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Vietnamese e-wallet market and the fierce war for market share

The e-wallet market is one of the biggest sword for Vietnam to move towards a cashless society. It is also considered a highly competitive market, with suppliers constantly having to come up with new offers to attract and keep customers. But on the positive side, the e-wallet market in Vietnam still has many rooms for development. Data from the State Bank of Vietnam (SBV) shows that, during the period of Covid-19 social isolation, about 15 million people use e-banking services every month. Currently, Vietnam recorded 30 million online transactions every day (SBV).

The SBV and the Government have also issued many decrees and programs to support the digital transformation as well as reduce the ratio of cash in payments. June 16 was also chosen as the "Cashless Day" with many activities to support businesses in digital transformation and encourage people to make non-cash payments.

As of May 9, 2022, there were 48 non-banking organizations licensed to provide payment intermediary services, over 90 thousand QR payment acceptance points, nearly 298 thousand points of sale (POS). In the first 9 months of 2021 compared to the same period in 2020, mobile payments increased by 76.2% in quantity and 88.3% in value; Internet payments increased by 51.2% in quantity and 29.1% in value.

According to a report by UOB Bank, PwC Singapore and the Singapore Fintech Association (FinTech in ASEAN 2021: Digital takes flight), Vietnam ranks third in ASEAN in terms of capital funding in fintech with US$375 million, equivalent to over 10% of the total value of fintech funds of US$3.5 billion - a record in ASEAN.

VNpay is the e-wallet with the highest revenue superior to other e-wallets. In terms of revenue (excluding Viettel pay), large enterprises in the industry have a different position compared to small businesses. The enterprises with the highest revenue are VNpay, followed by Momo, VNPT pay, Payoo and Foxpay (FPT).

Only a small part of the e-wallet enterprises made a profit, while the rest recorded losses for many years. In the market, Momo and Zalopay were the apps that recorded the highest losses. And VNPT pay, VNpay, Payoo are rare profitable enterprises. Vietdata will analyze some outstanding enterprises in the e-wallet market.


MoMo announced the fifth round of Series E funding with a raised amount of about USD 200 million, bringing the company's valuation to over USD 2 billion, officially became the new technology unicorn of Vietnam and the region. Constantly expanding the market, linking with other businesses and developing products and services, Momo still maintains its position as one of the leaders of the e-wallet market in Vietnam.

Momo is most used for shopping activities, paying for goods, services and bills. From 2021, Momo continuously cooperates with other businesses to link services of buying airplane, ships, bus tickets, car rentals, hotel bookings, purchases, savings, postpaid wallets, loan payments, etc. Aiming to become a super app.

Momo's charity fundraising programs are also highly appreciated and supported, contributing to making the brand image more trustworthy with users. Although the high volume of transactions makes the revenue of goods and services high, the continuous introduction of promotions and product expansion and development also leads to high costs. In 2021, Momo still has a negative profit after tax. Momo's revenue of goods & services increased from over 6,000 billion VND in 2020 to over 7,300 billion VND in 2021, but the profit after tax did not have positive results when Momo still maintained a loss of over 880 billion VND in 2020 and 2021.


Vietnam Payment Solutions Joint Stock Company (VNPAY) was established in March 2007 and is currently a leading company in electronic payment in Vietnam. VNpay has the advantage of linking with banks to provide QR code payment services to customers. Currently, VNpay has associated with over 40 out of 49 banks. Expand cooperation with over 150,000 businesses.

Top 10 Fintech enterprises with successful fundraising rounds ranked by capital raising volume in 2021

Source: Tracxn, data as of October 30, 2021.

As of October 30, 2021, VNpay is considered a Fintech unicorn after the second highest total capital in ASEAN with USD 250 million.

Moreover, VNpay is one of the few e-wallet brands that has recorded a profit in business results. VNpay applies the strategy of integrating into digital banking applications and takes advantage of the customers using internet-banking, as an intermediary for payment via QR code at stores and supermarkets, especially in Ho Chi Minh City and Hanoi.

VNpay recorded a revenue from selling goods and providing services increased by over 25%, from about 17 trillion VND to 22 trillion VND in the period 2020-2021. The company's profit after tax also increased dramatically from over 170 billion VND to nearly 400 billion VND, an increase of about 85% in 2021.


Having the parent company Viettel Military Telecommunications Group, Viettel Pay takes advantage of the group's ecosystem to develop its products and services. Using the Viettel post system and Viettel store, Viettelpay easily integrates and opens deposit / withdrawal points across provinces and cities in Vietnam, and deploys money transfer and cash delivery. Viettelpay is the first enterprise that deploys cash delivery directly to recipients. Users can also easily register for a Viettelpay account with just a Viettel phone number, then use the application to transfer/receive money with a daily limit. Viettelpay does not require users to link a bank card to use it like other applications, but even provides Viettel money cards (the operation method is similar to ATM cards of banks at Viettel branches).

With a strong potential and an ecosystem spread across 64 provinces and cities of the parent company, Viettelpay quickly gained market share in the e-wallet market in Vietnam, popularized on a nationwide scale.


In 2013, a group of former senior employees of Microsoft, Google and leading experts in the financial and banking industry in Vietnam established Moca Technology and Services. On February 25, 2016, the State Bank of Vietnam (SBV) granted a license to provide payment intermediary services to MOCA Technology and Services Joint Stock Company.

Since its inception, Moca has quickly merged with Grab, a ride-hailing, food and delivery app, and become Grab's exclusive e-wallet. Grab's strong development along with many special offers for users paying with Moca wallet made Moca's revenue increase rapidly.

The collaboration with Grab brought Moca many great benefits, because it does not need to invest much in advertising activities, but is still used by grab users to pay for orders.

However, most users know about Moca through the grab app and pay in the grab app, so Moca's other utilities have not been fully exploited, and it is difficult to expand the customer file.

On July 26, 2022, Moca announced a partnership with Tiki, an online shopping application and offers a series of incentives to attract new affiliate users.

In 2021, the Covid epidemic and the distance caused Grab users to reduce the frequency and orders. Since then, Moca's revenue has also been reduced by about 35 billion VND compared to 2020. Moca's profit after tax has an increase in the loss from about -50 billion VND to about -160 billion VND.


VNPT Pay is an electronic payment product of VNPT-Media Corporation. VNPT Pay service was licensed by the Governor of the State Bank to operate payment intermediaries on July 6, 2017.

VNPT has a diverse service ecosystem including mobile networks, telecommunications, Internet with over 30 million subscribers, over 30,000 schools, over 20,000 pharmacies, over 7,000 medical facilities/hospitals, and payment to over 5,000 public administrative services and essential services (electricity, water) (according to VNPT pay's statistics). VNPT Pay fully meets the payment, shopping and utility needs associated with the daily life of each citizen.

VNPT Pay aimed at customers in small provinces and remote areas, even border and maritime areas. Defined to start as a “affordable e-wallet”, accessible to the low-middle-income class and living in rural area. Vinaphone users don't even need a smartphone to make small-value transactions (with a limit of 10 million VND/month).

VNPT Pay has strong potential, although it was formed later than some e-wallets, it is highly appreciated for its service quality.

In 2021, VNPT-pay's revenue recorded a growth of about 19% (from about 3.5 trillion VND to about 4.2 trillion VND), but profit after tax decreased by about 28% (from over 500 billion VND to only about 380 billion). VNPT Pay Company is one of the few businesses reported to have profit.


Zalopay is developed by Zion software company, a member of VNG. Zalopay is easily linked by users just by using a Zalo account directly in the Zalo application. Zalo is the most commonly used messaging application in Vietnam with 64 million users (Zalo announced in the first quarter of 2021). Using this advantage, Zalopay quickly developed and got a large number of users.

Up to now, Zalopay is Momo's strongest opponent. While Momo has strengths in paying for services, Zalopay provides users with a means of recharging mobile phones and data with great incentives. Along with the ability to transfer money to a convenient and fast chat interface.

Up to now, Zalopay is still in the group of businesses that spend money on the e-wallet market. But Zalopay has recorded a growth of over 95% in revenue when increasing from about 130 billion VND in 2020 to over 270 billion VND in 2021. However, the company had a loss from over 600 billion VND to over 1.2 trillion VND.


VietUnion Online Services Joint Stock Company (VietUnion) was established in 2007. On February 18, 2009, VietUnion's Payoo payment service received a pilot license from the State Bank of Vietnam for the electronic wallet system. Currently, besides paying via internet banking, bank transaction counters, Payoo customers can also pay bills via website or 15,000 Points of Sale (POS) nationwide.

As of 2020, Payoo has linked with over 15,000 payment points nationwide, paying over 350 types of service bills. With a large and regular user base, the total transaction value via Payoo reaches about VND 100,000 billion/year (information announced by Payoo). Payoo payment service aims to serve customers using cash and not using cash through diverse payment means, including Internet, mobile devices and POS machines.

Payoo has a different approach from other e-wallets when it aims in POS rather than paying on apps. Payoo has cooperated with many convenience stores, supermarkets, and retail stores to act as payment agents. Users can easily go to Payoo's agents to top up their phones, pay electricity, water, internet bills, and pay loans with no fees.

This business strategy has brought remarkable results for Payoo when the company's profit after tax has flourished over the years, in 2021, although revenue decreased sharply (-15%, from about 2,800 billion VND to about 2,400 billion VND). But the company's profit increased sharply (from over 160 billion VND to about 220 billion VND, raised about 35%)


Ngan Luong Wallet is actually an electronic wallet and an online payment gateway that was born in 2009 by Nexttech Group. Ngan Luong Wallet allows users to pay, transact and shop through the Internet safely and quickly. Ngan Luong wallet has a large investment capital from leading financial groups in the world such as eBay, SoftBank, IDG, so Ngan Luong wallet can secure finance for online payment transactions in Vietnam quickly, fast and convenient.

Ngan Luong wallet is also one of the few profitable businesses in the market, and Ngan Luong wallet recorded revenue in 2020 and 2021 of nearly 360 billion VND and over 430 billion VND. It also recorded a profit in the same period with over 60 billion VND and 85 billion VND, although the profit is not high, but in the market, businesses are throwing money to gain market share, accepting losses, the profit of Ngan Luong wallet is remarkable.

Despite receiving the support of the state, e-wallets in Vietnam still face many challenges when the market has more and more newbies, the habit of using cash of Vietnamese people, or building customer loyalty. Vietnamese customers love hunting for promotional codes, the fact that wallet brands launch many promotions is an easy way to stimulate consumption, but when cutting down, customers can easily find another brand.

The e-wallet market is now more and more fiercely competitive, with 48 licensed e-wallets. The market is also relatively fragmented, with no enterprise holding an overwhelming market share in the market. Consumers also tend to use multiple e-wallets at the same time. In addition to promotions, e-wallet brands should develop products and form an ecosystem, bringing more convenience to keep users.

Soon, the e-wallet market will develop more and more strongly. In that market, the most beneficiaries are still consumers. Only when the market forms a state of monopoly, oligopoly, will businesses make profits, and currently, it is still a money wasting battle between businesses.

Source: Vietdata financial platform


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