The digital financial services sector in Vietnam is becoming one of the key growth areas, driven by the government 's policy of promoting cashless payments.
A market with great potential.
According to the 10th Southeast Asia Digital Economy Report, published last November by Google, Temasek, and Bain & Company, the total value of transactions through digital payment methods is projected to reach US$178 billion by 2025.
In Vietnam, as of March 31, 2025, there were 47 organizations licensed to provide e-wallet services, with nearly 46 million activated wallets and over 30 million active wallets. The balance in these wallets exceeded 2,800 billion VND, demonstrating the attractiveness of cashless payment methods.
Despite the large number of participating businesses, the actual market share remains mainly concentrated among the leading group, including MoMo, ShopeePay, etc.
Dr. Nguyen Tri Hieu, an independent financial and banking expert, also noted that although the units have different development orientations, the list of products and services is generally quite similar. The applications all provide traditional service groups such as public utilities, shopping, entertainment, and insurance and financial services…
Therefore, this expert believes that in order to capture market share from Vietnamese consumers, e-wallet businesses need to reinvent themselves and create widespread coverage to become applications that people use regularly.
E-wallets are striving to increase their presence.
According to observations, the e-wallet market is no longer a race to burn money on promotions; instead, it's shifting towards competition based on convenience and service quality. While MoMo has chosen to position itself as a "financial assistant with AI," ZaloPay aims to break away from the traditional e-wallet model to become a multi-functional payment platform.
Similarly, ShopeePay, an e-wallet closely associated with the e-commerce model, has shown strong growth recently by allowing its large user base to pay using any QR code from VietQR, VietQR Pay, to VNPay from multiple sources and payment methods.
Last October, this e-wallet also expanded its reach by partnering with Vietnam Technological and Commercial Bank (Techcombank) to launch a feature allowing users to open Techcombank accounts and link their e-wallets directly on the ShopeePay app, targeting young customers who do not yet have bank accounts.
The trend of cooperation between banks and fintech companies is being encouraged by the State Bank of Vietnam, especially after e-wallets were recognized as a means of payment from July 1st. This makes e-wallet platforms a crucial link in the flow of finance, data processing, and transaction security for tens of millions of people.
"The game" to enhance customer experience
To win over users, e-wallets are upgrading their ecosystems to encompass the entire payment, shopping, and personal finance journey. Promotions are also being restructured to focus on essential services instead of widespread discounts.
ShopeePay is focusing on transportation and public utilities. This December, in addition to a 50% discount from December 10-12 on transportation services, mobile phone top-ups, and payments at select stores, ShopeePay is also offering users a 99% discount on the first 10 tickets each month when paying via QR code at Hanoi Metro stations…
In particular, e-wallets have also expanded into the consumer finance sector, with ShopeePay promoting SPayLater – buy now, pay later – allowing users to spend flexibly by splitting payments into smaller installments, even applying this method at partner stores when paying via QR code on the app. This is a fertile ground, creating a closed ecosystem from payments and consumption to microfinance support, making e-wallets not just a place to store money but a mobile, compact, and convenient "mini-finance application."
In the future, e-wallets have many opportunities to move beyond their role as mere payment methods and become integrated financial platforms. The race for better user experience, convenience, and diverse services will become the driving force behind these platforms in the Vietnamese fintech market.
Phuong Dung
Source: https://vietnamnet.vn/vi-dien-tu-dua-nhau-lam-moi-de-giu-chan-nguoi-dung-2471559.html
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