Vietnam Payment Market Share Rankings

Below is an overview of the key players in the Vietnam payments market and their market shares (latest data available as of 2023):

1. In the area of electronic purses

  • MoMo (Approx. 50% market share)
    • Vietnam's largest e-wallet with over 30 million users, covering the entire online and offline scene.
  • ZaloPay (approximately 20%)
    • Part of the VNG Group, it is rapidly expanding on the back of the Zalo social ecosystem.
  • VNPAY (approximately 151 TP3T)
    • Deep co-operation with local banks, QR code payment is dominant.
  • ShopeePay (approximately 10%)
    • Sea Group's, which relies on the e-commerce platform Shopee is growing rapidly.

2. Bank cards/international payments

  • Napas (National Payments Network)
    Dominates domestic card clearing and connects all local banks.
  • Visa/Mastercard
    International cards prevail in cross-border and high-spending scenarios.

3. QR code interconnection

The "VietQR" standard promoted by the Central Bank of Vietnam integrates code-sweeping payments from banks and wallets.

Market characteristics

  1. Cash still accounts for 40%+ transactions:: But e-payments are growing at over 30%/year.
  2. policy-driven: The government plans to increase the proportion of cashless payments to 50% by 2025.
  3. Foreign Capital Restrictions: Foreign shareholding in e-wallet companies needs to be less than 49% (e.g. GrabPay through a joint venture).

It is recommended that precise data be consulted if required:
✅ Vietnam National Payment Corporation (NAPAS) Annual Report
✅ FiinGroup or Nielsen Vietnam market reports

Note: Some shares are industry estimates due to opaque data disclosure by NBFIs.

In-depth analysis of the payments market in Vietnam (continued)

4. Bank transfers and mobile banking

Despite the rapid growth of e-wallets, digital payments from traditional banks still hold a significant place:

  • Vietcombank, Techcombank, MB Bank and other head banks offer fast transfers, bill payments and other services through their own apps.
    • Mobile transactions have surpassed over-the-counter operations at some banks.
  • Bankplus (Napas)The Vietnamese version of the "Fast Payment System", which supports real-time interbank transfers.

5. Emerging players and competitive landscape

  • GrabPay+MoMo Collaboration: Grab is unable to operate a wallet on its own due to foreign investment restrictions and has turned to MoMo to open up its payment ecosystem.
  • AirPay (under VNG): focuses on gaming and entertainment scenarios, but has a small market share (~5%).
  • Chinese player: WeChat Pay/Alipay is available in tourist areas, but it is difficult to expand local users due to policy restrictions.

6. Segmentation scenario share reference(2023 estimate)

take Main payment methods market share trend
offline retail MoPo/VNPAY QR Code > Cash QR code is the fastest growing
e-commerce ShopeePay > MoMo > Bank Transfer Shopee's bundling strategy pays off
Transport GrabPay (Indirect) > ZaloPay Grab monopolises the taxi market
B2B/large transactions Bank Transfer > Visa/Mastercard Business-to-public digitisation still in its early days

future trends 🔮

  1. Super App Integration War:

    • MoPo/ZaloPay and others are trying to become "Vietnam's version of Alipay", integrating financial services such as lending and insurance.

  2. Breakthrough in cross-border payments:

    • ASEAN regional connectivity (e.g. PromptPay in Thailand and VietQR docking test).

  3. tighten supervision:

    • P2P transfers may require face verification for anti-money laundering; foreign platforms face stricter data localisation requirements.

  4. Rural markets up for grabs:
    E-wallets are penetrating rural areas with high cash dependency through agent outlets.

For specific company financial reports or regional data breakdowns, further targeted enquiries can be made! 🚀