The Complete List of Payment Methods in Vietnam: A Comprehensive Explanation of Local and Cross-Border Payment Options

I. Overview of the Vietnamese payments market

Vietnam, one of the fastest-growing digital economies in Southeast Asia, is experiencing unprecedented changes in its payments market. With smartphone penetration exceeding 70% and internet users surpassing 70 million, digital payments are booming in Vietnam. According to statistics, e-wallet users in Vietnam have reached nearly 40 million in 2023, and non-cash transactions are expected to account for more than 50% of total payments by 2025.

This rapid growth is attributed to government-driven "cashless society" programmes and the high level of technology acceptance among the younger population. At the same time, the traditional banking system is accelerating its digital transformation to provide consumers and businesses with more convenient payment solutions.

II. Mainstream bank cards and bank transfer payments

1. Domestic bank card networks

• NAPAS: The National Clearing Network of Viet Nam (Napas) connects all banking institutions in the country.
• ATM card: Almost all debit cards issued by local banks support POS and ATM cash withdrawals
• Major card issuers: Large state-owned banks such as Vietcombank, VietinBank, BIDV and Agribank dominate the landscape

2. International credit/debit cards

• Visa and Mastercard have high acceptance among high-end consumers
• JCB and American Express are mainly used in travel related places
• POS terminal coverage exceeds 85% in urban areas

3. Online bank transfers

• IBFT (Instant Bank-to-Bank Funds Transfer) service is fast and easy to use.
• Mobile Banking apps such as MB Bank, Techcombank, etc. offer code-sweeping payment function

III. E-wallet and mobile payment solutions

1. MoMo e-wallet (market share approx. 40%)

III. E-purse and mobile payment solutions (continued)

1. MoMo e-wallet (market share approx. 40%)

• user scale: over 30 million registered users, with a daily transaction volume of over 5 million transactions
• core functionality::
  • QR Code Payment (support for master scanning and being scanned)
  • Bill payments (utilities, phone top-ups, etc.)
  • P2P transfers and collections
  • Online Shopping Mall Settlement
• Featured Services: Value-added services such as investment and financial management, insurance purchase, air ticket booking, etc.

2. ZaloPay (social attribute payment platform)

• rely on one's strengths: Integrating the 100 million user base of Zalo, Vietnam's largest social software
• Usage Scenarios::
  Convenience store code payment
  Splitting the bill between friends on an AA basis
  Payment for in-game purchases
  Taxi fare settlement

3. Viettel Pay (representative of the Department of Telecommunications)

• Background Advantages: Developed by Viettel, Vietnam's largest telecoms operator
• No. 1 in penetration of sinking markets
  Supports direct credit spending
  Dense network of agents in rural areas
  Access to basic functions without a bank account

Four,

Digital Banking and Emerging FinTech Services

TPBank

New banking organisations such as NeoBank offer more efficient services through fully online operations Key features include:

Open an account in just 5 minutes through video verification AI customer service 24-hour handling enquiry call deposit interest rate up to 6%/year No account management fee

VNPAYQR National Standard QR Code 2019 launched by the State Bank of Vietnam Unified standard has access to all major e-wallets and the advantages of 23 commercial banks:

Merchants only need to display a QR code to accept payment from any participating organisation Consumers can scan the code to pay regardless of which bank's app they use Reduces merchant reconciliation complexity

Cross-border collection solutions are typical of specialised tools for cross-border e-commerce and trade in services:

Payoo supports multi-currency settlement TT wire transfer arrival time reduced to 1 working dayAirwallex opens regional headquarters in Ho Chi Minh City to offer global collection accounts