Vietnam’s e-wallet market to reach 50m users by 2024, experts say

The modern e-wallet market in Vietnam will continue to surge and is expected to reach 50 million active users by July 2024, according to experts.

Robocash Group said in a report that “the modern e-wallet market in Việt Nam is booming with 90% of the market falling on three wallets: Momo, Moca and ZaloPay.”

In addition, the three other major service providers in the country are ShopeePay (AirPay), ViettelPay and VNPTPay.

These top six service providers currently serve at least 99% of the market.

According to a Decision Lab study, Momo became the most preferred e-wallet by end of 2021 as it caters to 56 percent of the e-wallet users in the Vietnamese population.

ShopeePay, on the other hand, ranks second and is now being used by 17% of the e-wallet users in the country followed by ZaloPay with 14%. ViettelPay has an 8 percent market share, Moca with 2% and VNPTPay with 1%.

The Robocash Group report added that with 40 electronic wallets that are currently in operation, the country is seeing tough competition ahead.

Based on their estimates, Robocash Group said that the e-wallet market in Việt Nam will already have 50 million active users by July 2024. This will further grow to 100 million users by May 2026 and 150 million by July 2030 respectively.

Robocash analysts have observed a massive increase in the number of active users in the last four years or an impressive increase of 330 percent. E-wallet users grew from 12.3 million to 41.3 million.

E-wallet is now being patronized by about 57% of the country’s adult population. Adult e-wallet users was only at 14% by the end of 2018.

This massive growth is considered a significant penetration of e-wallet services in the Vietnamese market. At present, the Vietnamese e-wallet market can compete with traditional or digital banking, Robocash report. It added that the six super apps continue to enjoy unlimited potentials to attract new customers not only within Vietnam, but also beyond its borders.