Number of mobile wallet users Vietnam 2020-2022

In 2022, the number of mobile wallet users in Vietnam reached around 28 million people, indicating an increase of over three million users compared to the year prior. Vietnam's fintech sector has been accelerating fast in recent years, reflected in the consistent growth of the country’s digital payment segment.

The state of contactless payments in Vietnam

Thanks to the high penetration rate of smartphones, the increasing numbers of internet users, and the growing e-commerce sector in the country, Vietnam has embraced the convenience and efficiency of digital payments. According to a 2022 survey conducted by VISA, over half of Vietnamese respondents confirmed having used mobile contactless payments. Moreover, the Vietnamese government has been actively encouraging cashless transactions as part of its digital economy transition strategy. In the first quarter of 2023, the value of domestic cashless transactions in Vietnam reached over 48 quadrillion Vietnamese dong, with credit transfer being the leading payment type.

QR code and BNPL payments on the rise

Although mobile wallets are still the most popular online payment method, QR code payment is becoming more common among consumers in Vietnam. This smart payment trend allows consumers to conduct payments via scanning a QR code using their smartphones, eliminating the need for physical cash or cards. In 2022, the share of Vietnamese consumers who said they used QR codes for payments saw a noticeable surge compared to the previous year. This payment method is widely adopted in supermarkets, retail stores, as well as local markets. Another emerging trend in the Vietnamese digital payment landscape is Buy Now Pay Later (BNPL). Particularly favored by the younger generation, this new payment method offers consumers the flexibility to purchase different types of goods and services immediately and pay in installments within a time period. The rise of QR codes and BNPL payment methods marks the country’s shift towards a more dynamic digital and cashless economy in the future.