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Leading brands in e-wallet and mobile payment in Vietnam

An e-wallet is a type of online account that allows users to make payments of all kinds of expenses via the Internet, an e-wallet can be developed from a company that only serves as a payment gateway or from financial institutions (like banks). Vietnam is one of the countries in the world with the highest growth in e-payment in the world and e-wallets are the most popular payment method. Currently, there are about 43 active e-wallets on the market, this number is not too large compared to other countries in the region (such as Malaysia with 53 wallets, Indonesia with 48 wallets), in fact, there are no brand really has a strong influence on the e-wallet market in Vietnam, which creates certain competitive environment for new players. The rate of use of e-wallets in Vietnam in 2020 is nearly 20%, which means about 80% of people still use cash for transactions in daily life. Therefore, the e-wallet market is considered to be very open for businesses in the industry.


Momo is an e-wallet developed by Online Mobile Services Joint Stock Company (M service) launched in 2014, so far Momo is the e-wallet with the largest coverage in Vietnam with 53% of the market share. market and is constantly racing to expand its network. Momo started the mobile payment market and gradually developed into a super app with an almost complete ecosystem that can serve all customers' needs for payment. Total net revenue of M service in 2020 is VND 6,146 billion, up 45% compared to 2019, only behind VNPay in revenue, however this business has recorded losses for many consecutive years, the loss after tax in 2020 is 875 billion VND.


VNPay, built by Vietnam Payment Solutions Joint Stock Company, is an e-wallet that owns the widest partner network with 40 affiliated banks and has many attractive promotional codes to attract users. , helping to widely disseminate QR codes. The launch of many promotions has increased the costs of the business, thanks to the huge net revenue of 2020 (VND 17,631 billion) which helped the business not to suffer losses and brought the profit after tax in 2020 increased to 383% compared to the previous year. 2019 (171 billion dong), while other big names like Momo, Airpay all had big losses.


Airpay e-wallet belongs to Airpay Joint Stock Company, Airpay has linked with 18 domestic banks and shook hands with Shopee e-commerce platform, now Airpay has changed its name to ShopeePay, clearly showing the strategy of both brands. In order to compete directly with Tiki, Lazada has long had its own e-wallet. Airpay's market share in the e-wallet market is 11%, Airpay's net revenue in 2020 is also in the form of "huge" 4,534 billion VND (up 47% compared to 2019) but the loss in the year is up to 104 billion VND.


VNPT Pay belongs to VNP Electronic Payment Joint Stock Company, is a utility to help customers easily pay for services and packages of VNPT telecommunications network. There is a difference compared to other e-wallets that VNPT Pay is in VNPT's ecosystem, so it has the advantage of easy access to a large number of customers, so even though it appears on the market later, VNPT Pay always automatically believe will conquer larger customer targets. The business's net revenue in 2020 is VND 3,593 billion, profit after tax of VND 2.7 billion keeps the business from losing money and is one of the few businesses that did not suffer losses during the year.


Payoo is an e-wallet in the top with the largest transaction value, owned by Vietnam Community Online Services Joint Stock Company (Viet Union), Payoo is one of the first two e-wallets licensed to operate. Due to its dynamic and leading advantages, Payoo quickly became an intermediary connecting electricity companies, water supply companies, telecommunications companies, etc. with customers. Regarding business activities, owning a huge capital of VND 1,624 billion, Payoo recorded a net revenue of VND 2,880 billion in 2020 (down 11% compared to 2019), profit after tax of VND 162 billion, up 52% ​​compared to 2019 2019.


Senpay e-wallet is backed by FPT Corporation, operated by FPT Wallet Company Limited. Senpay is not only an electronic wallet, but also an intermediary payment gateway that helps connect sellers and customers with the Sendo e-commerce platform, which already has its own ecosystem, so Senpay also benefits from Sendo's customer base. The business's net revenue in 2020 is VND 2,032 billion, a slight decrease of 6% compared to 2019, the total profit after tax is VND -24 billion, despite receiving a loss, the loss is still very small compared to other major brands in the industry.

Ngan Luong

Ngan Luong is an electronic wallet belonging to Ngan Luong Payment Intermediary Joint Stock Company, born in 2009, allowing customers to receive money, send money, pay bills on the Internet quickly and safely. Ngan Luong's equity is only about 126 billion dong, the business's operating revenue decreased from 1,898 billion dong in 2018 to 428 billion dong in 2019 and 357 billion dong in 2020. Although revenue decreased, profit of Ngan Luong remained at 64 billion dong.


Moca Wallet is developed by Moca Technology and Services Joint Stock Company and has been operating since 2016 and currently Moca has 8 affiliated banking partners. Since 2018 Moca has cooperated with Grab Vietnam to integrate Moca on Grab application. With many quick and convenient utilities, after launching, although there are not many incentives, customers still choose to use Moca on Grab to pay for their bills. Despite having the advantage of customers on Grab, Moca's revenue is quite thin compared to other names, only about 270 billion dong in 2020, profit after tax -56 billion dong.


Electricity and Telecommunications Payment Solutions Joint Stock Company is a subsidiary of Electricity of Vietnam (EVN) established in 2010, and by 2015 the company is allowed to provide ECPay payment intermediary services. It is easy to see that ECPay benefits greatly from EVN's ecosystem and has a large capital of 970 billion VND, but the company's financial statements show that the company has continuously suffered losses in the last 3 years. Specifically, in 2020, the enterprise's net revenue increased 21% compared to 2019 to 225 billion VND, profit after tax was -23 billion VND, down 29% compared to 2019.


ZaloPay is developed by Zion Joint Stock Company under VNG Joint Stock Company. Zion is a famous chat software development company in Vietnam and is widely known by the Zalo application, so ZaloPay takes advantage of customers available from Zalo, customers can transfer money and pay directly via Zalo. Zalo application without switching to ZaloPay app. Besides the customer advantage, ZaloPay is also associated with strategic partners such as Lazada, Beamin, Tiki, ... in many different areas, ZaloPay's market share in the e-wallet industry is quite small, only about 5.3%. ZaloPay's net revenue in 2020 is only about 140 billion VND and ZaloPay is suffering a large loss of 678 billion VND.

The field of e-wallets is growing strongly and almost growing stronger when the Covid-19 epidemic broke out, at the present time the market has had enough time to experience through e-wallets, so the strategies competition by promotion to increase market share no longer plays a key role; In the next few years, consumers tend to choose and use e-wallets with good ecosystems, providing experience, stability and security of customer information. E-wallets that do not fully meet the requirements will have to compete in all aspects, or there may be mergers and acquisitions taking place in the future.


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