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Every Vietnamese spends VND500,000 through e-wallets daily
The Saigon Times
Thursday,  Mar 26, 2020,15:14 (GMT+7)

Every Vietnamese spends VND500,000 through e-wallets daily

The Saigon Times

A person uses Momo e-wallet services. Local users of e-wallets made 1.6-2.2 transactions on average per day with mean spending of roughly VND500,000 - PHOTO: THANH HA

HCMC - Local users of e-wallets made 1.6-2.2 transactions on average per day with mean spending of roughly VND500,000, VnExpress noted, quoting market research data.

According to market research firm Cimigo’s survey on consumer behaviors and e-wallets carried out during last year’s final quarter, Momo, Moca and ZaloPay are the most popular e-wallets in Hanoi and HCMC. These three accounted for a combined market share of 90%.

On average, Moca users made 2.2 transactions daily, whereas the respective figures for Momo and ZaloPay users are 2 and 1.6. Of the top three e-wallets, Momo users spend an average of VND520,000; Moca users, VND506,000; and ZaloPay, 441,600.

The survey saw participation from 505 customers in Vietnam’s two largest cities.

E-wallets are mainly used for mobile top-ups, money transfers, bill payments and food and ride order payments. While customers make use of Momo and ZaloPay to pay for mobile fees and bills and transfer money, payments through Moca are largely intended to pay for rides and food as well as to transfer money and make top ups on apps.

According to Le Xuan Phuong, deputy head of research at Cimigo, the frequency and value of transactions made daily on e-wallets indicated a great need for these services and their potential in the future. E-wallets are forecast to continue their steady growth and gradually replace cash payments.

E-wallets present the chance to make cashless payments for basic services that have been booming in recent years, such as ride-hailing and food orders, Phuong said.

With regard to customer satisfaction, Moca, Momo and ZaloPay got almost equal points but in different ways. Users of Momo and Moca rarely experience errors when making payments, whereas customer satisfaction points for ZaloPay were earned because it is easy to use.

As for customer loyalty, 95% of Moca users will stay with the service regardless of promotions. Meanwhile, the percentage at Momo and ZaloPay is 89% and 84%, respectively.

The survey found that there are six main factors contributing to customers’ choice of e-wallet. These are a user-friendly interface, varied and frequent promotions, safety and security, links with many banks, widespread service acceptance and diversity of payment services.

Phuong stated that a user-friendly interface and several promotions are two factors that help boost e-wallets’ competitiveness on the market.

However, as the survey pointed out, e-wallets first need to ensure security, expand connections with banks, diversify services and increase points of payment, she added.

In Vietnam, cashless payments have made up only 14% of total payments, giving a considerable advantage to e-wallets to grow and slowly change the local habit of paying in cash.

Amid the coronavirus outbreak, the central bank encourages consumers to use online payment services instead of cash to reduce exposure to infection risks.

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