Vietnam E-Wallet Market Overview

Base Year: 2023

Historical Years: 2018-2023

Forecast Years: 2024-2032

Market Growth Rate: 14.28% (2024-2032)

The Vietnam e-wallet market is expanding rapidly, driven by increasing digital adoption, smartphone penetration, and the convenience of cashless payments. According to the latest report by IMARC Group, the market is projected to grow at a CAGR of 14.28% from 2024 to 2032.

Vietnam E-Wallet Market Trends and Drive:

The e-wallet market in Vietnam has experienced several trends, including increased adoption driven by a shift toward cashless transactions. Consumers, especially younger generations, are favoring digital payments for convenience and security, while peer-to-peer payment features are growing in popularity. Electronic wallets are increasingly integrated with various services such as online shopping, taxi rides, and food delivery, improving their utility. QR code payments are also emerging as a preferred method, simplifying transactions in retail and restaurants. Partnerships between e-wallet providers and local banks help expand the user base, while promotional campaigns, including cashback and discounts, drive engagement. In addition, the use of biometric authentication in e-wallets has become more common, addressing security issues, and increasing user trust.

The e-wallet market in Vietnam is mainly driven by the growth of smartphone penetration and growing internet usage, which allows more people to access digital payment platforms. The government's push towards a cashless economy, through initiatives and policies to reduce cash transactions, is also a major factor supporting the growth of e-wallets. Consumers are increasingly looking for convenient, fast and secure payment methods, especially in urban areas, where e-commerce and online services are growing. The rise of online shopping, food delivery and ride-hailing services has created demand for seamless digital payment solutions, also driving the adoption of e-wallets.

In addition, the banking industry's collaboration with e-wallet providers facilitates fund transfers and payment processes, encouraging more consumers to switch from traditional banking methods to digital wallets. The younger population, more tech-savvy and open to adopting new technologies, is increasingly using e-wallets for everyday transactions. Promotions, discounts, and cash incentives offered by e-wallet companies also play an important role in attracting users and increasing transaction volumes. At the same time, the integration of e-wallets with local merchants and retail chains improves the acceptance and ease of use of these platforms for a wider range of transactions. In addition, the continued development of financial infrastructure and improved data security measures will help increase consumer confidence in digital payments, further driving the expansion of the e-wallet market in Vietnam.

Vietnam E-Wallet Market Report Segmentation:

The market report offers a comprehensive analysis of the segments, highlighting those with the largest Vietnam e-wallet market size. It includes forecasts for the period 2024-2032 and historical data from 2018-2023 for the following segments.

The report has segmented the market into the following categories:

Breakup by Type:

  • Open
  • Semi-Closed
  • Closed

Breakup by Ownership:

  • Banks
  • Telecom Companies
  • Device Manufacturers
  • Tech Companies

Breakup by Technology:

  • Near Field Communication
  • Optical/QR Code
  • Digital Only
  • Text-Based

Breakup by Vertical:

  • Retail
  • Transportation
  • Media and Entertainment
  • Energy & Utilities
  • Telecommunication
  • Others

For an in-depth analysis, you can refer sample copy of the report:

https://www.imarcgroup.com/vietnam-e-wallet-market/requestsample

Competitor Landscape:

The market research report has also provided a comprehensive analysis of the competitive landscape. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.

Other key areas covered in the report:

  • COVID-19 Impact on the Market
  • Porter’s Five Forces Analysis
  • Strategic Recommendations
  • Market Dynamics
  • Historical, Current, and Future Market Trends
  • Market Drivers and Success Factors
  • SWOT Analysis
  • Value Chain Analysis
  • Comprehensive Mapping of the Competitive Landscape
  • Top Winning Strategies
  • Recent Industry News
  • Key Technological Trends & Development 

Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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