According to a recent report published by Allied Market Research, titled, Vietnam Mobile Payment Market by Type, Mode of Transaction, End User, Application, and Type of Purchase: Global Opportunity Analysis and Industry Forecast, 2018-2025, 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.
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.
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.
Key Findings of the Vietnam Mobile Payment Market :
- By type of purchase, the travel and ticketing segment is expected to exhibit significant growth in the Vietnam mobile payment market during the forecast period.
- In 2016, the personal segment accounted for the highest revenue among the end user category.
- Based on type, the remote payment segment generated the highest revenue in 2016.
- As per mode of transaction, the near-field communication segment is anticipated to exhibit substantial growth during the forecast period.
Some of the key market players profiled in the report include Mobivi, NganLuong, OnePay, Smartlink, Orange S.A., PayPal Holdings, Inc., Payoo, MOMO, 123Pay, and SohaPay.