To enter the Vietnamese market, you must know these payment tools

Jun, Thu, 2025
deekpay
Vietnam Payments

To enter the Vietnamese market, you must know these payment tools

With the booming e-commerce market in Southeast Asia, Vietnam has become an important target for global companies to expand their business. However, to succeed in the Vietnamese market, choosing the right local payment method is crucial. In this article, we'll take a closer look at the most popular payment tools in Vietnam and their features to help cross-border merchants optimise their payment experience and increase conversion rates.

1. Cash payments: still dominant

Despite the rapid growth of electronic payments, cash is still one of the most common methods of transaction for Vietnamese consumers. Many users are accustomed to cash on delivery (COD), especially in the e-commerce space. For merchants new to the market, offering a COD option can significantly lower the threshold of consumer trust and increase order fulfilment rates.

Key Points:

COD accounts for more than 70% in e-commerce transactions
Ideal for first time online shoppers
Need to pay attention to logistics costs and capital return cycle

2. Bank Transfer and Internet Banking

Due to the low penetration of credit cards (only about 5%), bank transfers and online banking have become important electronic alternatives. Many local banks such as Vietcombank, Techcombank, BIDV, etc. support online direct debit services (Bank Transfer). In addition, "Napas", the national bank card network system of Viet Nam, connects debit and ATM cards of many banks to enable users to make online payments through a unified interface.

Key Benefits.

- Wide coverage, particularly favoured by middle-aged and older groups
- Higher security and reduced risk of fraud
- For large transactions

3.Mobile Wallet: The Fastest Growing Digital Finance Channel
In recent years, local mobile wallets such as Momo, ZaloPay and VNPAY have risen rapidly, attracting a large number of young users thanks to their convenience. Momo currently has more than 30 million registered accounts, while VNPAY has captured a significant share of the market through partnerships with offline merchants.

It is recommended that cross-border e-commerce companies access at least 1-2 of them to cover the needs of different customer segments.

4.International Credit Cards and Cross-Border Solutions
Although the proportion of Visa/Mastercard holders is not high (about 10%), but high-end customers and expatriates still rely on this method. PayPal is not widely used, but some foreign trade B2B transactions will involve this channel.

If the target audience consists of overseas tourists or the affluent, it is recommended to also integrate.

Stripe (for tech-friendly platforms)
UnionPay International (for Chinese travellers)

How to choose the best combination for #?
Tailor your strategy to your business model: the

✅E-commerce platform:: Priority docking MOMO+NAPAS+COD
✅SaaS Subscription Services:: Card-binding functionality with a focus on automatic debits
✅product with high unit price:: Add instalment options (e.g. Home Credit)

Be sure to test the impact of different checkout processes on conversions!

We hope that this guide will help you to open up this new market with great potential! For further advice on specific implementation options please contact our dedicated team for customised advice.

5. E-wallets and the rise of super-apps

Vietnam's digital payment market is undergoing rapid change, with e-wallets and "super apps" becoming the mainstream payment method. These platforms not only provide payment functions, but also integrate social, e-commerce, travel and other lifestyle services, greatly enhancing user stickiness. Below are some of the key players:

(1) MoMo - Vietnam's Leading Mobile Wallet

user scale: over 30 million active users
core functionality: code payment, money transfer, bill payment (utilities, phone bills), investment and finance
Applicable Scenarios: online shopping, offline retail shops, taxi and takeaway services
cutting edge::
- Wide merchant coverage (from supermarket chains to street vendors)
- Frequent promotions (e.g. cash back and discount coupons)
- API docking friendly, suitable for cross-border e-commerce

(2) ZaloPay - "Vietnam's version of WeChat Pay"

Zalo is one of the most popular social software in Vietnam (similar to WeChat) and ZaloPay is deeply integrated within the Zalo ecosystem. Its features include:
✔️ Strong social fission marketing capabilities-Collection or red packet campaigns can be initiated directly through the chat window.
✔️ High percentage of young users--Consumers aged 18~35 account for the main user group
✔️ High offline penetration-Widely accepted in convenience stores/cafes, especially in Ho Chi Minh City and Hanoi.

suggestion: If you're targeting young internet users or brands that rely on social media promotions, accessing ZaloPay can significantly increase conversion rates.

6.The unique value of telecoms operator payments
Viettel Pay (military background), MobiFone Pay and other e-wallets launched by telecoms companies are important in rural areas and Tier 2 and Tier 3 cities. Their features include:

🔹 No bank account required --Top-up and micropayment with just your mobile phone number
🔹 Mature phone bill debit model --Suitable for auto-renewal of subscription-based services (e.g. video memberships).
🔹 Government utility contributions just in time --Electricity/healthcare scenarios are irreplaceable

These channels are essential if the business involves a down market.

#7.Can BNPL (buy now pay later) replicate its success in Vietnam?
In recent years, Home Credit, FE Credit and other local fintech companies have launched instalment services, mainly covering high unit price categories such as home appliances and digital products. However, it should be noted that.

⚠️ Strict risk control - usually requires local ID + proof of income
⚠️ rate is higher - annualised up to 20%~30%, may affect the repurchase rate

It is currently more suitable for brick-and-mortar retailers than for pure e-commerce platforms.

#8.Future Trends:Central Bank Digital Currency (CBDC)
From 2023, the State Bank of Vietnam (SBV) will start piloting Digital Dong, which is expected to be gradually rolled out in the next 3-5 years. This will bring.

✅ Lower cross-border settlement costs
✅Real-time arrival technology reduces liquidity pressure
✅ More transparency in anti-money laundering regulation

It is recommended that companies with long-term layouts keep an eye on policy trends.

# Practical advice:How to optimise your payment matrix?

1️⃣ Priority coverage → Momo+NAPAS+COD combination meets 80% base requirements
2️⃣ Segmented Scenario Supplement → ZaloPay captures youth / Viettel Pay attacks rural areas
3️⃣ International Card Standby → Visa/Mastercard for expatriate clientele
4️⃣ Test data-driven decision-making → A/B comparison of abandonment rates for different checkout pages

Remember: there is no "perfect solution", only continuous iteration to find the best payment mix for your business!

Need an industry-specific solution? Feel free to leave a comment to discuss your challenges!

To enter the Vietnamese market, you must know these payment tools