Users of various mobile payment apps in Vietnam in 2020, with forecasts to 2025

The number of users of mobile wallet MoMo is said to grow by over 200 percent between 2020 and 2025, marking a rapid digitalization in Vietnamese payments. Indeed, Statista estimates that Vietnam in 2021 already was one of the world's major countries for mobile POS payments. The Ho Chi Minh City-based fintech app MoMo and ViettelPay, launched by the country's major telco provider Viettel, are seen as the two main domestic initiatives for mobile payments. The former, for instance, mainly focuses on small B2C payments. It did this so successfully that Vietnam attracted the attention of major foreign players, such as super app Grab or gaming and e-commerce company Sea. More than half of the Vietnamese population did not have a bank account in 2021, making the Southeast Asian country an interesting market for digital payment companies. In response to the arrival of the two major players from Singapore, MoMo started to expand its network of services, branching out into consumer loans or insurance.