Images showing the e-wallet market by share of active users by Robocash Group. (Photo courtesy of Robocash Group) In a report, Robocash Group said: “the modern e-wallet market in Vietnam isbooming with 90% of the market falling on three wallets: Momo, Moca andZaloPay.”
The country is seeing tough competition, given that there are 40 electronicwallets in operation, the report said.
Robocash Group estimates that by July 2024, the e-wallet market will have 50million active users, 100 million by May 2026, and 150 million by July 2030.
In addition to the already mentioned wallets, there are three other majorcompetitors including ShopeePay (AirPay), ViettelPay and VNPT Pay. The top sixalready account for 99% of the market.
According to a Decision Lab study, at the end of 2021, 56% of the Vietnamesepopulation that had an e-wallet use Momo. The portion is 17% for Shopee Pay, 14%for Zalo Pay, 8% for ViettelPay, 2% for Moca and 1% for VNPT Pay.
Robocash analysts observed that over the past four years, the number of activeusers has increased by an impressive 330%, from 12.3 million to 41.3 million.
About 57% of the country’s adult population actively uses e-wallets, incontrast to just 14% at the end of 2018, which is considered significantpenetration.
The Vietnamese e-wallet market can compete with traditional or digital banking,Robocash said, adding that the current six super apps mentioned above haveunlimited potential to attract new customers not only within Vietnam itself,but also beyond its borders.
By July 2030, the market share of active users will likely be distributed asfollows: Momo 47.3%, ViettelPay 30.2%, ZaloPay 16.5%, VNPT Pay 5.6%, Moca 0.4%./.
VNA
