Mobile wallets have become essential for travelers, transforming how they pay for travel-related expenses. In Vietnam, the mobile wallet market is highly concentrated, dominated by several key players that shape user preferences and loyalty.
This blog highlights the most popular mobile wallet brands among Vietnamese travelers in 2024, based on data collected over the past 12 months. This ranking offers valuable insights into the current landscape, helping businesses understand consumer behavior and identify market opportunities.
The Current Mobile Wallet Landscape
Momo continues to be the dominant player in the Vietnam mobile wallet market, boasting a remarkable P12M rate of 89%, which reflects its extensive user base. This strong penetration is also evident in its consistently high BUMO rate, significantly surpassing its competitors. Momo’s frequent use in daily transactions – thanks to its wide range of services and reliable performance – solidifies its position as the preferred wallet for Vietnamese consumers.
ZaloPay holds a respectable second place with a P12M rate of 60%, showcasing its broad adoption among users. However, its BUMO rate is considerably lower than Momo’s, indicating that while many users have tried the service, fewer rely on it for regular transactions. ZaloPay’s growth potential lies in enhancing user retention and expanding its ecosystem to boost daily engagement.
ShopeePay, with its integration into the Shopee platform, secures a solid third position with a P12M rate of 46%. Its BUMO rate is relatively modest compared to the top two wallets, suggesting that its primary use is associated with online shopping rather than broader financial services. Expanding beyond e-commerce payments will be crucial for ShopeePay to increase its regular usage rate.
Viettel Money has a 12-month (P12M) adoption rate of 41%, indicating steady usage among a specific segment of users, particularly those familiar with Viettel’s telecom services. However, its BUMO rate is among the lowest in the market, suggesting limited daily usage. This presents an opportunity for Viettel Money to expand its service offerings and increase user engagement beyond telecom-related payments.
VNPay, with a P12M rate of 33%, shows a moderate presence in the market. Similar to Viettel Money, VNPay’s BUMO rate is relatively low. Unlike other wallets that focus on retail payments, VNPay thrives in providing a wide range of bill payment and banking-related services. To boost user engagement, VNPay could enhance the user experience and expand its service offerings to attract a wider audience beyond occasional users.
Domestic vs. Global Players
The Vietnamese mobile wallet market is primarily dominated by local brands such as Momo, ZaloPay, Viettel Money and VNPay, which consistently outperform global competitors. These domestic players have cultivated strong consumer trust and loyalty by offering localized services, frequent promotions, and cashback programs tailored specifically for Vietnamese users.
ShopeePay, although a regional player, has effectively positioned itself as a strong competitor by integrating with Shopee, one of Vietnam’s leading e-commerce platforms. This integration provides ShopeePay with high visibility and frequent usage, particularly during shopping promotions and major sales events. As a result, ShopeePay has managed to secure a significant share of the market and remain competitive with top domestic wallets.
Conclusion
The increasing popularity of mobile wallets is transforming the payment landscape for Vietnamese travelers. To take advantage of growth opportunities in 2025, businesses must understand consumer preferences and stay updated on the latest market data. Mobile wallets have evolved beyond mere payment tools; they are now strategic assets for both travelers and companies within the travel ecosystem.
For a comprehensive understanding of how Vietnamese travelers interact with these platforms, check out our newly released report, “Vietnam Travel Tech 2024.”
