0
2021
Vietnam Mobile Payment Market

Vietnam Mobile Payment Market by Type (Proximity Payment and Remote Payment), Mode of Transaction (Short Message Service, Wireless Application Protocol, and Near-Field Communication), End User (Personal and Business), Application (Hospitality & Tourism, Media & Entertainment, Retail, Healthcare, Energy & Utilities, IT & Telecommunication, and Others), and Type of Purchase (Airtime Transfer & Top-Ups, Money Transfers & Payments, Merchandise & Coupons, Travel & Ticketing, and Others): Opportunity Analysis and Industry Forecast, 2020–2027
Update Available On-Demand

A04422
Pages: 140
Mar 2021 | 23190 Views
Author(s) : Aarti Goswami, Pramod Borasi , Vineet Kumar
Tables: 47
Charts: 23
  • Formats*:

  • SIngle User License, Five User
    License & Enterprise User License

  • Data Pack Excel License

  • It comes with the additional cost
    of $2500.00 contact sales.

 

COVID-19

Pandemic disrupted the entire world and affected many industries.

Get detailed COVID-19 impact analysis on the Vietnam Mobile Payment Market

Request Now !

The Vietnam mobile payment market size was valued at $250 billion in 2019, and is projected to reach $2,732 billion by 2027, growing at a CAGR of 30.2% from 2020 to 2027. 

In the wake of COVID-19 pandemic, various banks & FinTech industries are enhancing their mobile payments solutions & services in the country. In addition, rise in COVID-19 patients have led many businesses and individuals to adopt contactless payment options, which boosts the growth of the mobile payment market in the country..

Mobile payment refers to a payment method in which money is transferred from various mobile devices such as smartphones, tablets and other smart devices, for purchasing a product or services. In addition, various banks and financial institutions are providing mobile payment services as it provides bank customers with convenient, fast and secure payment processing systems. Furthermore, mobile payments eliminate the need of carrying cash, credit cards and debit cards for paying for a particular product and services as well as provide a secured substitute for the cash-based transaction. In addition, various industries such as entertainment & media, transportation, BFSI and others, are rapidly adopting mobile payment services. This helps in improving the security of the payment method and provides faster payment services, which is propelling the Vietnam mobile payment market growth.

Vietnam-Mobile-Payment-Market-2020-2027

Get more information on this report : Request Sample Pages

Rise in penetration of smartphones across the globe and increase in the m-commerce industry in emerging countries are the major factors driving the growth of the market. In addition, upsurge in adoption of mobile payment services in emerging countries fuels the growth of the market. Furthermore, rise in data breaches and security issues in mobile payments hampers the growth of the market. Furthermore, growth in usage of NFC, RFID and host-card emulation technology in mobile payments and rise in demand for fast and hassle-free transaction services are expected to provide lucrative opportunities for the Vietnam mobile payment market.

The mobile web payments segment is expected to garner a significant share during the forecast period. Mobile web payments mode of payment is the most popular and preferred method of making mobile payment as users only need a smartphone, which drives the growth of the Vietnam mobile payment market share in this segment. 

However, the near field communication segment is expected to witness growth at the highest rate during the forecast period, owing to varied features such as higher security, faster transaction processing and growing demand among the end users.

The report focuses on the growth prospects, restraints, and Vietnam mobile payment market trends. The study provides Porter’s five forces analysis to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the mobile payment market.

Segment review

The Vietnam mobile payment market analysis is segmented on the basis of type, mode of transaction, end user, application, and type of purchase. In terms of type, it is bifurcated into proximity payment and remote payment. Based on mode of transaction, the market is segmented into short message service, wireless application protocol, and near-field communication. By end user, it is segmented into personal and business. On the basis of application, it is segmented into hospitality & tourism, media & entertainment, retail, healthcare, energy & utilities, IT & telecommunication, and others. Based on type of purchase, the market is segmented into airtime transfer & top-ups, money transfers & payments, merchandise & coupons, travel & ticketing, and others.

The report analyses the profiles of key players operating in the Vietnam mobile payments industry including Movi, M_Service, National Payment Corporation of Vietnam (NAPAS), NganLuong.vn, OnePAY, Orange, PayPal Holdings, Inc., SohaPay Electronic Payment Tool, VietUnion Online Services Corporation (Payoo), and VNG Corp. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.

COVID-19 impact analysis

COVID-19 pandemic had a significant impact on the Vietnam mobile payment market revenue. This is attributed to implementation of lockdown by governments in the country and shutdown of businesses and public & private organizations across the world to prevent transmission of the virus. Therefore, consumers have increased the use of mobile & contactless payment methods in order to avoid cash payments. This, in turn, has become one of the major growth factors for the Vietnam mobile payment market during the global health crisis. 

Top impacting factors

Development of the fintech & payment industry

Advancements in technology have made it viable for financial institutions to provide services such as e-banking and mobile money, to unbanked and under-banked population in Vietnam. Moreover, increase in presence of fintech firms has supplemented the growth of the mobile payment market in Vietnam. For instance, as of 2019, more than 45 fintech firms were established in Vietnam, of which two-thirds provide mobile payment services. According to the State Bank of Vietnam, approximately 50% of the population holds a bank account; however, in rural areas, the number of people possessing a bank account is relatively lower. Nonetheless, upsurge in penetration of mobile devices and improvement in communication infrastructure in Vietnam are expected to boost the adoption of e-payments in Vietnam.

Vietnam Mobile Payment Market
By Type

Your browser does not support the canvas element.

Remote payment segment accounted for the highest market share in 2019

Get more information on this report : Request Sample Pages

Rise in data breaches and security issues in mobile payments 

Innovative payment technologies offer substantial advantages and convenience to customers; however, increase in data breaches and security concerns hinder the growth of the market. Consumers are hesitant to make or receive payments via their mobile phones, as they are concerned about the risk of their financial information being accessed by third-party mobile service providers. Moreover, adoption of mobile payment services is on the rise rapidly; however, risk of identity theft and data breaches is also expected to rise in the coming years. This is attributed to use of public Wi-Fi, vulnerabilities in password, and phishing attacks. All these factors together lead in high risks while making mobile payments, which restrains the Vietnam mobile payment market growth.

Increase in demand for fast & hassle-free transaction services

Mobile payment is the preferred medium for paying or receiving payments, as it offers high-speed and hassle-free services. This in turn attracts companies to offer their goods and services via mobile platform. Telecommunication providers, groceries, retailers are now gradually launching their mobile apps through which customers can shop online. For instance, in February 2018, PetroVietnam Oil, a state-owned gas station operator, introduced a mobile payment system, which accepts mobile payments using an account card and QR code. The system is expected to ease congestion at gas stations. Moreover, payment records can be accessed online, allowing business users to keep a track of fuel expenses. Furthermore, to sustain the intense competition in the market, key players are adopting different strategies to cater to the growing needs of customers. For instance, MoMo, a leading mobile payment company in Vietnam, is developing a customer-friendly, 24-hour nationwide cashless payment system.

Vietnam Mobile Payment Market
By Type Of Purchase

Your browser does not support the canvas element.

Travel & Ticketing segment is expected to attain significant growth during the forecasted period.

Get more information on this report : Request Sample Pages

Key benefits for stakeholders 

  • The study provides an in-depth analysis of the Vietnam remote payment market share along with the current & future trends to elucidate the imminent investment pockets.
  • Information about key drivers, restrains, and opportunities and their impact analysis on the Vietnam proximity payment solutions market size is provided in the report.
  • Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
  • An extensive analysis of the key segments of the industry helps to understand the Vietnam mobile banking market trends.
  • The quantitative analysis of the Vietnam mobile payment solutions market from 2020 to 2027 is provided to determine the market potential.

Key Market Segments & Key Market Players

Segments Sub-segments
BY TYPE
  • PROXIMITY PAYMENT
  • REMOTE PAYMENT

BY MODE OF TRANSACTION
  • Short Message Service
  • Wireless Application Protocol
  • Near-Field Communication

BY END USER
  • PERSONAL
  • BUSINESS

BY APPLICATION
  • Hospitality & Tourism
  • Media & Entertainment
  • Retail
  • Healthcare
  • Energy & Utilities
  • IT & Telecommunication
  • Others

BY TYPE OF PURCHASE
  • Airtime Transfer & Top-Ups
  • Money Transfers & Payments
  • Merchandise & Coupons
  • Travel & Ticketing
  • Others

Key Market Players
  • MOVI
  • M_SERVICE
  • NATIONAL PAYMENT CORPORATION OF VIETNAM (NAPAS)
  • NGANLUONG.VN
  • ONEPAY
  • ORANGE
  • PAYPAL HOLDINGS, INC
  • SOHAPAY ELECTRONIC PAYMENT TOOL
  • VIETUNION ONLINE SERVICES CORPORATION (PAYOO)
  • VNG CORP
 

Loading Table Of Content...


 
 

The adoption of mobile payments has increased in Vietnam over time, due to rise in adoption of smartphones, contactless payment cards and ease of transactions as compared to traditional banks. In addition, various retailers across the country have adopted mobile payments to provide an enhanced customer experience and to increase the adoption of mobile payments across the country. Furthermore, technological advancements and increase in awareness about contactless payments among the consumers can lead to a rapid growth during the forecast period. In addition, surge in adoption of near-field communication (NFC) technology in various sectors such as transport and entertainment, is anticipated to provide lucrative opportunity for the market.

Furthermore, the growth of the market is driven by increase in awareness of mobile banking apps and mobile wallets and convenience offered by these apps & e-wallets while making diverse transactions. In addition, customers download hotel and airline apps for a quick view and booking status. Thus, proliferation of mobile usage and development of innovative mobile travel apps are expected to foster growth of the mobile payment market in the near future. The mobile payment market in Vietnam is fragmented and competitive, owing to the presence of well-diversified international and regional vendors. However, continuous increase in presence of international vendors in the country makes the marketplace highly competitive.

Flash Sale
PURCHASE OPTIONS

Start reading instantly ,This Report and over 13000+ more Reports, Available with Avenue Library, T&C*

Call or Email us

U.S.-Canada
Toll-free :
+1-800-792-5285
Int'l : +1-503-894-6022
Europe : + 44-845-528-1300
Email : help@alliedmarketresearch.com

Looking for Customization?

 Customization Request

Have a Question?

 Speak with Analyst

Any Confusion?

 Inquire Before Buying

Have a glance of the Report

  Request Free Sample
RELATED TAGS
 

HAVE QUESTIONS?
SPEAK WITH ANALYST

 

FREQUENTLY ASKED
QUESTIONS?

 

DID YOU MISS ANYTHING?
DO YOU HAVE SPECIFIC REQUIREMENTS?

 

Download Free Sample

OR

Purchase Full Report of
Vietnam Mobile Payment Market

Start reading instantly.
This Report and over 13,000+ more Reports, Available with Avenue Library. T&C*.

  • Data Pack
  • $2,038  $1,834
  • Restricted to one authorized user
  • One print only
  • Available in
    Excel
  •   Free quarterly industry update
  •   Free report update (Within 180 days)
  •   Subscription model sign in
  • Single User
  • $2,850  $2,423
  • Restricted to one authorized user
  • One print only
  • Available in Excel & PDF
  •   Free quarterly industry update
  •   Free report update (Within 180 days)
  •   Subscription model sign in
  • Five Users
  • $3,423  $2,910
  • Limited to five authorized users
  • Print upto five copies
  • Available in Excel & PDF
  •   Free quarterly industry update
  •   Free report update (Within 180 days)
  •   Subscription model sign in
  • Enterprise
    License/PDF

  • $5,774  $4,619
  • Unlimited
    within
    company/enterprise
  • Available in Excel & PDF
  •   Free quarterly industry update
  •   Free report update (Within 180 days)
  •   Subscription model sign in
  • Library
    Membership

  • $ 999
    Per User/ Per month/ Billed annually
  • Published Content
    E-access
  • Company Profiles
    E-access
  • Newly Added Content Access
  • 10 PDF
    Downloads
  • 5 Excel Data
    Pack Downloads
  • 250 Company Profiles PDF Downloads
  • Buy Now

*Taxes/Fees, if applicable will be added during checkout. All prices in USD

 

Why Allied Market Research?

 

Infallible Methodology

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

Analyst Support

For complete satisfaction

Customization

On-demand customization of scope of the report to exactly meet your needs

TARGETED MARKET VIEW

Targeted market view to provide pertinent information and save time of readers

Get fresh content delivered

Get insights on topics that are crucial for your business. Stay abreast of your interest areas.

Get Industry Data Alerts

Why Allied Market Research?

Infallible Methodology

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

Analyst Support

For complete satisfaction

Customization

On-demand customization of scope of the report to exactly meet your needs

TARGETED MARKET VIEW

Targeted market view to provide pertinent information and save time of readers