Vietnam is projected to experience a 40% surge in active digital wallets, reaching 50 million by the end of this year, as reported by financial data provider FiinGroup.
FiinGroup’s report indicates that the number of digital wallets stood at 36 million last year, demonstrating a rapid growth trend in recent years.
FiinGroup highlights the increasing popularity of digital payments alongside the expanding smartphone user base.
Smartphone users in Vietnam were estimated at 72.5 million in 2022, with forecasts predicting a rise to 82.2 million by 2025.
According to the State Bank of Vietnam, mobile phone transactions totaled nearly 7.13 billion in number and over VND49.4 quadrillion (US$2 billion) in value during the first 11 months of 2023.
Vietnam ranked third in Southeast Asia for the number of e-wallets in 2022, trailing only Indonesia and the Philippines, according to Statista.
Statista projects the number of e-wallets in Indonesia, the Philippines, and Vietnam to reach 215.7 million, 69.8 million, and 67.6 million respectively by 2026.
A Visa survey identified Vietnam, Indonesia, and the Philippines as leading in e-wallet usage rate. In Vietnam, MoMo (M_Service), ShopeePay, and VNPAY are the prominent e-wallet providers.
