DIGITAL & TRENDS

Digital payments in Vietnam

 Table of Contents

01 Overview Quarterly number of domestic transactions via internet banking Vietnam 2020-Q1 2022 21
Quarterly value of domestic transactions via mobile banking Vietnam 2020-Q1 2022 22
Cashless payments adoption rate SEA 2021, by country 04
Quarterly number of domestic transactions via mobile banking Vietnam 2020-Q1 2022 23
Digital payments transaction value in Southeast Asia 2022, by country and segment 05
Value of domestic cashless transactions Vietnam Q1 2022, by payment type 06
05 E-wallets
Number of domestic cashless transactions Vietnam Q1 2022, by payment type 07
Most popular in-store payment methods in Vietnam 2017-2021 08 Mobile wallet transaction value Vietnam 2020-2025 25
Number of mobile wallet users Vietnam 2021-2026 26

02 Key indicators Number of e-wallet apps Vietnam 2015-2020 27

Number of total installations of major e-wallets Vietnam H1 2021 28
Digital payment users in Vietnam 2017-2027, by segment 10
Number of e-wallet apps in use per user Vietnam Q3-2021 29
Digital payment transaction value in Vietnam 2017-2027, by segment 11
E-wallet average monthly spending Vietnam 2021 30
Digital payment per user transaction value in Vietnam 2017-2025, by segment 12
Most popular e-wallet brands Vietnam Q4 2022 31
E-commerce revenue in Vietnam 2017-2025, by payment method 13

06 Other payment services

03 Bank cards
Forecast GMV of BNPL services Vietnam 2022-2028 33
Number of bank cards in circulation Vietnam Q4 2019-Q1 2022, by quarter 15
Number of mobile subscribers using Mobile Money Vietnam 2022, by month 34
Quarterly number of bank cards in circulation Vietnam 2020-Q1 2022, by type 16
Usage of QR code payments among Vietnamese 2020-2021 35
Value of bank card transactions Vietnam 2019-Q1 2022, by quarter 17
Awareness and interest in QR code payments among Vietnamese 2021 36
Number of domestic bank card transactions Vietnam 2019-Q1 2022, by quarter 18

07 User behavior
04 Internet and mobile banking
Change in intention to use and carry cash among Vietnamese 2021 38
Quarterly value of domestic transactions via internet Vietnam 2020-Q1 2022 20

1
 Table of Contents

Cashless payment method usage Vietnamese 2021 39

Most used digital payment methods among Vietnamese 2021 40
Digital banking services usage during COVID and future usage intention Vietnam 2021 41
First-time users of mobile banking apps pre and post COVID-19 among Vietnamese 2021 42

2
CHAPTER 01

Overview
 Cashless payments adoption rate in Southeast Asia in 2021, by country
Cashless payments adoption rate SEA 2021, by country

Share of respondents
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 110%

Singapore 97%

Malaysia 96%

Indonesia 95%

Vietnam 95%

Thailand 94%

Philippines 92%

Cambodia 68%

Southeast Asia 93%

4 Description: According to a survey from 2021, the adoption rate of cashless payments in Southeast Asia was 93 percent. Singapore had the highest adoption rate of 97 percent in Southeast Asia, while the adoption rate was 68 percent in Cambodia in 2021. Read more
Note(s): Asia; August to September 2021; 6,520 respondents; 18 to 65 years
Source(s): Clear; Visa Inc.
 Transaction value of digital payments in Southeast Asia in 2022, by country
and segment (in billion U.S. dollars)
Digital payments transaction value in Southeast Asia 2022, by country and segment

Transactional value in billion U.S. dollars

Mobile POS Payments Digital Commerce

0 10 20 30 40 50 60 70 80

Indonesia

Thailand

Philippines

Vietnam

Malaysia

Singapore

Myanmar

Cambodia

Laos

Brunei

Timor-Leste

5 Description: In 2022, Singapore is expected to have the highest transactional value in mobile POS payments in Southeast Asia with a value of approximately 6.02 billion U.S. dollars. In comparison, digital commerce transaction value in Indonesia was forecast to reach
67.83 billion U.S. dollars in 2022. Read more
Note(s): Asia
Source(s): Statista; Statista Digital Market Insights
 Value of domestic cashless transactions in Vietnam in1st quarter 2022, by
payment type (in trillion Vietnamese dong)
Value of domestic cashless transactions Vietnam Q1 2022, by payment type

Value of transactions in trillion Vietnamese dong

0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 50,000

Credit transfer 45,488.12

Direct debit 1,973.71

Others** 1,540.82

Bank card* 423.36

Check 28.44

6 Description: In the first quarter of 2022, the value of transactions via domestic credit transfer reached over 45,488 trillion Vietnamese dong in Vietnam. In the same period, the number of these transactions amounted to 1.25 billion in the country. Previously one of the
most cash-dependent countries in Southeast Asia, Vietnam has seen substantial growth in cashless payment usage among its population in recent years. Read more
Note(s): Vietnam; Q1 2022; *Indicating volume and value of domestic card payment transactions reported by issuing bank, excluding: (i) international transactions, card payment transactions initiated by oversea issuing banks; (ii) deposits, [...] Read more
Source(s): State Bank of Vietnam
 Number of domestic cashless transactions in Vietnam in1st quarter 2022,
by payment type (in millions)
Number of domestic cashless transactions Vietnam Q1 2022, by payment type

Number of transactions in millions

0 200 400 600 800 1,000 1,200 1,400

Credit transfer 1,250.81

Bank card 181.25

Others 27.83

Direct debit 2.64

Check 0.01

7 Description: In the first quarter of 2022, the number of transactions via domestic credit transfer reached over 1.25 billion in Vietnam. In the same period, the value of these transactions reached 45,49 trillion Vietnamese dong in the country. Previously one of the most
cash-dependent countries in Southeast Asia, Vietnam has seen substantial growth in cashless payment usage among its population in recent years. Read more
Note(s): Vietnam; Q1 2022
Source(s): State Bank of Vietnam
 Market share of cash, credit cards, and other payment methods at point of
sale (POS) in Vietnam in 2017, 2019, 2020 and 2021
Most popular in-store payment methods in Vietnam 2017-2021

2017 2019 2020 2021

Cash 86% 85% 58% 54%
Credit card (incl. "charge card" since 2021)* 3% 3% 16% 18%
E-wallet, Digital/mobile wallet 2% 4% 12% 14%
Debit card 9% 9% 9% 10%
Retailer/bank financing (split off from "POS financing" in % % % 5%
2021)*
POS financing* % % 4% %

8 Description: Vietnam's share of cash in POS declined by more than 30 percent since COVID-19, as consumers used credit cards and wallets. Payments in the Asian country seemed to be digitalizing rapidly, with the number of users of mobile wallet MoMo predicted to
grow by over 200 percent between 2020 and 2025. Indeed, Statista estimates that Vietnam in 2021 already was one of the world's major countries for mobile POS payments. Read more
Note(s): Vietnam; 2017, 2019, 2020, 2021; * The source made changes to its categories in 2021, see the "Details" tab for more information.
Source(s): GlobalData; IMF; McKinsey; World Bank; Worldpay
CHAPTER 02

Key indicators
 Number of users of digital payments in Vietnam from 2017 to 2027, by
segment (in million users)
Digital payment users in Vietnam 2017-2027, by segment

Digital Commerce Mobile POS Payments

90
79.3
80 75
70.9
70 66.9
63
Number of users in millions

60 57.6
51.8
50 45.6
39.6
40 34.2 35
32.5 33.8
30 31.3
28.6 28.9
30 26.3 25.8
18.4
20
12.4
10 5.2

0
2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027

10 Description: There were 57.6 million users of digital commerce in Vietnam in 2022. By 2027, the Statista Digital Market Outlook estimates that the number of users in this segment will grow to 79.3 million. The number of mobile POS payment users will at the same
time increase from 30 million to around 35 million. Read more
Note(s): Vietnam
Source(s): Statista; Statista Digital Market Insights
 Transaction value of digital payments in Vietnam from 2017 to 2027, by
segment (in billion U.S. dollars)
Digital payment transaction value in Vietnam 2017-2027, by segment

Digital Commerce Mobile POS Payments Digital Remittances

40
35.5
35
Transaction value in billion U.S. dollars

31.74

30 27.59

24.1
25
21.07
20 18.06
15.15
15
11.1
10 8.73
6.9
5.37 4.97
3.95 4.48
5 3 3.47
2.09 2.52
0.88 1.55
0.120.01 0.440.02 0.02 0.03 0.03 0.04 0.04 0.05 0.05 0.05 0.05
0
2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027

11 Description: Transaction value in the digital commerce segment of Vietnam reached 18.06 billion U.S. dollars in 2022. By 2027, the Statista Digital Market Outlook estimates transaction value in this segment to reach 35.5 billion dollars. The digital remittances market
segment in contrast had a market value of around 0.04 billion dollars in 2021 and is expected to increase to 0.05 billion by 2025. Read more
Note(s): Vietnam
Source(s): Statista; Statista Digital Market Insights
 Transaction value per user of digital payments in Vietnam from 2017 to
2025, by segment (in U.S. dollars)
Digital payment per user transaction value in Vietnam 2017-2025, by segment

Digital Remittances Digital Commerce Mobile POS Payments

12,000

9,959.2 10,011.9 9,931.3

Per user transaction value in U.S. dollars

9,562.5 9,628.5 9,794.7 9,615.4

10,000

8,403.6
8,000
6,790.2

6,000

4,000

2,000

257.9 23.7 241.4 35.8 251.1 47.7 214.3 60 238.1 70.5 251.4 80.8 260.8 90.8 271.5100.5 275.6109.9
0
2017 2018 2019 2020 2021 2022 2023 2024 2025

12 Description: Transaction value in the digital commerce segment of Vietnam reached 238.1 U.S. dollars per user in 2021. By 2025, the Statista Digital Market Outlook estimates transaction value in this segment to reach 275.6 dollars per user. While the per user
transaction value of mobile POS payment methods will increase to almost 110 U.S. dollars by 2025, the highest transaction value now and in the coming years can be found in the digital remittances market segment. Read more
Note(s): Vietnam
Source(s): Statista; Statista Digital Market Insights
 Breakdown of e-commerce revenue in Vietnam from 2017 to 2025, by
payment method
E-commerce revenue in Vietnam 2017-2025, by payment method

Bank transfer Cash on delivery Cards E-wallet Other Direct debits

40%
36% 36%
35% 34%
32%
30% 30% 30%
30% 29% 29%
28% 28% 28%
27% 27%
26% 26%
25% 25%
25% 23%
Revenue share

22% 22% 22%

21% 21% 21%
20% 20%
20%

15% 14%
13% 13% 13%
12% 12% 12%
11% 11%
10%
6% 6% 6% 6% 6% 6% 6% 6% 6%
5%
2% 2% 2% 2% 2% 2% 2% 2% 2%

0%
2017 2018 2019 2020 2021 2022* 2023* 2024* 2025*

13 Description: In the time period of 2017 to 2025, bank transfer was the most popular payment method for e-commerce purchases in Vietnam with a revenue share of approximately 28 percent in 2021. Ranked second and third were cash on delivery and card payments
which had a revenue share of 30 and 21 percent respectively in 2021. According to estimates of the Statista Digital Market Outlook, these shares are expected to continue increasing in the coming years. Read more
Note(s): Vietnam; *Forecast. Data provided by Statista Market Outlook are estimates The eCommerce market encompasses the sale of physical goods via a digital channel to a private end user (B2C). Incorporated in this definition are purchases via [...] Read more
Source(s): Statista; Statista Digital Market Insights
CHAPTER 03

Bank cards
 Number of bank cards in circulation in Vietnam from 4th quarter 2019 to
1st quarter 2022 (in millions)
Number of bank cards in circulation Vietnam Q4 2019-Q1 2022, by quarter

140 133
129.37
123.13
118
120 114
110.24 111
106.31
103.13
99
Number of cards in millions

100

80

60

40

20

0
Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022

15 Description: As of the first quarter of 2022, there were around 133 million bank cards in circulation in Vietnam. The number of bank cards circulating in the country had been increasing each quarter. Previously one of the most cash-dependent countries in Southeast
Asia, Vietnam has seen substantial growth in cashless payment usage among its population in recent years. Read more
Note(s): Vietnam; Q4 2019 to Q1 2022; as of the last working day of the reporting period, excluding cards that were issued but not yet activated, expired cards and canceled cards
Source(s): State Bank of Vietnam
 Number of bank cards in circulation in Vietnam from 2020 to 1st quarter
2022, by type (in millions)
Quarterly number of bank cards in circulation Vietnam 2020-Q1 2022, by type

Domestic International
120
105.92 107.7
101.52
96 98
100 93.78 94
90.69
87.78
Number of cards in millions

80

60

40

23.45 25.3
20 21.61
15.62 16.46 17 18
20 15.35

0
Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022

16 Description: As of the first quarter of 2022, there were around 107.7 million domestic bank cards and 25.3 million international bank cards in circulation in Vietnam. The number of bank cards circulating in the country had been increasing each quarter. Previously one
of the most cash-dependent countries in Southeast Asia, Vietnam has seen substantial growth in cashless payment usage among its population in recent years. Read more
Note(s): Vietnam; 2020 to Q1 2022; as of the last working day of the reporting period, excluding cards that were issued but not yet activated, expired cards and canceled cards
Source(s): State Bank of Vietnam
 Value of transactions using bank cards in Vietnam from 1st quarter 2019
to 1st quarter 2022 (in trillion Vietnamese dong)
Value of bank card transactions Vietnam 2019-Q1 2022, by quarter

450 423.36
Value of transactions in trillion Vietnamese dong

400

350 325.56
294.29
300
260.75 267.85 260.36
250 233.16
222.07
210.62 205.62 204.94
194.72
200
171.46

150

100

50

0
Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022

17 Description: In the first quarter of 2022, the value of domestic transactions via bank cards in Vietnam reached over 423 trillion Vietnamese dong in Vietnam. In the same period, the number of these transactions amounted to 181 million in the country. Previously one
of the most cash-dependent countries in Southeast Asia, Vietnam has seen substantial growth in cashless payment usage among its population in recent years. Read more
Note(s): Vietnam; Q1 2019 to Q1 2022
Source(s): State Bank of Vietnam
 Number of domestic transactions using bank cards in Vietnam from 1st
quarter 2019 to 1st quarter 2022 (in millions)
Number of domestic bank card transactions Vietnam 2019-Q1 2022, by quarter

200
181.05
180

160
Number of transactions in millions

144.33 143.48
140 132.35
124.21 123.48
120
101.7 102.98
96.9
100 88.26 85.92
76.52
80
65.05
60

40

20

0
Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022

18 Description: In the first quarter of 2022, the number of domestic transactions via bank cards in Vietnam reached over 181 million in Vietnam. In the same period, the value of these transactions amounted to 423 trillion Vietnamese dong in the country. Previously one
of the most cash-dependent countries in Southeast Asia, Vietnam has seen substantial growth in cashless payment usage among its population in recent years. Read more
Note(s): Vietnam; Q1 2019 to Q1 2022
Source(s): State Bank of Vietnam
CHAPTER 04

Internet and mobile banking

 Quarterly value of domestic transactions via internet in Vietnam from
2020 to 1st quarter 2022 (in trillion Vietnamese dong)
Quarterly value of domestic transactions via internet Vietnam 2020-Q1 2022

12,000
11,264.69
10,868.46
Value of transactions in trillion Vietnamese dong

10,000
8,949.91
8,444.41

8,000

6,000

4,000

2,000
811.72
55.53 54.35
0
Q1 2020 Q2 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022

20 Description: In the first quarter of 2022, the value of transactions via internet banking in Vietnam amounted to around 10,868.5 trillion Vietnamese dong. In the same period, there were over 231 million internet banking transactions in the country. Previously one of
the most cash-dependent countries in Southeast Asia, Vietnam has seen substantial growth in cashless payment usage among its population in recent years. Read more
Note(s): Vietnam; Q1 2020 to Q1 2022
Source(s): State Bank of Vietnam
 Quarterly number of domestic transactions via internet banking in
Vietnam from 2020 to 1st quarter 2022 (in 1,000s)
Quarterly number of domestic transactions via internet banking Vietnam 2020-Q1 2022

250,000
231,025.62
214,712.79
Number of transactions in thousands

200,000

169,191.03 167,313.02
156,217.29
150,000

100,000

50,000

94.83 533.33
0
Q1 2020 Q2 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022

21 Description: In the first quarter of 2022, the number of transactions via internet banking in Vietnam amounted to around 231 million. In the same period, the value of these transactions reached 10,868 trillion Vietnamese dong in the country. Previously one of the
most cash-dependent countries in Southeast Asia, Vietnam has seen substantial growth in cashless payment usage among its population in recent years. Read more
Note(s): Vietnam; Q1 2020 to Q1 2022
Source(s): State Bank of Vietnam
 Quarterly value of domestic transactions via mobile banking in Vietnam
from 2020 to 1st quarter 2022 (in trillion Vietnamese dong)
Quarterly value of domestic transactions via mobile banking Vietnam 2020-Q1 2022

10,000
8,967.86
Value of transactions in trillion Vietnamese dong

9,000
8,140.53
8,000

7,000
5,884.24
6,000
4,993.45
5,000 4,630.88

4,000

3,000

2,000

1,000 543.45 643.53

0
Q1 2020 Q2 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022

22 Description: In the first quarter of 2022, the value of transactions via mobile banking in Vietnam amounted to around 8.9 quadrillion Vietnamese dong. In the same period, there were over 784 million mobile banking transactions in the country. Previously one of the
most cash-dependent countries in Southeast Asia, Vietnam has seen substantial growth in cashless payment usage among its population in recent years. Read more
Note(s): Vietnam; Q1 2020 to Q1 2022
Source(s): State Bank of Vietnam
 Quarterly number of domestic transactions via mobile banking in Vietnam
from 2020 to 1st quarter 2022 (in 1,000s)
Quarterly number of domestic transactions via mobile banking Vietnam 2020-Q1 2022

900,000

784,187.02
800,000
712,919.03
Number of transactions in thousands

700,000

600,000
506,596.2
500,000 467,775.36

395,052.96
400,000

300,000

200,000

100,000
56.23 34.23
0
Q1 2020 Q2 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022

23 Description: In the first quarter of 2022, the number of transactions via mobile banking in Vietnam amounted to around 784 million. In the same period, the value of these transactions reached 8.97 quadrillion Vietnamese dong in the country. Previously one of the
most cash-dependent countries in Southeast Asia, Vietnam has seen substantial growth in cashless payment usage among its population in recent years. Read more
Note(s): Vietnam; Q1 2020 to Q1 2022
Source(s): State Bank of Vietnam
CHAPTER 05

E-wallets
 Transaction value of mobile wallets in Vietnam in 2020, with a forecast for
2025 (in billion U.S. dollars)
Mobile wallet transaction value Vietnam 2020-2025

60

50 48.6
Transaction value in billion U.S. dollars

40

30

20
14

10

0
2020 2025*

25 Description: In 2020, the mobile wallet transaction value in Vietnam reached around 14 billion U.S. dollars. In that year, there were 9.2 million mobile wallet users in the country. Vietnam's fintech sector has been accelerating fast in recent years alongside the country's
growing internet economy. Read more
Note(s): Vietnam; *Forecast. Read more
Source(s): Fortumo
 Number of mobile wallet users in Vietnam in 2021, with a forecast for
2026 (in millions)
Number of mobile wallet users Vietnam 2021-2026

80

70 67.6

60
Number of users in millions

50

40

30
24.7

20

10

0
2021 2026*

26 Description: In 2021, the number of mobile wallet users in Vietnam reached around 24.7 million. This figure is forecast to continue growing to almost 70 million users by 2026. Vietnam's fintech sector has been accelerating fast in recent years. Read more
Note(s): Vietnam; *Forecast. Read more
Source(s): IDC
 Number of e-wallet apps in Vietnam from October 2015 to August 2020
Number of e-wallet apps Vietnam 2015-2020

40

35

30

25
Number of apps

20
37

15

10 21

5
5
0
October 2015 2017 August 2020

27 Description: According to a survey on e-wallet usage in Vietnam in 2021 by Decision Lab, there were 37 e-wallet apps in Vietnam as of August 2020. The e-wallet market has grown significantly in the country, starting with five e-wallet brands in October 2015. Read
more
Note(s): Vietnam
Source(s): Decision Lab; iDauTu.com
 Number of accumulated installations selected e-wallets in Vietnam as of
the first half of 2021 (in millions)
Number of total installations of major e-wallets Vietnam H1 2021

Number of installations in millions

0 5 10 15 20 25 30

MoMo 26.23

Viettelpay 13.9

ZaloPay 9.66

28 Description: As of the first half of 2021, MoMo e-wallet recorded over 26 million installations from Vietnamese users. MoMo e-wallet was the leading e-wallet in Vietnam in 2020 based on market share. Read more
Note(s): Vietnam; as of H1 2021
Source(s): AppotaPay; Data.ai
 Number of e-wallet apps in use among users in Vietnam as of 3rd quarter
2021
Number of e-wallet apps in use per user Vietnam Q3-2021

Share of respondents
0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50%

1 app 39%

2 apps 44%

4 apps and above 18%

29 Description: According to a survey on e-wallet usage in Vietnam in 2021 by Decision Lab, around 44 percent of the respondents stated to have had two e-wallet apps. Meanwhile, 18 percent of them had at least four e-wallet apps in use. Read more
Note(s): Vietnam; Q3 2021; 461 respondents
Source(s): Decision Lab
 Average monthly spending using e-wallets among users in Vietnam as of
October 2021
E-wallet average monthly spending Vietnam 2021

Share of respondents
0% 5% 10% 15% 20% 25% 30%

Less than 100,000 VND 4%

100,000-500,000 VND 24%

500,000-1,000,000 VND 23%

1,000,000-1,500,000 VND 14%

1,500,000-2,000,000 VND 11%

2,000,000-3,000,000 VND 11%

More than 3,000,000 VND 13%

30 Description: According to a survey on e-wallet usage in Vietnam in 2021 by Decision Lab, around 24 percent of respondents spent from 100,000 to 500,000 Vietnamese dong monthly on e-wallets. Meanwhile, around 13 percent of them had an average monthly e-
wallet spending of more than three million Vietnamese dong. Read more
Note(s): Vietnam; October 2021; 589 respondents; among e-wallet users nationwide
Source(s): Decision Lab
 Leading e-wallet brands in use among users in Vietnam in the fourth
quarter of 2022
Most popular e-wallet brands Vietnam Q4 2022

Share of respondents
0% 10% 20% 30% 40% 50% 60% 70% 80%

MoMo 68%

ZaloPay 54%

ViettelPay 32%

ShopeePay (Airpay) 30%

VNPay 19%

Moca 8%

31 Description: According to a survey on e-wallet usage in Vietnam in the fourth quarter of 2022 by Decision Lab, MoMo was the most used e-wallet by Vietnamese respondents, as stated by 68 percent of them. Meanwhile, the same survey revealed that ShopeePay was
used the most by 30 percent of the respondents. Read more
Note(s): Vietnam; October to December 2022; 1584 respondents; among e-wallet users nationwide
Source(s): Decision Lab; MMA; YouGov
CHAPTER 06

Other payment services

 Forecast of gross merchandise value (GMV) of buy now, pay later (BNPL)
services in Vietnam in 2022 and 2028 (in million U.S. dollars)
Forecast GMV of BNPL services Vietnam 2022-2028

12,000

10,528.1

10,000
GMV in million U.S. dollars

8,000

6,000

4,000

2,000

496.4

0
2022* 2028*

33 Description: In 2022, the gross merchandise value of buy now, pay later (BNPL) services in Vietnam was forecast to reach over 496 million U.S. dollars. The GMV of these payment services was expected to grow fast in the next years and become a billion-dollar segment
in the country. Read more
Note(s): Vietnam; 2022; *Forecast. Read more
Source(s): Research and Markets
 Number of mobile subscribers using Mobile Money services in Vietnam in
2022, by month (in millions)
Number of mobile subscribers using Mobile Money Vietnam 2022, by month

2.0
1.77
1.8
1.57
1.6
Number of users in millions

1.4 1.34

1.2 1.09

1.0
0.83
0.8

0.6
0.43
0.4

0.2

0.0
Jan 2022 Feb 2022 Mar 2022 Apr 2022 May 2022 June 2022

34 Description: As of June 2022, there were approximately 1.8 million mobile subscribers using Mobile Money services in Vietnam. Mobile Money refers to payment services that provide mobile subscribers with accounts that allow them to transfer money and pay for
services and goods in Vietnam. The use of these payment services has been encouraged by the government to promote financial inclusion in the country. Read more
Note(s): Vietnam; January to June 2022
Source(s): Ministry of Information and Communications (Vietnam); VietNamNet
 Share of people who have used QR code payments in Vietnam in 2020 and
2021
Usage of QR code payments among Vietnamese 2020-2021

45%
40%
40%
35%
35%

30%
Share of respondents

25%

20%

15%

10%

5%

0%
2020 2021

35 Description: According to a survey on consumer payment behavior conducted in September 2021 in Vietnam, approximately 35 percent of respondents stated that they had used QR code payment methods in 2021. Meanwhile, the share of respondents who indicated
having used these payment methods was slightly higher the year before. Read more
Note(s): Vietnam; August to September 2021; 6,520 respondents; 18-65 years; among consumers in Singapore, Malaysia, Thailand, Indonesia, the Philippines, Vietnam, and Cambodia
Source(s): Visa Inc.
 Share of people who are aware of and interested in QR code payments in
Vietnam in 2021
Awareness and interest in QR code payments among Vietnamese 2021

90%
82%
80%
74%

70%

60%
Share of respondents

50%

40%

30%

20%

10%

0%
Interest Awareness

36 Description: According to a survey on consumer payment behavior conducted in September 2021 in Vietnam, approximately 82 percent of respondents stated that they had been interested in QR code payment methods. Meanwhile, 35 percent of the surveyed
consumers indicated having used these payment methods in the same year. Read more
Note(s): Vietnam; August to September 2021; 6,520 respondents; 18-65 years; among consumers in Singapore, Malaysia, Thailand, Indonesia, the Philippines, Vietnam, and Cambodia
Source(s): Visa Inc.
CHAPTER 07

User behavior
 Change in intention to use and carry cash among people in Vietnam in
2021
Change in intention to use and carry cash among Vietnamese 2021

70%
65%

60%

50%
Share of respondents

40%
32%
30%

20%

10%

0%
Carry less cash in their wallets Stop using cash after the pandemic

38 Description: According to a survey on consumer payment behavior conducted in September 2021 in Vietnam, around 65 percent of Vietnamese respondents intended to carry less cash in their wallets. At the same time, almost a third of the surveyed consumers
planned to stop using cash altogether. Read more
Note(s): Vietnam; August to September 2021; 6,520 respondents; 18-65 years; among consumers in Singapore, Malaysia, Thailand, Indonesia, the Philippines, Vietnam, and Cambodia
Source(s): Vietnam Investment Review; Visa Inc.
 Usage of selected cashless payment methods among people in Vietnam in
2021
Cashless payment method usage Vietnamese 2021

90%
82%
80% 76%

70%

60%
Share of respondents

50%

40%

30%

20%

10%

0%
Mobile wallets Cards

39 Description: According to a survey on consumer payment behavior conducted in September 2021 in Vietnam, approximately 82 percent of respondents stated that they used cards. Meanwhile, almost a third of the surveyed consumers planned to stop using cash
altogether. Read more
Note(s): Vietnam; August to September 2021; 6,520 respondents; 18-65 years; among consumers in Singapore, Malaysia, Thailand, Indonesia, the Philippines, Vietnam, and Cambodia
Source(s): Vietnam Investment Review; Visa Inc.
 Most used digital payment methods among people in Vietnam in 2021
Most used digital payment methods among Vietnamese 2021

Share of respondents
0% 10% 20% 30% 40% 50% 60%

Card online 52%

Contactless card 46%

Mobile contactless 38%

40 Description: According to a survey on consumer payment behavior conducted in September 2021 in Vietnam, approximately 52 percent of respondents stated that they had used card online as a payment method. Meanwhile, 38 percent of the surveyed consumers
indicated to have used mobile contactless payment methods. Read more
Note(s): Vietnam; August to September 2021; 6,520 respondents; 18-65 years; among consumers in Singapore, Malaysia, Thailand, Indonesia, the Philippines, Vietnam, and Cambodia
Source(s): Visa Inc.
 Increase in usage of online or mobile banking services during COVID-19
and future usage intention among people in Vietnam in 2021
Digital banking services usage during COVID and future usage intention Vietnam 2021

80%
73% 72%
70%

60%
Share of respondents

50%

40%

30%

20%

10%

0%
During COVID-19 Expected future use, 1 year from now

41 Description: According to a survey on consumer payment behavior conducted in September 2021 in Vietnam, approximately 73 percent of respondents stated that they had increased their usage of online or mobile banking services during the COVID-19 pandemic.
Meanwhile, around 72 percent of respondents expected to continue increasing their usage in the upcoming year. Read more
Note(s): Vietnam; August to September 2021; 6,520 respondents; 18-65 years; among consumers in Singapore, Malaysia, Thailand, Indonesia, the Philippines, Vietnam, and Cambodia
Source(s): Visa Inc.
 Share of people who are first-time users of mobile banking apps prior to
and after COVID-19 in Vietnam in 2021
First-time users of mobile banking apps pre and post COVID-19 among Vietnamese 2021

90%

80% 78%

70%

60%
Share of respondents

50%

40%

30%

20% 18%

10%

0%
Prior to COVID-19 After COVID-19

42 Description: According to a survey on consumer payment behavior conducted in September 2021 in Vietnam, approximately 78 percent of respondents stated that they had been using mobile banking applications even before the COVID-19 pandemic hit. The
convenience of accessing their accounts from anywhere and not having to go to the bank to do financial transactions was among the most common reasons for digital banking usage. Read more
Note(s): Vietnam; August to September 2021; 6,520 respondents; 18-65 years; among consumers in Singapore, Malaysia, Thailand, Indonesia, the Philippines, Vietnam, and Cambodia
Source(s): Visa Inc.
 Sources

AppotaPay YouGov
Clear
Data.ai
Decision Lab
Fortumo
GlobalData
iDauTu.com
IDC
IMF
McKinsey
Ministry of Information and Communications (Vietnam)
MMA
Research and Markets
State Bank of Vietnam
Statista
Statista Digital Market Insights
Statista estimates
Vietnam Investment Review
VietNamNet
Visa Inc.
World Bank
Worldpay

43