The Report Includes Vietnam Mobile Payment Market and is Segmented by Mode of Payment (Point of Sale (Card Payments, Digital Wallet, Cash), Online Sale (Card Payments, Digital Wallet)), and by End-user Industries (Retail, Entertainment, Healthcare, Hospitality). The market sizes and forecasts are provided in terms of value (USD million) for all the above segments.

The Vietnam payments industry is experiencing robust growth, projected to maintain a Compound Annual Growth Rate (CAGR) of 10.58% from 2025 to 2033. This expansion is fueled by several key drivers. The rising adoption of smartphones and internet penetration is creating a fertile ground for digital payment methods like mobile wallets (MoMo, ZaloPay, VNPAY) to flourish. Government initiatives promoting financial inclusion and digital transformation are further accelerating this shift away from cash transactions. The burgeoning e-commerce sector, particularly in retail, entertainment, and healthcare, necessitates efficient and seamless payment solutions, driving demand for both online and point-of-sale (POS) payment systems. While the exact 2025 market size is unavailable, considering the 10.58% CAGR and a reasonable estimation based on regional market trends and similar developing economies, the Vietnam payments market likely exceeds $5 billion in 2025. Key players like Vietcombank, VietinBank Group, and international entities like PayPal are vying for market share, fostering competition and innovation within the ecosystem. However, challenges remain, including the need for improved cybersecurity infrastructure to address potential fraud risks and the necessity of further educating users in less digitally-literate areas to ensure widespread adoption of digital payment systems. The continued expansion of digital payment infrastructure and government support will be critical to overcoming these restraints and sustaining the industry's impressive growth trajectory. Segmentation analysis reveals a strong preference toward digital wallet usage, reflecting the overall trend of digitalization within the Vietnamese economy. The competitive landscape is dynamic, with a mix of domestic banks (Vietcombank, VietinBank, Bank for Investment and Development of Vietnam), specialized payment processors (VNPAY, MoMo, ZaloPay), and international players (PayPal, Samsung Pay). This diverse range of providers offers consumers a variety of options, contributing to the market’s vitality. Future growth will be influenced by factors such as the development of innovative payment technologies (e.g., biometric authentication, blockchain-based solutions), the expansion of financial literacy programs, and the increasing integration of payment systems with other digital services (e.g., ride-hailing apps, e-commerce platforms). The segment breakdown across payment methods and end-user industries will offer insights into market share dynamics and areas ripe for further investment and innovation. Continued investment in infrastructure and security is crucial for sustained growth and consumer confidence. Comprehensive Coverage Vietnam Payments Industry Report (2019-2033) This in-depth report provides a comprehensive analysis of the dynamic Vietnam payments industry, projecting robust growth from 2025 to 2033. With a focus on key market drivers, challenges, and emerging trends, this report is an essential resource for businesses, investors, and policymakers seeking to understand and capitalize on opportunities within this rapidly evolving sector. The report utilizes data from the historical period (2019-2024), the base year (2025), and estimated year (2025) to forecast market performance until 2033. The study covers various payment methods, including digital wallets, card payments, and cash transactions, across diverse end-user industries. Recent developments include: June 2022 - Vietnam Posts and Telecommunications Group (VNPT) and the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) have inked a collaboration agreement (VNPT). The development of digital payment services and platforms is covered under this bilateral cooperation agreement., November 2021 - Le Minh Khai, the Deputy Prime Minister, has signed a resolution authorizing a scheme for the growth of cashless payment in Vietnam from 2021 to 2025. The project's goals are to promote positive changes in cashless payment in a high-growth economy, make the practice a habit for inhabitants in metropolitan regions, progressively expand to rural, remote, and mountainous locations, as well as eliminate cash-related expenditures.. Key drivers for this market are: High Proliferation of E-commerce, including the rise of m-commerce and cross-border e-commerce supported by the increase in purchasing power, Enablement Programs by Key Retailers and Government encouraging digitization of the market; Growth of Real-time Payments, especially Buy Now Pay Later in the country. Potential restraints include: High Installation Costs Coupled with Maintenance Costs. Notable trends are: Digital Wallets to Drive the Payment Market.

In the third quarter of 2024, the value of domestic transactions via bank cards in Vietnam reached over 367 trillion Vietnamese dong. In the same period, the number of these transactions amounted to approximately 202 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.

As of the third quarter of 2024, there were around 110 million domestic bank cards and 47 million international bank cards in circulation in Vietnam, indicating an increase from the previous quarters of the year. 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.

GlobalData’s "Payments Landscape in Vietnam: Opportunities and Risks to 2022", report provides detailed analysis of market trends in the Vietnamese cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including payment cards, credit transfers, direct debit, and cheques during the review-period (2014-18e). Read More

In the third quarter of 2024, the value of transactions via domestic credit transfer reached 73.5 quadrillion Vietnamese dong in Vietnam. In the same period, the number of these transactions amounted to around 4.4 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. Cashless payment on the rise Alongside the expansion of the e-commerce market and the mainstream usage of the internet and smartphones, digital payments have constantly proved to be of growing importance in the finance sector in Vietnam. In 2022, the transaction value via these forms of payments was expected to amount to over 19 billion U.S. dollars, higher than that of many of Vietnam’s fellow Southeast Asian countries, such as Singapore or Malaysia. In 2023, the country beat most countries to become the nation with the second highest mobile payment adoption rate, ranking only after China. Digital payments as the key to financial inclusion Digital payment usage has been highly encouraged by the Vietnamese government to make affordable, convenient financial products and services available to its population. Due to the differences in the retail infrastructure in urban and rural Vietnam, various cashless payment alternatives have been introduced to meet local demand. In urban and suburban areas, the usage of e-wallets, especially QR codes, and cards, among many digital payment methods, has become widely accepted for various payment needs, from online or offline shopping to settling bills. For the rural population, state-owned telecommunications providers promoted the use of mobile money, a form of payment using an account connected to their mobile subscriptions. This has gained millions of users in a short amount of time.

Domestic scheme NAPAS leads the market for card payments in Vietnam, ahead of both Visa and Mastercard. NAPAS refers to Vietnam's ATM cards, issued by the National Payment Corporation of Vietnam. Whilst the brand does not have the same dominance as UnionPay within China, it is relatively unusual for an in-market local card scheme to be ahead of either Visa and Mastercard. This may stem from Vietnam's declining share of cash in POS, as consumers used credit cards and wallets. The source does not explain the figures for 2019, as these look somewhat different from both 2018 and 2020.

Vietnam VN: Automated Teller Machines (ATMs): per 100,000 Adults data was reported at 25.087 Number in 2017. This records an increase from the previous number of 24.502 Number for 2016. Vietnam VN: Automated Teller Machines (ATMs): per 100,000 Adults data is updated yearly, averaging 18.530 Number from Dec 2004 (Median) to 2017, with 14 observations. The data reached an all-time high of 25.087 Number in 2017 and a record low of 1.439 Number in 2004. Vietnam VN: Automated Teller Machines (ATMs): per 100,000 Adults data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Vietnam – Table VN.World Bank.WDI: Payment System. Automated teller machines are computerized telecommunications devices that provide clients of a financial institution with access to financial transactions in a public place.; ; International Monetary Fund, Financial Access Survey.; Median; Country-specific metadata can be found on the IMF’s FAS website at http://fas.imf.org.

In 2022, the Vietnam's e-commerce market value based on B2C revenue amounted to approximately 16.4 billion U.S. dollars, accounting for approximately 7.5 percent of the total retail sales of goods and services in the country that year. It was forecasted that the revenue of this segment would exceed 20 billion U.S. dollars by 2023.

Key figures of e-commerce in Vietnam

According to a survey conducted in 2022, over 60 percent of internet users in Vietnam reported having purchased a product or service online. The number of online shoppers in the country has been growing steadily in recent years, reaching over 57.6 million people in 2022. Alongside an increasing number of e-commerce users, the e-commerce sector has been recording fast growth in consumer expenditure across all product categories, from consumer goods to digital media, and online travel.

Digital payment in e-commerce

Parallel to the emergence of e-commerce, the digital payment sector in Vietnam has been expanding rapidly in the last couple of years. In 2022, the most popular usage of digital payments among people in the country was to pay for online purchases. Although cash is still the preferred method for e-commerce shopping, the popularity of this payment option has been decreasing in recent years. On the other hand, more and more consumers have turned to online payment methods, such as e-wallets and cards, which are expected to be the future go-to payment choice for e-commerce users in Vietnam.

Over the last two observations, the number of users is forecast to significantly increase in all segments. The trend observed from 2017 to 2027 remains consistent throughout the entire forecast period. There is a continuous increase in the indicator across all segments. Notably, the Digital Commerce segment achieves the highest value of 79.32 million users at 2027. Find other insights concerning similar markets and segments, such as a comparison of number of campaigns in Russia and a comparison of average revenue per user (ARPU) in Vietnam. The Statista Market Insights cover a broad range of additional markets.

In 2023, the number of active e-wallet users in Vietnam reached around 32.8 million people, out of over 57 million activated accounts. Vietnam's fintech sector has been accelerating fast in recent years, reflected in the consistent growth of the country’s digital payment segment. The state of contactless payments in Vietnam Thanks to the high penetration rate of smartphones, the increasing numbers of internet users, and the growing e-commerce sector in the country, Vietnam has embraced the convenience and efficiency of digital payments. According to a 2023 survey conducted by VISA, around half of Vietnamese respondents confirmed having used mobile contactless payments. Moreover, the Vietnamese government has been actively encouraging cashless transactions as part of its digital economy transition strategy. In the third quarter of 2024, the value of domestic cashless transactions in Vietnam reached over 74 quadrillion Vietnamese dong, with credit transfer being the leading payment type. QR code and BNPL payments on the rise Although mobile wallets are still the most popular online payment method, QR code payment is becoming more common among consumers in Vietnam. This smart payment trend allows consumers to conduct payments via scanning a QR code using their smartphones, eliminating the need for physical cash or cards. In 2022 and 2023, the share of Vietnamese consumers who said they used QR codes for payments saw a noticeable surge compared to the previous year. This payment method is widely adopted in supermarkets, retail stores, as well as local markets. Another emerging trend in the Vietnamese digital payment landscape is Buy Now Pay Later (BNPL). Particularly favored by the younger generation, this new payment method offers consumers the flexibility to purchase different types of goods and services immediately and pay in installments within a time period. The rise of QR codes and BNPL payment methods marks the country’s shift towards a more dynamic digital and cashless economy in the future.

According to a survey conducted in 2022, approximately 70 percent of respondents in Vietnam indicated that cash on delivery ranked as the most favored payment method for online shopping. Bank transfer was identified as the second most popular payment option, with 67 percent of respondents choosing it as their preferred method among other payment alternatives. The rise of digital payment in Vietnam Formerly one of the most cash-dependent countries in Southeast Asia, Vietnam has experienced substantial growth in cashless payment usage among its population in recent years. Anticipated for robust growth in 2023, the value of digital payment transactions in Vietnam is set to secure a prominent position in Southeast Asia, surpassing that in both Singapore and Malaysia. Popular digital payment methods in the country include mobile wallets, cards, bank transfers, and QR codes. The adoption of mobile banking in Vietnam The adoption of banking apps for transactions has become a preferred method of digital payment in Vietnam. In the first quarter of 2023, there was a noticeable increase in the volume of transactions conducted through mobile banking in the country. Moreover, the number of mobile payment users is expected to exhibit positive growth until 2026. Despite this, Vietnamese consumers still favor traditional banks as their primary banking institutions over digital ones.