The latest report by IMARC Group, titled “Vietnam E-Wallet Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032", offers a comprehensive analysis of the industry, which comprises insights on the Vietnam e-wallet market growth. The market size reached US$ 36.4 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 123.0 Billion by 2032, exhibiting a growth rate (CAGR) of 14.28% during 2024-2032.
An e-wallet, short for electronic wallet, is a digital financial tool that allows individuals to store, manage, and transact money electronically. It serves as a virtual container for various forms of payment methods, including credit and debit card information, bank account details, and digital currencies, such as cryptocurrencies. E-wallets are typically accessed through mobile apps or websites, providing users with a secure and convenient means to make online purchases, pay bills, transfer funds to other users, and conduct a range of financial transactions. They offer several advantages, including the ability to streamline payments, enhance financial security through encryption and authentication measures, and enable quick and contactless transactions. E-wallets have also contributed to financial inclusion by providing access to banking services for individuals who may need more easy access to traditional banking infrastructure. At present, e-wallets are gaining immense traction across Vietnam as they facilitate the transition from traditional cash and physical cards to digital forms of payment.
For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/vietnam-e-wallet-market/requestsample
Vietnam E-Wallet Market Trends and Drivers:
The Vietnam e-wallet market is primarily driven by the country's rapid digitalization and increasing smartphone penetration, which creates a favorable environment for mobile payment solutions. E-wallets are a convenient and accessible choice for both urban and rural populations. Apart from this, several favorable government initiatives to promote cashless transactions and financial inclusion have accelerated the adoption of e-wallet. Moreover, the expanding young and tech-savvy population in Vietnam embracing digital payment methods for daily transactions, from shopping and dining to bill payments and transportation, has catalyzed market growth. Additionally, the shift toward contactless payments amid the coronavirus (COVID-19) pandemic has augmented the demand for e-wallets, thereby fostering market growth. Besides this, various fintech innovations and the emergence of new features like loyalty programs and integrated financial services within e-wallet apps that enhance their attractiveness to consumers are fueling market growth. Furthermore, the rising partnerships between e-wallet providers and various businesses, including retail outlets and online platforms that expand the use cases for e-wallets, contributing to market growth.
Report Segmentation:
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
Competitors Landscape with Key Players:
- MOCA System Inc.
- M-Pay Technology
- Trading Service Joint Stock Company
- Vietnam Payment Solution Joint Stock Company (VNPAY)
- VinID Pay (Vingroup)
- VNPT Electronic Payment Joint Stock Company
- ZaloPay (ZION Joint Stock Company).
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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