MoMo, ZaloPay, VNPay: A full comparison of the top three wallets in Vietnam

In Vietnam, the mobile payment market has grown rapidly in recent years, with theMoMo, ZaloPay and VNPay are the three most popular e-wallets. They each have different advantages and are suitable for different user needs. In this article, we will make a detailed comparison in several dimensions to help you choose the most suitable payment method for you.

1. Background and market share

(1) MoMo - Vietnam's leading e-wallet

• Established:: 2014
• parent companies: MoMo Technology Corporation
• user scale:: Over 30 million users (as of 2023)
• specificities: MoMO is one of the first e-wallets launched in Vietnam with comprehensive functions and high coverage, especially specialising in micro-payment and daily consumption scenarios.

(2) ZaloPay - a leader in social payments

• Established:: 2017
• parent companies:: VNG Corporation (with its Zalo social platform)
• user scale:: Approximately 20 million active users (2023 data)
• specificities: ZaloPay relies on Zalo's large social ecosystem, which is suitable for youth and online transaction scenarios.

(3) VNPAY - a payment tool supported by banking giants

• Established:: 2007 (but VNPAY Wallet was introduced later)

2. Functionality Comparison: Which one works better, MoMo, ZaloPay or VNPay?

(1) Payment Scene Coverage