Electronic payments in Vietnam are increasing, more than doubling during the first three quarters of 2018. In particular, mobile phone and digital wallet transactions rose by 126% and 161%, respectively.
Important Facts about Electronic Payments in Vietnam
Mobile payment has become a new trend with the advent of technologies such as QR codes, payments that do not come into contact with the contacts, and coding of the card information.
The first months of 2018 witnessed the number of users and the value of transactions made through online channels and mobile phones, and e-portfolios rose in many banks.
The first months of 2018 witnessed the number of users and the value of transactions made through channels over the Internet, mobile phone, and e-portfolios, have risen in many banks. In Sacombank.
The number of registrations for mobile banking reached 1.1 million in October. In VietinBank, the country’s second-largest bank by assets.
1.5 million people used mobile banking services and participated in transactions totalling 64.35 trillion dongs (the US $ 2.76 billion) between January and June. Along with banks
Local start-ups are also benefiting from this trend with the major players currently working in Vietnam’s mobile payment market. In general, there are 27 licensed payment services and 20 of which manage electronic portfolios.
Mobile payments reach the US $ 70,937 million by 2025 at a compound annual growth rate of 18.2% from 2018 to 2025. The market value is estimated at the US $ 16,054 million in 2016
Trends of Electronic Payments in Vietnam
Expand mobile portfolio business
Singapore-based Grab has partnered with Moca to launch Vietnamese to launch GrabPay by Moca, a mobile portfolio built into the Grab application in Vietnam, aimed at providing reliable and affordable financial services to the masses. Grab also got a startup stake.
The deal focuses on leveraging the strengths of both mobile payment companies in Vietnam: Grab Moca has opted for local knowledge and access to licenses, while the Moca mobile payment system will gain strength through its integration with Grab.
Launch of Go-Jek in Hanoi
Indonesia’s Grab-Go-Jek, a horseback riding service in Hanoi, launched in September under the Go-Viet brand. Go-Jek announced in May an international expansion strategy of US $ 500 million from four countries in Southeast Asia: Vietnam, Thailand, Singapore and the Philippines.
The application-based Go-Viet service is based on a Vietnamese founding team that provides Go-Jek technology, expertise and investment. It currently provides Go-Bike and Go-Send services.
But plans to provide additional services such as Go-Car, four-wheel-drive service, Go-Food, fast food delivery and going electronic money service.
QR code and electronic payments in Vietnam
QR code payments are becoming increasingly common in Vietnam and are now being implemented in 18 banks, including state-owned banks such as BIDV, Vietcombank, VietinBank and large joint-stock banks such as VP Bank, Maritime Bank, SCB and SHB, with 8 million users.
QR in Apps allows users to scan QR codes with a smartphone camera to quickly transfer money, pay bills, and shop.
The report notes changes in customer preferences from cash to digital payments, an increase in the need for instant transactions in Vietnam, increased penetration of the Internet and smartphones, and the growth of the e-commerce industry are key factors contributing to market growth