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Vietnam Mobile Payment Market by Type (Proximity Payment and Remote Payment), Mode of Transaction (Short Message Service (SMS), Near-Field Communication (NFC), and Wireless Application Protocol (WAP)), End User (Personal and Business), Type of Purchase (Airtime Transfer & Top-Ups, Money Transfers & Payments, Merchandise & Coupons, Travel & Ticketing, and Others), and Application (Hospitality & Tourism, Media & Entertainment, Retail, Healthcare, Energy & Utilities, IT & Telecommunication, and Others) - Opportunity Analysis and Industry Forecast, 2018-2025

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Pages: 128
Aug 2018 | 1003 Views
 
Author's : Rachita Rake
Tables: 47
Charts: 20
 

Vietnam Mobile Payment Market Overview:

Mobile payment refers to the payment for goods or services or transfer of money through mobiles or smartphones. The mobile payment market in Vietnam has been growing at a rapid rate, and is expected to maintain this trend during the forecast period. As the use of mobile is predominant, mobile payments serve as a prime choice for low-value payments.

Moreover, mobile phones act as an ideal alternative for payments in unattended areas, such as parking lots and vending machines, providing a more secure, less costly, and faster means to handle such payments. The Vietnam mobile payment market size 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.

Vietnam Mobile Payment Market Overview

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Vietnam Mobile Payment Market, by Type

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The remote payment segment dominated the overall market in 2016, and is expected to continue this trend during the forecast period, owing to the growth of the e-commerce industry in Vietnam driven by rise in online shopping through mobile devices.

Vietnam Mobile Payment Market, by Mode of Transaction

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The wireless application protocol (WAP) segment dominated the overall market in 2016, and is expected to continue this trend during the forecast period, owing to increase in adoption of smartphones and rise in need for ride-hailing applications in Vietnam.

Vietnam Mobile Payment Market, by Application

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The retail segment dominated the overall market in 2016 as number of traditional retailers & offline stores in the retail industry have commenced to deploy cashless payment systems, owing to the development of the e-commerce industry. However, the hospitality & tourism segment is expected to witness the highest growth rate during the forecast period.

The report focuses on the growth prospects and restraints of the market based on the analysis of the Vietnam mobile payment market trends. The study provides Porter’s Five Forces analysis of the industry 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 growth of the market.

Segment Review

The Vietnam mobile payment market is segmented by type, mode of transaction, type of purchase, application, and end user. Based on type, the market is bifurcated into proximity payment and remote payment. By mode of transaction, it comprises short message service (SMS), near-field communication (NFC), and wireless application protocol (WAP). On the basis of end user, it is categorized into personal and business. According to type of purchase, it is segmented into airtime transfer & top-ups, money transfers & payments, merchandise & coupons, travel & ticketing, and others. The applications covered in the study include hospitality & tourism, media & entertainment, retail, healthcare, energy & utilities, IT & telecommunication, and others.

The key players operating in the Vietnam mobile payment market include Mobivi, NganLuong, OnePay, Smartlink, Orange S.A., PayPal Holdings, Inc., Payoo, MOMO, 123Pay, and SohaPay.

Top Impacting Factors

Increase in penetration of smartphones, growth of the m-commerce industry, and the development of the FinTech & payment industry act as major drivers of the market. However, data breach & security concerns are expected to hamper the Vietnam mobile payment market growth during the forecast period. Furthermore, increase in demand for fast & hassle-free transaction services and initiatives to drive cashless payments in Vietnam are expected to provide lucrative opportunities for the market.

Increase in Penetration of Smartphones

Enhanced usage of smartphones in Vietnam significantly boosts the growth of the mobile payment market; for instance, around 84% of the people were using smartphones in 2016 as compared to 78% in 2016. In addition, in rural areas, almost 89% of the population owns a mobile phone, out of which 68% of them possess a smartphone. Adoption of connected devices, especially tablets and smartphones, has considerably grown in Vietnam, owing to the fact that smartphone brands have been offering consumers with abundant choices at affordable prices.

Growth of the M-commerce Industry

The mobile commerce industry has been witnessing significant growth over the past few years, owing to upsurge in penetration of smartphones coupled with fast connectivity. Owing to the increasing popularity of m-commerce in Vietnam, several companies in the country have been investing in business operations and upgrading their websites to be compatible with mobile devices to develop their own applications; for instance, in 2016, around 15% of enterprises owned a mobile app for sales in Vietnam.

Initiatives to Drive Cashless Payments in Vietnam

The government and local commercial banks of Vietnam have taken various initiatives to deploy cashless payments in Vietnam, which are expected to create lucrative opportunities for the market. Local commercial banks and their partners have been launching numerous promotional programs for card and mobile payment; for instance, Vietnam Payment Solutions JSC (VNPAY) took the initiative by launching the VNPAY QR code payment tool on its own mobile banking application. Moreover, VNPAY collaborated with large commercial banks in Vietnam to expand its network. Moreover, the Government of Vietnam recently introduced an ambitious policy, which is predicted to encourage the population to drop cash payments, and is expected to increase the penetration of e-payment methods.

Key Benefits for Stakeholders

  • This study includes the analytical depiction of the Vietnam mobile payment market along with current trends and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and opportunities.
  • The current market is quantitatively analyzed from 2016 to 2025 to highlight the financial competency of the industry.
  • Porter’s Five Forces analysis illustrates the potency of buyers & suppliers in the Vietnam mobile payment industry.

Vietnam Mobile Payment Market Key Segments:

By Type

  • Proximity payment
  • Remote payment
  • By Mode Of Transaction
  • Short message service (SMS)
  • Near-field communication (NFC)
  • Wireless application protocol (WAP)

By End User

  • Personal
  • Business

By Type Of Purchase

  • Airtime transfer & top-up
  • Money transfer & payment
  • Merchandise & coupon
  • Travel & ticketing
  • Others

By Applications

  • Hospitality & tourism
  • Media & entertainment
  • Retail
  • Healthcare
  • Energy & utilities
  • IT & telecommunication
  • Others

Key Market Players

  • Mobivi
  • NganLuong
  • OnePay
  • Smartlink
  • Orange S.A.
  • PayPal Holdings, Inc.
  • Payoo
  • MOMO
  • 123Pay
  • SohaPay
 

Chapter: 1: INTRODUCTION

1.1. Report description
1.2. Key benefits for stakeholders
1.3. Research methodology

1.3.1. Secondary research
1.3.2. Primary research
1.3.3. Analyst tools & models

Chapter: 2: EXECUTIVE SUMMARY

2.1. CXO perspective

Chapter: 3: MARKET OVERVIEW

3.1. Market definition and scope
3.2. Key findings

3.2.1. Top impacting factors
3.2.2. Top investment pockets
3.2.3. Top winning strategies

3.3. Porter's five forces analysis
3.4. Key Player Positioning, 2016
3.5. Market dynamics

3.5.1. Drivers

3.5.1.1. Increase in penetration of smartphones
3.5.1.2. Growth of the m-commerce industry
3.5.1.3. Development of the fintech & payment industry

3.5.2. Restraints

3.5.2.1. Data breach & security concerns

3.5.3. Opportunities

3.5.3.1. Increase in demand for fast & hassle-free transaction services
3.5.3.2. Initiatives to drive cashless payments in Vietnam

Chapter: 4: VIETNAM MOBILE PAYMENT MARKET, BY TYPE

4.1. Overview
4.2. Proximity payment

4.2.1. Key market trends, growth factors, and opportunities
4.2.2. Market size and forecast

4.3. Remote payment

4.3.1. Key market trends, growth factors, and opportunities
4.3.2. Market size and forecast

Chapter: 5: VIETNAM MOBILE PAYMENT MARKET, BY MODE OF TRANSACTION

5.1. Overview
5.2. Short message service (SMS)

5.2.1. Key market trends, growth factors, and opportunities
5.2.2. Market size and forecast

5.3. Wireless application protocol (WAP)

5.3.1. Key market trends, growth factors, and opportunities
5.3.2. Market size and forecast

5.4. Near-field communication (NFC)

5.4.1. Key market trends, growth factors, and opportunities
5.4.2. Market size and forecast

Chapter: 6: VIETNAM MOBILE PAYMENT MARKET, BY END USER

6.1. Overview
6.2. Personal

6.2.1. Key market trends, growth factors, and opportunities
6.2.2. Market size and forecast

6.3. Business

6.3.1. Key market trends, growth factors, and opportunities
6.3.2. Market size and forecast

Chapter: 7: VIETNAM MOBILE PAYMENT MARKET, BY APPLICATION

7.1. Overview
7.2. Hospitality & tourism

7.2.1. Key market trends, growth factors, and opportunities
7.2.2. Market size and forecast

7.3. Media & entertainment

7.3.1. Key market trends, growth factors, and opportunities
7.3.2. Market size and forecast

7.4. Retail

7.4.1. Key market trends, growth factors, and opportunities
7.4.2. Market size and forecast

7.5. Healthcare

7.5.1. Key market trends, growth factors, and opportunities
7.5.2. Market size and forecast

7.6. Energy & utilities

7.6.1. Key market trends, growth factors, and opportunities
7.6.2. Market size and forecast

7.7. IT & telecommunications

7.7.1. Key market trends, growth factors, and opportunities
7.7.2. Market size and forecast

7.8. Others

7.8.1. Key market trends, growth factors, and opportunities
7.8.2. Market size and forecast

Chapter: 8: VIETNAM MOBILE PAYMENT MARKET, BY TYPE OF PURCHASE

8.1. Overview
8.2. Airtime transfers & top-ups

8.2.1. Key market trends, growth factors, and opportunities
8.2.2. Market size and forecast

8.3. Money transfers & payments

8.3.1. Key market trends, growth factors, and opportunities
8.3.2. Market size and forecast

8.4. Merchandise & coupons

8.4.1. Key market trends, growth factors, and opportunities
8.4.2. Market size and forecast

8.5. Travel & ticketing

8.5.1. Key market trends, growth factors, and opportunities
8.5.2. Market size and forecast

8.6. Others

8.6.1. Key market trends, growth factors, and opportunities
8.6.2. Market size and forecast

Chapter: 9: COMPANY PROFILES

9.1. Mobivi

9.1.1. Company overview
9.1.2. Company snapshot
9.1.3. Product portfolio

9.2. MOMO (M_Service)

9.2.1. Company overview
9.2.2. Company snapshot
9.2.3. Product portfolio
9.2.4. Key strategic moves and developments

9.3. National Payment Corporation of Vietnam (Smartlink card JSC)

9.3.1. Company overview
9.3.2. Company snapshot
9.3.3. Product portfolio
9.3.4. Key strategic moves and developments

9.4. NganLuong.vn

9.4.1. Company overview
9.4.2. Company snapshot
9.4.3. Product portfolio
9.4.4. Key strategic moves and developments

9.5. OnePay

9.5.1. Company overview
9.5.2. Company snapshot
9.5.3. Product portfolio
9.5.4. Key strategic moves and developments

9.6. Orange S.A.

9.6.1. Company overview
9.6.2. Company snapshot
9.6.3. Operating business segments
9.6.4. Product portfolio
9.6.5. Business performance
9.6.6. Key strategic moves and developments

9.7. PayPal Holdings, Inc.

9.7.1. Company overview
9.7.2. Company snapshot
9.7.3. Operating business segments
9.7.4. Product portfolio
9.7.5. Business performance
9.7.6. Key strategic moves and developments

9.8. SohaPay Electronic Payment Tool

9.8.1. Company overview
9.8.2. Company snapshot
9.8.3. Product portfolio

9.9. VietUnion Online Services Corporation (Payoo)

9.9.1. Company overview
9.9.2. Company snapshot
9.9.3. Product portfolio
9.9.4. Key strategic moves and developments

9.10. VNG Corporation

9.10.1. Company overview
9.10.2. Company snapshot
9.10.3. Operating business segments
9.10.4. Product portfolio

LIST OF TABLES

TABLE 01. VIETNAM MOBILE PAYMENT MARKET REVENUE, BY TYPE, 2016-2025 ($MILLION)
TABLE 02. VIETNAM PROXIMITY MOBILE PAYMENT MARKET, 2016-2025 ($MILLION)
TABLE 03. VIETNAM REMOTE MOBILE PAYMENT MARKET, 2016-2025 ($MILLION)
TABLE 04. VIETNAM MOBILE PAYMENT MARKET REVENUE, BY MODE OF TRANSACTION, 2016-2025 ($MILLION)
TABLE 05. VIETNAM SMS MOBILE PAYMENT MARKET, 2016-2025 ($MILLION)
TABLE 06. VIETNAM WAP MOBILE PAYMENT MARKET, 2016-2025 ($MILLION)
TABLE 07. VIETNAM NFC MOBILE PAYMENT MARKET, 2016-2025 ($MILLION)
TABLE 08. VIETNAM MOBILE PAYMENT MARKET REVENUE, BY END USER, 2016-2025 ($MILLION)
TABLE 09. VIETNAM MOBILE PAYMENT MARKET FOR PERSONAL USE, 2016-2025 ($MILLION)
TABLE 10. VIETNAM MOBILE PAYMENT MARKET FOR BUSINESS USE, 2016-2025 ($MILLION)
TABLE 11. VIETNAM MOBILE PAYMENT MARKET REVENUE, BY APPLICATION, 2016-2025 ($MILLION)
TABLE 12. VIETNAM MOBILE PAYMENT MARKET FOR HOSPITALITY & TOURISM, 2016-2025 ($MILLION)
TABLE 13. VIETNAM MOBILE PAYMENT MARKET FOR MEDIA & ENTERTAINMENT, 2016-2025 ($MILLION)
TABLE 14. VIETNAM MOBILE PAYMENT MARKET FOR RETAIL, 2016-2025 ($MILLION)
TABLE 15. VIETNAM MOBILE PAYMENT MARKET FOR HEALTHCARE, 2016-2025 ($MILLION)
TABLE 16. VIETNAM MOBILE PAYMENT MARKET FOR ENERGY & UTILITIES, 2016-2025 ($MILLION)
TABLE 17. VIETNAM MOBILE PAYMENT MARKET FOR IT & TELECOMMUNICATION, 2016-2025 ($MILLION)
TABLE 18. VIETNAM MOBILE PAYMENT MARKET FOR OTHERS, 2016-2025 ($MILLION)
TABLE 19. VIETNAM MOBILE PAYMENT MARKET REVENUE, BY TYPE OF PURCHASE, 2016-2025 ($MILLION)
TABLE 20. VIETNAM MOBILE PAYMENT MARKET FOR AIRTIME TRANSFER & TOP-UPS, 2016-2025 ($MILLION)
TABLE 21. VIETNAM MOBILE PAYMENT MARKET FOR MONEY TRANSFERS & PAYMENTS, 2016-2025 ($MILLION)
TABLE 22. VIETNAM MOBILE PAYMENT MARKET FOR MERCHANDISE & COUPONS, 2016-2025 ($MILLION)
TABLE 23. VIETNAM MOBILE PAYMENT MARKET FOR TRAVEL & TICKETING, 2016-2025 ($MILLION)
TABLE 24. VIETNAM MOBILE PAYMENT MARKET FOR OTHERS, 2016-2025 ($MILLION)
TABLE 25. MOBIVI: COMPANY SNAPSHOT
TABLE 26. MOBIVI: PRODUCT PORTFOLIO
TABLE 27. MOMO: COMPANY SNAPSHOT
TABLE 28. MOMO: PRODUCT PORTFOLIO
TABLE 29. NATIONAL PAYMENT CORPORATION OF VIETNAM: COMPANY SNAPSHOT
TABLE 30. NATIONAL PAYMENT CORPORATION OF VIETNAM: PRODUCT PORTFOLIO
TABLE 31. NGANLUONG.VN: COMPANY SNAPSHOT
TABLE 32. NGANLUONG.VN: PRODUCT PORTFOLIO
TABLE 33. ONEPAY: COMPANY SNAPSHOT
TABLE 34. ONEPAY: PRODUCT PORTFOLIO
TABLE 35. ORANGE S.A.: COMPANY SNAPSHOT
TABLE 36. ORANGE S.A.: PRODUCT CATEGORIES
TABLE 37. ORANGE S.A.: PRODUCT PORTFOLIO
TABLE 38. PAYPAL HOLDINGS, INC.: COMPANY SNAPSHOT
TABLE 39. PAYPAL HOLDINGS, INC.: OPERATIONS
TABLE 40. PAYPAL HOLDINGS, INC.: PRODUCT PORTFOLIO
TABLE 41. SOHAPAY ELECTRONIC PAYMENT TOOL: COMPANY SNAPSHOT
TABLE 42. SOHAPAY ELECTRONIC PAYMENT TOOL: PRODUCT PORTFOLIO
TABLE 43. VIETUNION ONLINE SERVICES CORPORATION: COMPANY SNAPSHOT
TABLE 44. VIETUNION ONLINE SERVICES CORPORATION: PRODUCT PORTFOLIO
TABLE 45. VNG CORPORATION: COMPANY SNAPSHOT
TABLE 46. VNG CORPORATION: OPERATING SEGMENTS
TABLE 47. VNG CORPORATION: PRODUCT PORTFOLIO

LIST OF FIGURES

FIGURE 01. VIETNAM MOBILE PAYMENT MARKET, 2016-2025
FIGURE 02. VIETNAM MOBILE PAYMENT MARKET, 2016-2025
FIGURE 03. VIETNAM MOBILE PAYMENT MARKET: KEY PLAYERS
FIGURE 04. VIETNAM MOBILE PAYMENT MARKET SEGMENTATION
FIGURE 05. VIETNAM MOBILE PAYMENT MARKET: TOP IMPACTING FACTOR
FIGURE 06. VIETNAM MOBILE PAYMENT MARKET: TOP INVESTMENT POCKETS
FIGURE 07. TOP WINNING STRATEGIES, BY YEAR, 2015-2018*
FIGURE 08. TOP WINNING STRATEGIES, BY DEVELOPMENT, 2015-2018* (%)
FIGURE 09. TOP WINNING STRATEGIES, BY COMPANY, 2015-2018*
FIGURE 10. LOW BARGAINING POWER OF SUPPLIER
FIGURE 11. MODERATE-TO-HIGH BARGAINING POWER OF BUYER
FIGURE 12. HIGH THREAT OF SUBSTITUTES
FIGURE 13. MODERATE-TO-HIGH THREAT OF NEW ENTRANTS
FIGURE 14. HIGH COMPETITIVE RIVALRY
FIGURE 15. VIETNAM MOBILE PAYMENT MARKET: KEY PLAYER POSITIONING, 2016
FIGURE 16. DRIVERS, RESTRAINTS, AND OPPORTUNITIES
FIGURE 17. ORANGE S.A.: REVENUE, 2015-2017 ($MILLION)
FIGURE 18. ORANGE S.A.: REVENUE SHARE BY SEGMENT, 2017 (%)
FIGURE 19. PAYPAL HOLDINGS, INC.: REVENUE, 2015-2017 ($MILLION)
FIGURE 20. PAYPAL HOLDINGS, INC.: REVENUE SHARE BY GEOGRAPHY, 2017 (%)

 

Growth in penetration of smartphones and personal devices, such as tablets and smart watches, along with the evolving technology, has transformed an individual’s way of living. The mobile payment trend has taken over traditional payment methods, owing to current cashless transactions done using mobiles as a payment method. This payment method is an easy, hassle-free way to pay money virtually. Increased adoption of mobile payment in Vietnam is expected to continue to foster growth in the mobile payment market during the forecast period.

Increase in awareness of mobile banking apps and mobile wallets in Vietnam and convenience offered by these apps & e-wallets while making diverse transactions have been driving the growth of the market. The mobile payment market in Vietnam is fragmented and competitive, owing to the presence of well-diversified international and regional vendors.

However, continuously increasing presence of international vendors in the country makes the marketplace highly competitive; for instance, in November 2017, Alipay entered Vietnam through a partnership with National Payment Corporation of Vietnam (NAPAS), allowing Chinese tourists visiting Vietnam to use Alipay in the country. Furthermore, the key players operating in this market have been adopting partnership as their key developmental strategy; for instance, in February 2018, MoMo established a partnership with Bao Viet Insurance to sell products on MoMo wallet, including car insurance, motorbike insurance, health insurance, cancer insurance, and travel insurance.

Some of the key players profiled in the report include Mobivi, NganLuong, OnePay, Smartlink, Orange S.A., PayPal Holdings, Inc., Payoo, MOMO, 123Pay, and SohaPay. These players have adopted various strategies to enhance their service offerings and increase their market penetration; for instance, in May 2017, NganLuong.vn launched Alepay Tokenization, an automatic payment service. This service allows buyers to link their bank accounts to the seller's websites for automatic payments for their transactions.

 

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