Top e-Wallets Shaping Vietnam's Digital Payment Landscape in 2025
Overview of Vietnam's Digital Payment Market
Vietnam has undergone a significant transformation in its digital payment landscape, driven by the rapid adoption of e-wallets and other digital payment methods. According to a survey by Decision Lab, MoMo is the most used e-wallet, with 62% of Vietnamese respondents using it, followed by ShopeePay at 26%. This shift from cash to digital payments has been accelerated by the COVID-19 pandemic and the rise of e-commerce. Vietnam is now one of the major markets for mobile POS payments, with the number of mobile wallet users projected to grow from 19.2 million in 2020 to 61.6 million in 2025.
Key Trends in Digital Payments
- Rapid Digitalization: The adoption of digital payments has surged, with mobile wallet transactions reaching over VNĐ271 trillion in 2022. This growth is expected to continue, driven by the increasing penetration of smartphones and the rise of e-commerce.
- Government Support: The Vietnamese government has implemented the National Digital Transformation Programme, aiming to boost digital payment adoption. Key goals include 50% of banking operations being fully online and 70% of customer transactions being made via digital channels by 2025.
- Fintech Innovation: Fintech companies are introducing innovative features such as QR code payments, BNPL (Buy Now, Pay Later) services, and digital currencies. These innovations are making digital payments more accessible and convenient for consumers.
Importance of e-Wallets in Vietnam
e-Wallets play a crucial role in Vietnam's digital payment ecosystem by providing a convenient and secure alternative to cash. They offer a wide range of services, including bill payments, peer-to-peer transfers, and online shopping. e-Wallets are particularly important for financial inclusion, as they provide access to financial services for the unbanked and underbanked population. According to Statista, e-wallets have taken the center stage in the booming fintech sector, with the total transaction value projected to reach over $48 billion by 2025.
Government Initiatives to Promote Digital Payments
The Vietnamese government has taken several steps to promote the adoption of digital payments:
- National Digital Transformation Programme: This programme aims to enhance digital infrastructure and awareness, making digital payments more accessible and secure.
- Mobile Money Pilot Programme: Launched in March 2021, this programme allows users to pay for small-value goods and services via their mobile phone accounts, bypassing the need for traditional banking systems.
- Regulatory Support: The State Bank of Vietnam (SBV) is drafting regulations to facilitate cross-border payments and support the development of digital payment systems.
Most Popular e-Wallets in Vietnam in 2025
MoMo: Leading the Pack
Features and Benefits
- Comprehensive Services: MoMo offers a wide range of services, including bill payments, peer-to-peer transfers, and online shopping.
- User-Friendly Interface: The app is easy to navigate, making it accessible to a broad user base.
- Integrated Ecosystem: MoMo is integrated with various e-commerce platforms, enhancing the user experience.
Security Measures
- Multi-Factor Authentication (MFA): Users can secure their accounts with multiple layers of authentication.
- Biometric Verification: MoMo supports biometric verification, adding an extra layer of security.
- Encryption and Data Protection: All transactions are encrypted, and user data is protected with advanced security protocols.
User Base and Market Share
- Leading Market Share: MoMo has the largest market share, with over 25 million users as of 2021.
- Rapid Growth: The user base is expected to grow by over 200% between 2020 and 2025, reflecting the app's popularity and effectiveness.
ShopeePay: Rapid Growth and User Engagement
Features and Benefits
- Seamless Integration: ShopeePay is integrated with the popular e-commerce platform Shopee, making it convenient for users to shop and pay in one place.
- Rewards and Promotions: ShopeePay offers various rewards and promotions, encouraging user engagement and loyalty.
- Diverse Payment Options: Users can pay for a wide range of services, including bills, transportation, and entertainment.
Security Measures
- MFA and Biometric Verification: ShopeePay uses multi-factor authentication and biometric verification to ensure secure transactions.
- Secure Payment Gateway: The app has a robust payment gateway that protects user data and transactions.
User Base and Market Share
- Rapid Growth: ShopeePay has seen significant growth, with 26% of Vietnamese respondents using it as of 2023.
- Expanding User Base: The app is continuously attracting new users, driven by its integration with Shopee and the growing e-commerce market.
ViettelPay: Leveraging Telecom Infrastructure
Features and Benefits
- Telecom Integration: ViettelPay leverages the extensive telecom infrastructure of Viettel Group, providing a reliable and widespread service.
- Comprehensive Services: The app offers a wide range of services, including bill payments, peer-to-peer transfers, and online shopping.
- User-Friendly Interface: The app is easy to use, making it accessible to a broad user base.
Security Measures
- MFA and Biometric Verification: ViettelPay uses multi-factor authentication and biometric verification to ensure secure transactions.
- Secure Payment Gateway: The app has a robust payment gateway that protects user data and transactions.
User Base and Market Share
- Strong Market Presence: ViettelPay has a significant market share, with 25% of Vietnamese respondents using it as of 2023.
- Growing User Base: The app is expanding its user base, driven by its strong telecom infrastructure and comprehensive service offerings.
ZaloPay: Integrating with Social Media
Features and Benefits
- Social Media Integration: ZaloPay is integrated with the popular social media platform Zalo, making it convenient for users to communicate and pay in one place.
- Comprehensive Services: The app offers a wide range of services, including bill payments, peer-to-peer transfers, and online shopping.
- User-Friendly Interface: The app is easy to use, making it accessible to a broad user base.
Security Measures
- MFA and Biometric Verification: ZaloPay uses multi-factor authentication and biometric verification to ensure secure transactions.
- Secure Payment Gateway: The app has a robust payment gateway that protects user data and transactions.
User Base and Market Share
- Growing Market Presence: ZaloPay has a significant market share, with 17% of Vietnamese respondents using it as of 2023.
- Expanding User Base: The app is continuously attracting new users, driven by its integration with Zalo and the growing social media market.
Other Notable e-Wallets
Moca
- Integration with Grab: Moca is integrated with the Grab super app, offering a seamless experience for users of Grab's services.
- Comprehensive Services: The app offers a wide range of services, including bill payments, peer-to-peer transfers, and online shopping.
- User-Friendly Interface: The app is easy to use, making it accessible to a broad user base.
AirPay (now ShopeePay)
- Seamless Integration: AirPay, now known as ShopeePay, is integrated with the popular e-commerce platform Shopee, making it convenient for users to shop and pay in one place.
- Rewards and Promotions: ShopeePay offers various rewards and promotions, encouraging user engagement and loyalty.
- Diverse Payment Options: Users can pay for a wide range of services, including bills, transportation, and entertainment.
GrabPay
- Integration with Grab: GrabPay is integrated with the Grab super app, offering a seamless experience for users of Grab's services.
- Comprehensive Services: The app offers a wide range of services, including bill payments, peer-to-peer transfers, and online shopping.
- User-Friendly Interface: The app is easy to use, making it accessible to a broad user base.
Best e-Wallets for Online Shopping in Vietnam 2025
User Experience and Interface
- MoMo: Known for its user-friendly interface and comprehensive service offerings, MoMo is a top choice for online shopping.
- ShopeePay: Integrated with Shopee, ShopeePay offers a seamless shopping experience with various rewards and promotions.
- ZaloPay: Integrated with Zalo, ZaloPay provides a convenient and user-friendly experience for online shopping.
Payment Processing Speed
- MoMo: Offers fast and secure payment processing, making it ideal for online shopping.
- ShopeePay: Known for its fast and reliable payment processing, ShopeePay is a top choice for online shoppers.
- ZaloPay: Provides fast and secure payment processing, ensuring a smooth shopping experience.
Integration with Major E-commerce Platforms
- MoMo: Integrated with various e-commerce platforms, including Tiki and Lazada.
- ShopeePay: Integrated with Shopee, one of the largest e-commerce platforms in Vietnam.
- ZaloPay: Integrated with various e-commerce platforms, including Baemin and Sendo.
Customer Support and Service Quality
- MoMo: Offers excellent customer support and service quality, ensuring a positive user experience.
- ShopeePay: Provides reliable customer support and service quality, making it a top choice for users.
- ZaloPay: Offers good customer support and service quality, ensuring a positive user experience.
Secure e-Wallet Options in Vietnam 2025
Multi-Factor Authentication (MFA)
- MoMo: Uses MFA to ensure secure transactions.
- ShopeePay: Employs MFA to enhance security.
- ZaloPay: Utilizes MFA to protect user accounts.
Biometric Verification
- MoMo: Supports biometric verification for added security.
- ShopeePay: Offers biometric verification to enhance security.
- ZaloPay: Provides biometric verification to protect user accounts.
Encryption and Data Protection
- MoMo: All transactions are encrypted, and user data is protected with advanced security protocols.
- ShopeePay: Uses encryption and advanced security protocols to protect user data.
- ZaloPay: Employs encryption and advanced security protocols to ensure data protection.
Fraud Detection and Prevention
- MoMo: Has robust fraud detection and prevention mechanisms.
- ShopeePay: Implements advanced fraud detection and prevention measures.
- ZaloPay: Uses sophisticated fraud detection and prevention systems.
User Education and Awareness Programs
- MoMo: Offers user education and awareness programs to enhance security.
- ShopeePay: Provides educational resources to help users stay safe.
- ZaloPay: Conducts user education and awareness programs to promote security.
Comparison of e-Wallet Features in Vietnam 2025
User Interface and Ease of Use
- MoMo: User-friendly interface with comprehensive service offerings.
- ShopeePay: Seamless integration with Shopee and user-friendly interface.
- ZaloPay: Integrated with Zalo and user-friendly interface.
Range of Services Offered
- MoMo: Comprehensive services including bill payments, peer-to-peer transfers, and online shopping.
- ShopeePay: Wide range of services, including bill payments, peer-to-peer transfers, and online shopping.
- ZaloPay: Comprehensive services, including bill payments, peer-to-peer transfers, and online shopping.
Transaction Fees and Charges
- MoMo: Competitive fee structure with low transaction fees.
- ShopeePay: Cost-effective transactions with low fees.
- ZaloPay: Affordable fees for small transactions.
Customer Support and User Experience
- MoMo: Excellent customer support and user experience.
- ShopeePay: Reliable customer support and user experience.
- ZaloPay: Good customer support and user experience.
Integration with Other Financial Services
- MoMo: Integrated with various financial services, including insurance and consumer loans.
- ShopeePay: Integrated with financial services, including BNPL (Buy Now, Pay Later) services.
- ZaloPay: Integrated with financial services, including BNPL services.
e-Wallets with Low Transaction Fees in Vietnam 2025
MoMo: Competitive Fee Structure
- Low Fees: MoMo offers competitive transaction fees, making it cost-effective for users.
- Affordable for Small Transactions: The app is particularly affordable for small transactions, making it ideal for everyday use.
ShopeePay: Cost-Effective Transactions
- Low Fees: ShopeePay offers low transaction fees, making it cost-effective for users.
- Affordable for Small Transactions: The app is affordable for small transactions, making it ideal for everyday use.
ViettelPay: Affordable Fees for Small Transactions
- Low Fees: ViettelPay offers affordable transaction fees, making it cost-effective for users.
- Affordable for Small Transactions: The app is particularly affordable for small transactions, making it ideal for everyday use.
ZaloPay: Low Fees for Frequent Users
- Low Fees: ZaloPay offers low transaction fees, making it cost-effective for frequent users.
- Affordable for Small Transactions: The app is affordable for small transactions, making it ideal for everyday use.
Other e-Wallets with Competitive Fees
- Moca: Offers competitive transaction fees, making it cost-effective for users.
- AirPay (now ShopeePay): Offers low transaction fees, making it cost-effective for users.
Future Outlook and Market Trends
Expected Growth and Market Expansion
- Rapid Growth: The e-wallet market in Vietnam is expected to grow rapidly, driven by the increasing adoption of digital payments and the expansion of e-commerce.
- Market Expansion: e-Wallet providers are expected to expand their services and user base, driven by the growing demand for digital payment solutions.
Emerging Technologies and Innovations
- QR Code Payments: The adoption of QR code payments is expected to increase, making transactions more convenient and secure.
- BNPL Services: BNPL (Buy Now, Pay Later) services are expected to gain popularity, offering flexible payment options for users.
- Digital Currencies: The development of Central Bank Digital Currencies (CBDCs) is expected to play a significant role in the future of digital payments in Vietnam.
Regulatory Changes and Compliance
- Regulatory Support: The Vietnamese government is expected to continue supporting the growth of digital payments through regulatory changes and initiatives.
- Compliance: e-Wallet providers are expected to comply with new regulations and standards to ensure the security and reliability of their services.
Competition and Market Consolidation
- Fierce Competition: The e-wallet market in Vietnam is expected to remain highly competitive, with new players entering the market and existing players expanding their offerings.
- Market Consolidation: The market is expected to see consolidation, with larger players acquiring smaller ones to strengthen their market position.
Impact of Global Economic Trends
- Global Influence: The growth of the e-wallet market in Vietnam is expected to be influenced by global economic trends, including the adoption of digital currencies and the expansion of e-commerce.
Conclusion
Key Takeaways
- Rapid Growth: The e-wallet market in Vietnam is experiencing rapid growth, driven by the increasing adoption of digital payments and the expansion of e-commerce.
- Government Support: The Vietnamese government is playing a crucial role in promoting the adoption of digital payments through various initiatives and regulatory changes.
- Fierce Competition: The market is highly competitive, with several leading e-wallet providers offering a wide range of services and features.
- Security and User Experience: Security and user experience are key factors in the success of e-wallets, with providers implementing advanced security measures and user-friendly interfaces.
Recommendations for Users and Businesses
- Choose the Right e-Wallet: Users should choose an e-wallet that offers a user-friendly interface, comprehensive service offerings, and strong security measures.
- Stay Informed: Users and businesses should stay informed about the latest trends and innovations in the e-wallet market to make informed decisions.
- Leverage BNPL Services: Businesses should consider leveraging BNPL services to offer flexible payment options to their customers.
Future Prospects for e-Wallets in Vietnam
- Bright Future: The future of e-wallets in Vietnam is bright, with the market expected to continue growing and evolving.
- Innovative Solutions: e-Wallet providers are expected to introduce innovative solutions, including QR code payments, BNPL services, and digital currencies, to enhance the user experience and drive the growth of the market.