Most popular mobile wallet brands Vietnam 2020, by market share

In 2020, MoMo was the leading mobile wallet brand in Vietnam, accounting for 53 percent of the market share. As of the first half of 2021, this e-wallet recorded over 25 million installations, the highest among all e-wallet providers. MoMo, the digital payment start-up behind this app, has raised a total funding value of 233 million U.S. dollars and is on its way to becoming Vietnam’s next super app.

 E-wallet usage in Vietnam

Together with the growth of the Vietnamese e-commerce market, the usage of digital payment services, especially e-wallets, has become more common in the country. Additionally, the COVID-19 pandemic has accelerated the expansion of the e-wallet segment. In 2020, the number of mobile wallet users in Vietnam amounted to over 19 million, and it was forecast to reach the equivalent of over half of the country’s population by 2025.

Vietnam’s emerging fintech sector

Vietnam’s fintech sector has been receiving a lot of attention recently due to the rapid growth of its sub-sectors, particularly digital payments, cryptocurrencies, and blockchain technologies. This sector has recorded a significant increase in the amount of investment as well as the number of start-ups within only a few years. While the government has been working on launching a comprehensive regulatory framework for the fintech sector, the number of fintech users and the transaction value within this sector were forecast to continue increasing exponentially year on year.