s leading e-commerce platform, to become the most used e-wallet by all generations in Vietnam, as of the fourth quarter of 2023. Among a few Vietnamese startups that have reached unicorn status and among the most well-funded startups in the country, MoMo is expected to continue contributing to the development of Vietnam’s fintech sector.