Breakthrough in cashless payment

By 2024, Vietnam will have about 200 million individual customer payment accounts, an increase of more than 50% over the same period last year. According to data from the State Bank, also this year, non-cash payments in Vietnam reached 17 billion.

Users go to "Expense Management" on the MoMo app to review spending for a month.

Scan QR from home to alley

Stopping by a sticky rice shop on her way to work in the morning, Phan Hanh (27 years old) placed an order while raising her phone to scan the code to pay. A small board with a QR code printed on it was neatly placed by the seller in front of the stall, enough for busy customers like Hanh to quickly "understand" that the shop accepts money transfers.

Hanh held up the phone screen with a successful transaction check mark, implying “paid”. Confirmed by a quick nod from the seller, the entire transaction took place on the phone, without the need for cash to change hands, in less than 1 minute.

Quynh Le (23 years old) has not even had the habit of carrying cash for many years. “Now when you go out, you can buy anything from bread, a cup of coffee, etc. with payment apps. When you stay at home, you can shop online, pay bills, top up your phone, buy plane tickets, watch movies, etc., all you need is an e-wallet or banking app,” Quynh said.

Hanh or Quynh are among the more than 200 million personal payment accounts of Vietnamese people in 2024, recording an increase of more than 50% compared to the same period last year. Also this year, cashless payments in Vietnam reached 17 billion transactions, according to data from the State Bank of Vietnam. The number of users and transactions confirm the rise of cashless payments. QR codes are almost everywhere from shopping malls, large supermarkets... to every traditional market, pho shop, grocery store, sticky rice stall, mobile coffee cart...

Not only popular from home to street, "electronic payment" has also become a hotly discussed keyword on... social networks, according to the fintech report at the end of 2024 published by Reputa. Young people especially love this form, whispering to each other many tips to take advantage of online payment to accumulate points to redeem gifts, hunt for promotions, get cashback, receive promotional vouchers... Just on applications like MoMo, users can redeem many gift cards from food, travel, shopping,... over 180,000 partners in many industries from beauty, entertainment, fashion , travel,...

But to truly cover a wide area, applications such as MoMo, Zalopay, Viettel Money,... - taking advantage of the development of mobile internet and data, have created a revolution in payment thanks to reaching remote areas..., helping people who do not have the conditions to open a bank account to enjoy the convenience of "going cashless".

The number of Vietnamese Mobile-Money accounts by June 2024 has reached 9.13 million accounts, according to the latest report from EY. Of which, about 70% are opened in rural, mountainous and island areas.

Financial apps make complex services simple

Just as they made going out without a wallet the norm, financial apps are continuing to make complex services simple, thanks to the “key” of technology and data.

From small daily payments, today's financial applications with AI technology are capable of automatically classifying bills into each category, thereby synthesizing a spending picture, accurately reflecting the personal financial situation to help users manage easily and effectively.

Public administrative services such as paying social insurance, health insurance, car and motorbike registration fees, traffic violation fines, etc. can now also be conveniently paid through the app.

According to MoMo statistics, in 2024, besides other payment gateways, this payment channel will account for 35% of total non-cash transactions on the national public service portal.

With the same approach of “simplifying complex processes” above, many other financial services have thus reached the majority of people, regardless of geographical distance, age, income, education level, etc. A typical super application model like MoMo has the ability to integrate payment ecosystems, savings, financial management, investment, etc. on a single platform, within everyone's reach.

No longer a game for businesses or individuals with high and medium incomes, a user with even a modest amount of money can still open an online savings account from only 500,000 VND, buy fund certificates from only 10,000 VND, invest in stocks, and open a bank account in 2-3 minutes.

Aiming for financial inclusion for everyone, financial applications also strive to bring unbanked customers into their ecosystems. The Postpaid Wallet product of MoMo and TPBank is a typical example when it becomes a “financial lifebuoy” for many people without credit history approved for formal loans, paying for basic daily needs.

MoMo is one of the Top 10 Best Brands in Vietnam.

With its continuous efforts to "popularize" and bring financial services closer to the daily lives of Vietnamese people, MoMo has just marked its 4th consecutive year of being included in the Top 10 Best Brands in Vietnam 2024 (Best Brand Rankings 2024 in Vietnam), announced by market research firm Decision Lab.

When standing next to brands in essential fields such as F&B, e-commerce, electronics, technology,... the appearance of MoMo - the only fintech application in the ranking - further affirms that financial services have become closer and have entered the life of Vietnamese consumers.

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