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Vietnamese population using E-wallet services has increased by 235% in just four years

Vietnam's e-wallet market is currently experiencing a period of explosive development. In the last four years, from October 2018 to October 2022, the number of e-wallet users has rapidly increased from 12.3 million to 41.3 million, representing a 235% growth. Presently, approximately 57% of Vietnam's adult population utilizes e-wallets, a significant rise from the end of 2018 when it was only about 14%. It is expected that by 2024, this market will have 50 million active users, 100 million users in 2026, and 150 million users in 2030.



E-wallets offer various benefits in daily life; however, each e-wallet will be associated with different services and apps. For example, MoMo is currently focused on providing financial services to businesses and expanding its market. Shopee Pay integrates the payment platform into the Shopee e-commerce platform and collaborates with numerous business partners. VNPay cooperates with the retail chain Saigon Co.op to expand its customer base, while ZaloPay competes with integration into the Zalo Chat application. ViettelPay leverages the telecommunications ecosystem, and Moca is part of the Grab super application.


VNPay

VNPay was established in March 2007 and is a leading company in the field of electronic payment in Vietnam. With more than 15 years of experience in the field of electronic payment and a core business in finance banking, the brand is currently providing electronic payment services to more than 40 banks, 5 telecommunications companies, and more than 150 thousand businesses.


The brand's revenue and profit after tax showed continuous growth over three years. In 2020, VNPay's revenue was VND 17.6 trillion, climbing by 25.9% in 2021 and 34.8% in 2022, reaching nearly VND 30 trillion. As for profit after tax, the brand reached over VND 170 billion in 2020. By 2021, the brand's profit continued to go up by 86.5% and then decreased to over VND 20 billion in 2022.


MoMo

MoMo, a product of Online Mobile Services Joint Stock Company (M_Service), was established in 2007. As of 2021, MoMo e-wallet has attracted more than 31 million users, a number that continues to go up rapidly. MoMo has become an integral part of the daily lives of many Vietnamese people, especially as the mobile payment market continues to thrive. This application provides various services, including money transfer, bill payment, flight ticket purchase, and phone top-up.


MoMo also has strong collaborations with financial institutions and large businesses to expand its service network. Promotions and incentives are regularly organized to attract and retain users. MoMo's security system is also guaranteed, ensuring the safety of user transactions.


MoMo's revenue showed a continuous increasing trend in the period from 2020 to 2022. Particularly, in 2020, the brand's revenue exceeded VND 6 trillion, climbing by 19.5% in 2021 and another 15.9% in 2022, achieving more than VND 8.5 trillion. However, the brand recorded a negative profit after tax and continued to incur losses in 2022. In 2020 and 2021, profit after tax registered a negative profit of about VND 880 billion, rising by 30% in 2022, reaching nearly VND 1150 billion in negative profit.


ZaloPay

ZaloPay is an online payment platform developed by Zion Joint Stock Company, integrating with a community of more than 100 million users on Zalo. Thanks to this, ZaloPay quickly gained a large customer base and many advantages when entering the online payment market in Vietnam. ZaloPay is currently a partner of Visa, Mastercard, and 39 domestic banks to support users in interbank money transfers, payments, and various other utilities.

Over the last three years, ZaloPay's revenue and profit after tax showed an upward trend. In 2022, the company's revenue exceeded VND 550 billion. This figure was a climb of 102.7% compared to 2021 and 296.8% compared to 2020. Regarding profit after tax, in 2020, profit after tax was recorded as negative VND 680 billion. Then, its profit went up by 82.5% in 2021 and another 6.5% in 2022, standing at a negative profit of more than VND 1300 billion.



Shopee Pay

Shopee Pay Wallet is an electronic wallet application used on mobile devices owned by ShopeePay Joint Stock Company. Shopee Pay Wallet caters to all customers' online purchasing and payment needs quickly. This e-wallet was previously known as Airpay but changed its name to Shopee Pay on June 8, 2021.


Shopee Pay's revenue recorded VND 4.5 trillion in 2020. Its revenue increased by 19.2% in 2021 and 32.8% in 2022, reaching nearly VND 7.2 trillion. In terms of profit after tax, it was negative in 2020, exceeding a loss of VND 100 billion. This number increased to over VND 380 billion in negative profit in 2021. Then it decreased by 45.2% in 2022, reaching a negative profit of more than VND 200 billion.


Moca

Moca Wallet, developed by Moca Technology and Services Joint Stock Company, has been in operation since 2016. Moca currently has 8 affiliated banking partners. Since 2018, Moca has collaborated with Grab Vietnam to integrate Moca into the Grab application. Despite not offering many incentives, customers still choose to use Moca on Grab to pay bills due to its quick and convenient utilities.


In 2022, Moca's revenue peaked at VND 500 billion, which was a 102% increase compared to 2021 and a 75.5% rise compared to 2020. Moca's profit after tax has also been negative for three years. Specifically, the brand's profit in 2020 and 2021 increased from a negative of over VND 55 billion to a negative of VND 164 billion. Negative profits plummeted by 77% in 2022, reaching only nearly VND 40 billion in negative profit.


Payoo

Payoo is one of the top e-wallets with the largest transaction value, owned by Viet Community Online Services Joint Stock Company (Viet Union). Payoo is one of the first two licensed e-wallets in Vietnam. With a dynamic and leading advantage, Payoo quickly became an intermediary connecting electricity, water supply, and drainage companies, telecommunications companies, and customers.


Payoo's net revenue fluctuated continuously each year from 2020 to 2022. Specifically, in 2020, the brand's revenue achieved VND 2.9 trillion, with revenue decreasing by 14.6% in 2021 and then increasing again to nearly VND 2.9 billion in 2022. The brand's profit after tax tended to grow for three years, with profit reaching more than VND 160 billion in 2020, then increasing to more than VND 220 billion in 2021 and standing at VND 226 billion in 2022.



VIMO

Co-branded between Vimo and Mobifone Technology Joint Stock Company, Vimo e-wallet supports users to withdraw, deposit, and transfer money quickly. Additionally, Vimo is affiliated with more than 24 different banks, making it a popular e-wallet today.


In 2022, VIMO's revenue recorded VND 1600 billion, which was a 102.5% increase compared to 2021 and a 163.5% climb compared to 2020. The brand's profits recorded continuous changes. Specifically, VIMO had a profit of more than VND 36 billion in 2020. This number decreased slightly by 12.9% in 2021, then went down again to more than VND 150 billion in 2022.


NEXTPAY

NEXTPAY Digital Transformation Group is a pioneer in the field of comprehensive digital transformation for medium, small, and micro enterprises in Vietnam. With more than 20 years of experience operating in the fields of information technology, e-commerce, and digital transformation, NEXTPAY provides businesses with more than 20 digital transformation Nextpay products, focusing on payment solutions, finance administration, and business management.


NEXTPAY's revenue exceeded VND 440 billion in 2022, which was a 9.7% growth compared to 2021 and nearly 25% compared to 2020. The brand's profit after tax tended to increase. Specifically, in 2020, the brand recorded a profit of nearly VND 66 billion. This figure declined to more than VND 90 billion in 2021 and then fell sharply by 150% in 2022, reaching more than VND 165 billion.


Viet Phu (Movi)

Movi Company is an organization dedicated to improving life and creating safe and comfortable living for the community. With a commitment to integrity and responsibility in providing financial services through three main products—quick cash advance, buy now pay later, and insurance—the brand is dedicated to its goals and provides innovative and transparent financial support for all workers across the country.


Movi's revenue in 2021 achieved nearly VND 110 billion, which was a 6.1% fall compared to 2020. It continued to go up in 2022, reaching a revenue of more than VND 160 billion. However, profit after tax recorded negative levels and continuously changed. From 2020 to 2021, profits decreased from a negative of VND 108 billion to VND 103 billion. In 2022, profits tended to decrease more sharply, reaching a negative level of nearly VND 450 billion.


According to recent research, It is forecasted that Vietnam's e-wallet market will continue to grow strongly and have the potential to compete with traditional banks or digital banks. Super applications in this market can attract customers not only in Vietnam but also in many other countries.


Source: Vietdata's 2022 Vietnamese E-wallet Market Report


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