Top Mobile Payment Service Providers in Vietnam 2020 and their Reaction to the COVID-19 Crisis

Top Mobile Payment Service Providers in Vietnam 2020 and their Reaction to the COVID-19 Crisis

Due to the COVID-19 pandemic, online payments in Vietnam boosted, says yStats.

Mobile payments boosted by spread of COVID-19 in Vietnam

The Vietnamese online payment market has strongly profited from the coronavirus pandemic and the imposed restrictions. Even though cash is still widely used in the country, even for E-Commerce purchases, digital wallets along with cards and bank transfers, are catching up. According to the new yStats.com publication, the transaction volume of payments via mobile phones underwent a year-on-year triple-digit increase in July 2020.

Amid the coronavirus pandemic, Momo celebrates a doubling in its consumer base

Amid the COVID-19 pandemic, consumers have increased the use of mobile and contactless payment methods in Vietnam. Momo, the country’s most used E-wallet, saw a doubling in the number of users as of October 2020 from earlier this year. Moreover, the platform has been increasingly implementing new payment solutions to allow its partner merchants and their customers a better payment experience during and after the health crisis, says the new yStats report.

Health crisis significantly profited smaller E-Wallets in Vietnam

Other E-Wallets in the country are making efforts to provide competition for the most leading online payment provider, Momo. AirPay especially profits from its partnership with the E-Commerce platform with the highest number of monthly visits in the country, Shopee. ViettelPay experienced six times increase in their user base in 2020, compared to 2018, according to a recent survey cited in the new yStats.com report. This was partially because of its cooperation with Doctor Anywhere as the outbreak of the pandemic.


1. Management Summary
2. Overview
COVID-19’s Impact on Mobile Payment Services, November 2020
Country’s Profile Compared to the Region’s and the World’s Averages, March 2020
Share of SEA’s FinTech Companies Operating in Selected Countries, incl. Cambodia, Indonesia, Malaysia, Myanmar, Singapore, Thailand, the Philippines, and Vietnam, July 2020
Share of Vietnam Residents Who Have Access to Financial and Banking Services, in % of the Total Population, 2020 & 2021f & 2025f
E-Commerce Market Value, in USD billion, 2019 & 2020e & 2025f
Top 10 E-Commerce Web-Sites, by Monthly Web Visits, July 2020 – September 2020
Share of E-Commerce Payment Methods, in % of Total Payments, 2019
Share of Online and Non-Online Shoppers, in % of Consumers, September 2020
Share of Consumers Who Prefer Cashless Payments for Shopping, in % of Consumers, August 2020
Interbank Electronic Payments Value, in VND trillion, H1 2019 & H1 2020
Number of Transactions via Mobile Phones, in millions, and Value of Transactions via Mobile Phones, in VND trillion, July 2019 & July 2020
Best-Known Mobile Payment Providers, in % of Mobile Payment Users, September 2020
Most Often Used and Currently Used Mobile Payment Providers, in % of Mobile Payments Users, September 2020
Top 10 Free Finance Applications, by Daily Average Downloads, November 2020
Selected Digital Activities Conducted via E-Wallets, in % of E-Wallet Owners, Q4 2019
COVID-19’s Impact on ZaloPay’s activity, November 2020
3. Momo
Profile of Momo in Vietnam, November 2020
COVID-19’s Impact on Momo’s activity, November 2020
Share of Transactions Made via Momo E-Wallet, by Type of Transaction, in % of Total, Q4 2019
Momo’s User Base, in millions, 2019 & 2020
Revenue of Momo, in VND trillion, 2016 - 2019
4. ViettelPay
Profile of ViettelPay in Vietnam, November 2020
COVID-19’s Impact on ViettelPay’s activity, November 2020
ViettelPay’s Access Points, in thousands, and Number of Registered Users, in millions, May 2020
ViettelPay’s Brand Association Attributes, in % of ViettelPay Users, September 2020
5. AirPay
Profile of AirPay in Vietnam, November 2020
COVID-19’s Impact on AirPay’s activity, November 2020
Revenue of AirPay, in VND billion, 2016 - 2019

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