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Momo and ZaloPay dominate cashless payments in Vietnam

By T.Dao

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HCMC – MoMo and ZaloPay e-wallets accounted for the highest share of the Vietnamese e-wallet market in the first quarter of this year, with 68% and 53%, respectively, according to a Connected Consumer report.

The report also highlighted other popular e-wallets such as ViettelPay, ShopeePay, VNPay, and Moca, which amassed significant user bases following MoMo and ZaloPay. ViettelPay captured 27% of the market, while ShopeePay and VNPay accounted for 25% and 16% respectively. Moca trailed behind with 7%.

Currently, consumers in Vietnam have various cashless payment options, including traditional cards, QR code reader apps, contactless payments, and eVouchers.

The report said that cashless payments soared in volume, rising by 53.5% in the year till the end of March 2023. Online payments experienced the highest growth, with volume and value surging by 88% and 7.4% respectively. Mobile payments followed, increasing by 65.5% in volume and 13.3% in value. QR transactions saw the most substantial growth, with volume and value surges of 160.7% and 43.8% respectively.

During the first quarter of the year, the value of Payoo QR transactions conducted through partner networks doubled compared to the same period last year. Sectors such as catering services, fashion, cosmetics, supermarkets, convenience stores, interior decorations, home appliances, and other retail stores witnessed a significant number of QR transactions.

Contactless payments using near-field communication (NFC) also grew. Contactless card payments tripled in volume compared to the previous year.

Furthermore, eVouchers have gained popularity as a cashless payment method for many businesses due to their simplicity and cost-effectiveness. Users can exchange eVouchers for gifts from a selection that satisfies their preferences.

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