MoMo dominates Vietnam's e-wallet market with 68 per cent share

May 24, 2023 | 16:30
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The cashless payment landscape in Vietnam is experiencing a surge of activity, with MoMo emerging as the dominant player in the e-wallet sector. Positioned at the forefront of this dynamic market, MoMo has solidified its position as the go-to choice for Vietnamese consumers seeking convenient and secure digital transactions.
MoMo dominates Vietnam's e-wallet market with 68 per cent share

In an exciting development in the digital landscape in Vietnam, Decision Lab, the exclusive partner of YouGov in the country, together with the Mobile Marketing Association Vietnam, recently released its Q1/2023 report titled The Connected Consumer.

The report reveals that the super app MoMo has risen to lead the e-wallet landscape in Vietnam, capturing an impressive 68 per cent market share of this fintech sector.

Following MoMo were Zalopay at 53 per cent, Viettelpay at 27 per cent, ShopeePay (Airpay) at 25 per cent, VNPay at 16 per cent, and Moca (Grabpay) at 7 per cent.

The Connected Consumer report focuses on the online habits of Vietnamese consumers, encompassing their usage of social media, entertainment platforms such as music, movies, and online videos, and online shopping.

A representative from MoMo attributed the success to the continuous efforts made by the company to improve its user interface and expand and enhance the features and utilities of its super app platform.

Alongside its commitment to cashless payments, MoMo has been at the forefront of providing investment, accumulation, and savings services, catering to the personal financial needs of the Vietnamese population.

A MoMo representative said, “As we enter Q2, we continue to make waves by introducing numerous new services and utilities. The company has recently become an integrated payment method on the online Apple Store. In early April, MoMo also partnered with YouTube Premium, enabling users to make payments through its platform in Vietnam.”

With approximately 31 million users, MoMo has solidified its position as a major player in the market. Meanwhile, ZaloPay is also expanding its ecosystem and user base, having reached approximately 11.5 million payment users in 2022.

Moreover, as Vietnam embraces the digital revolution, a fascinating trend has emerged with the rapid rise of QR-code based payments, e-wallets, and digital banking applications, igniting a cashless revolution across the nation.

Numerous users have voiced their preference for e-wallet payments, citing the alluring discounts and vouchers they receive as key factors.

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By Trung Duong

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