Vietnam Mobile Wallet Market

Market Overview:

Vietnam mobile wallet market size is projected to exhibit a growth rate (CAGR) of 37.40% during 2024-2032. The expanding young and tech-savvy population across the country, increasing smartphone penetration rates, and rising government support toward a cashless economy due to the COVID-19 pandemic's push toward contactless transactions represent some of the key factors driving the market.

A mobile wallet, also known as a digital wallet, is an application that stores payment information on a mobile device, enabling the user to conduct electronic transactions. This technology is transforming the financial landscape by offering a convenient, secure, and fast way to manage money and execute payments. Users are adding their credit, debit, and other cards to these wallets, facilitating transactions without the need for physical cards. The key features of a mobile wallet include contactless payment capabilities through Near Field Communication (NFC) or QR codes, compatibility with various merchant systems, and integration with banking systems and online platforms. Security measures such as encryption, tokenization, and biometric authentication like fingerprint recognition or facial recognition are integral in ensuring the safety of user information and transactions. Besides financial transactions, mobile wallets can also store loyalty cards, tickets, and boarding passes, making them a comprehensive tool for digital organization. In recent years, mobile wallets have gained immense popularity across Vietnam owing to the rise of a cashless society and the widespread adoption of mobile payment systems. 

Vietnam Mobile Wallet Market Trends:

The Vietnam mobile wallet market is experiencing significant growth, propelled by a combination of socio-economic, technological, and governmental factors. One of the primary drivers includes a growing young and tech-savvy population across the country, which is more open to adopting new technologies, including mobile wallets, for their daily transactions. This is further supported by the increasing usage of mobile devices and supportive government policies. Apart from this, the enhanced convenience, accessibility, and speed offered by mobile wallet technologies that particularly appeal to the younger demographic and the ongoing digital transformation in the financial sector are accelerating product adoption rates. Additionally, the rising penetration of smartphones and internet access in Vietnam represents another major growth-inducing factor. As more people gain access to smartphones and mobile internet, the potential user base for mobile wallets expands, thus augmenting the growth of mobile wallet services. Furthermore, the Vietnamese government's push toward a cashless economy is stimulating market growth. The government is actively promoting digital payments via favorable initiatives, such as e-government services and digital payment encouragement in public services, to enhance financial inclusion and reduce cash dependence. In line with this, the escalating need for contactless transactions amid the recent outbreak of the coronavirus (COVID-19) pandemic to reduce the risk of virus transmission has made mobile wallets an attractive option for consumers and businesses alike, thus driving market growth. Moreover, the entry of various players, both local and international, into the mobile wallet market in Vietnam has increased competition, leading to better services and more options for consumers. These key players are continuously innovating and introducing value-added services to their offerings, making mobile wallets more attractive. Along with this, the rising partnerships among banks, fintech companies, and telecommunication providers are enhancing the ecosystem for mobile wallets, resulting in improved security, wider acceptance, and greater convenience, thereby fueling market growth.

Vietnam Mobile Wallet Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country level for 2024-2032. Our report has categorized the market based on type and application.

Type Insights:

• Proximity
• Remote
   

The report has provided a detailed breakup and analysis of the market based on the type. This includes proximity and remote.

Application Insights:

• Retail
• Hospitality and Transportation
• Telecommunication
• Healthcare
• Others
   

A detailed breakup and analysis of the market based on the application have also been provided in the report. This includes retail, hospitality and transportation, telecommunication, healthcare, and others.

Regional Insights:

• Northern Vietnam
• Central Vietnam
• Southern Vietnam
   

The report has also provided a comprehensive analysis of all the major regional markets, which include Northern Vietnam, Central Vietnam, and Southern Vietnam.

Competitive Landscape:

The market research report has also provided a comprehensive analysis of the competitive landscape. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.

Vietnam Mobile Wallet Market Report Coverage:

Key Questions Answered in This Report:

• How has the Vietnam mobile wallet market performed so far and how will it perform in the coming years?
• What has been the impact of COVID-19 on the Vietnam mobile wallet market?
• What is the breakup of the Vietnam mobile wallet market on the basis of type?
• What is the breakup of the Vietnam mobile wallet market on the basis of application?
• What are the various stages in the value chain of the Vietnam mobile wallet market? 
• What are the key driving factors and challenges in the Vietnam mobile wallet?
• What is the structure of the Vietnam mobile wallet market and who are the key players?
• What is the degree of competition in the Vietnam mobile wallet market? 

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the Vietnam mobile wallet market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the Vietnam mobile wallet market.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the Vietnam mobile wallet industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.