3 best e-wallets in the Vietnam fintech market

Vietnam is one of the lucrative markets for fintech in Southeast Asia. Accordingto a report by Robocash Group, 93% of all venture capital investments in the country are directed to the e-wallet and cryptocurrency segment. Every second, Vietnamese people use at least one Fintech service. The demand for digital services, including transactions, payments and wallets among Vietnamese people is remarkable.

So, what are the top 5 best e-wallets in the Vietnam fintech market? Let’s find out with FinFan in this article.

First of all, must mention the e-wallet MoMo

Established in 2013, MoMo was the first e-wallet in Vietnam, while other payment gateways like Ngan Luong, Bao Kim, Onepay, etc. were very successful in the market at that time. The different key point to make MoMo become a unicorn in the Vietnam fintech market like today is developing everything on smartphones instead of a website.

In 2013, MoMo was capitalized in series A by Goldman Sachs with 5.75 million dollars. After capitalizing, MoMo has been developing extremely fast and continuing to integrate many mini apps on their platform for helping customers to pay for demand life such as electronic, hydroponic water, school bills, etc., and more advanced needs like insurance, smartphones/cars/homes installments, etc.

In 2016, Goldman Sachs connected with Standard Chartered to invest in series B of MoMo with 28 million dollars.

In 2020, MoMo had 20 million users and become the super app of Vietnam. Till 2022, MoMo has successfully raised capital of up to 433 million dollars with 5 series. Parallel with that the users of MoMo have been growing significantly (up to 31 million users). That made MoMo become the most users e-wallet in the Vietnam fintech market.

In the second rank of e-wallets in Vietnam fintech market called Zalo Pay

Known as “The citizen e-wallet” when benefiting from the most users messaging app in Vietnam – Zalo, Zalo Pay is the second name of the top 5 best e-wallets in the Vietnam fintech market.

Started to join the market in 2016, Despite coming late after MoMo, Zalo Pay has its own strengths to build its community so fast based on the success of Zalo when to the current time this messaging app has reached the number more than 100 million users in Vietnam.

We could say the business modal of Zalo Pay is the same with WeChat Pay in China fintech market.

Regarding capitalization, like WeChat Pay, Zalo Pay has been directly invested by the holding company named VNG – a technology company that started from a game publishing and owns many successful brands in Vietnam like Zing MP3, Zalo messaging app, Zing News, etc.

On February 13, VNG Corporation saw its market capitalization reach VND36. 8 trillion ($1.56 billion) (Source by Hanoi Times).

The third place ranking e-wallet is VNPay

VNPay e-wallet makes a difference compared to other e-wallets when it is integrated in the bank's E-Banking, users do not need to spend a lot of time depositing or withdrawing money but can still make transactions. Outstanding features of the application.

Transactions on VNPay are done by scanning a QR code, so it will ensure that the payment is secure, safe and convenient. In addition, it also uses Blockchain security technology, which helps to increase the security of VNPay.

The company also runs VNPay-QR, an interoperable cashless payment network that serves 22 million users and over 150,000 merchants.

*In 2019, VNLife reportedly received $300 million from the U.K.’s based SoftBank Vision Fund and Singapore state fund GIC but did not disclose the information at the time.

In 2021, VNLife, which owns digital payments firm VNPay, said it has raised over $250 million in a series B funding round co-led by U.S. investors.*

*Sourced by VNExpress

This article was curated and authored by FinFan's market research and development team, alongside our marketing department.

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