According to a survey on e-wallet usage in Vietnam in the fourth quarter of 2023 by Decision Lab, MoMo was the most used e-wallet by Vietnamese respondents, as stated by 62 percent of them. Meanwhile, the same survey revealed that ShopeePay was used the most by 26 percent of the respondents.
Digital payments in Vietnam
Vietnam was formerly one of the most cash-dependent countries in Southeast Asia. Although cash is still widely used, the COVID-19 pandemic and the rise of e-commerce have accelerated the adoption of digital payments across the country. Following a prolonged period of enduring significant impacts from the COVID-19 pandemic, Vietnam now has one of the largest digital payment markets based on transaction value in Southeast Asia. It has become the nation with the second-highest mobile payment penetration rate worldwide in 2022.
MoMo e-payment service
MoMo e-payment service and the namesake super app is arguably the most successful digital payment startup in Vietnam. MoMo’s mobile wallet has surpassed its competitors, including ZaloPay by VNG Corporation, and ShopeePay of Southeast Asia’s leading e-commerce platform, to become the most used e-wallet by all generations in Vietnam, as of the fourth quarter of 2023. Among a few Vietnamese startups that have reached unicorn status and among the most well-funded startups in the country, MoMo is expected to continue contributing to the development of Vietnam’s fintech sector.
Leading e-wallet brands in use among users in Vietnam in the 4th quarter of 2023
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Decision Lab. (April 3, 2024). Leading e-wallet brands in use among users in Vietnam in the 4th quarter of 2023 [Graph]. In Statista. Retrieved August 24, 2024, from https://www.statista.com/statistics/1270491/vietnam-most-popular-e-wallet-brands/
Decision Lab. "Leading e-wallet brands in use among users in Vietnam in the 4th quarter of 2023." Chart. April 3, 2024. Statista. Accessed August 24, 2024. https://www.statista.com/statistics/1270491/vietnam-most-popular-e-wallet-brands/
Decision Lab. (2024). Leading e-wallet brands in use among users in Vietnam in the 4th quarter of 2023. Statista. Statista Inc.. Accessed: August 24, 2024. https://www.statista.com/statistics/1270491/vietnam-most-popular-e-wallet-brands/
Decision Lab. "Leading E-wallet Brands in Use among Users in Vietnam in The 4th Quarter of 2023." Statista, Statista Inc., 3 Apr 2024, https://www.statista.com/statistics/1270491/vietnam-most-popular-e-wallet-brands/
Decision Lab, Leading e-wallet brands in use among users in Vietnam in the 4th quarter of 2023 Statista, https://www.statista.com/statistics/1270491/vietnam-most-popular-e-wallet-brands/ (last visited August 24, 2024)
Leading e-wallet brands in use among users in Vietnam in the 4th quarter of 2023 [Graph], Decision Lab, April 3, 2024. [Online]. Available: https://www.statista.com/statistics/1270491/vietnam-most-popular-e-wallet-brands/