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The number of users of mobile wallet MoMo is said to grow by over 200 percent between 2020 and 2025, marking a rapid digitalization in Vietnamese payments. Indeed, Statista estimates that Vietnam in 2021 already was one of the world's major countries for mobile POS payments. The Ho Chi Minh City-based fintech app MoMo and ViettelPay, launched by the country's major telco provider Viettel, are seen as the two main domestic initiatives for mobile payments. The former, for instance, mainly focuses on small B2C payments. It did this so successfully that Vietnam attracted the attention of major foreign players, such as super app Grab or gaming and e-commerce company Sea. More than half of the Vietnamese population did not have a bank account in 2021, making the Southeast Asian country an interesting market for digital payment companies. In response to the arrival of the two major players from Singapore, MoMo started to expand its network of services, branching out into consumer loans or insurance.

Number of users of selected mobile wallets in Vietnam in 2020, with forecasts from 2021 to 2025 (in millions)

Characteristic	MoMo	ViettelPay	AirPay	ZaloPay	GrabPay
-	-	-	-	-	-
-	-	-	-	-	-
-	-	-	-	-	-
-	-	-	-	-	-
-	-	-	-	-	-
-	-	-	-	-	-

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Release date

October 2021

More information

Region

Vietnam

Survey time period

May 2021

Special properties

The source does not provide any information regarding consumers using more than one app at the same time. It may, therefore, be that the total users of all apps combined is higher than the country's population

Supplementary notes

The source explicitly states that "we look (...) only for open wallets, ie those that have the ability to make payments on multiple sites, rather than in reference to an ability to transfer funds between different wallets. Thus we do not focus on transactions conducted via cards stored by a retailer purely for use on that retailer’s website or mobile app."

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