Market Research Report
Top Mobile Payment Service Providers in Vietnam 2020 and their Reaction to the COVID-19 Crisis
|Published by||yStats.com GmbH & Co. KG||Product code||973402|
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|Top Mobile Payment Service Providers in Vietnam 2020 and their Reaction to the COVID-19 Crisis|
|Published: November 24, 2020||Content info:||
"Due to the COVID-19 pandemic, online payments in Vietnam boosted, says yStats."
The Vietnamese online payment market has strongly profited from the coronavirus pandemic and the imposed restrictions. Even though cash is still widely used in the country, even for E-Commerce purchases, digital wallets along with cards and bank transfers, are catching up. According to the new yStats.com publication, the transaction volume of payments via mobile phones underwent a year-on-year triple-digit increase in July 2020.
Amid the COVID-19 pandemic, consumers have increased the use of mobile and contactless payment methods in Vietnam. Momo, the country's most used E-wallet, saw a doubling in the number of users as of October 2020 from earlier this year. Moreover, the platform has been increasingly implementing new payment solutions to allow its partner merchants and their customers a better payment experience during and after the health crisis, says the new yStats report.
Other E-Wallets in the country are making efforts to provide competition for the most leading online payment provider, Momo. AirPay especially profits from its partnership with the E-Commerce platform with the highest number of monthly visits in the country, Shopee. ViettelPay experienced six times increase in their user base in 2020, compared to 2018, according to a recent survey cited in the new yStats.com report. This was partially because of its cooperation with Doctor Anywhere as the outbreak of the pandemic.
Momo Inc, Viettel Group, AirPay Payment Services Pvt Ltd, ZaloPay.