 Explore the diverse landscape of payment methods in Vietnam’s burgeoning e-commerce sector. From traditional cash dealings to advanced digital wallet technologies, Vietnam is navigating a dynamic shift towards digitalization. This overview delves into various payment practices, spotlighting key local players who are shaping the future of commerce in Vietnam. Whether it’s through bank transfers, card payments, or innovative BNPL services, each method highlights the country’s rapid financial evolution and growing digital economy.
Payment by card in Vietnam
Card payments in Vietnam’s e-commerce sector continue to grow, with strong government policies promoting cashless transactions. By 2022, cashless payments increased by 85.6% compared to 2021, thanks to the widespread use of credit cards and bank transfers.
The domestic payment card scheme, NAPAS, continues to be pivotal in the market. Additionally, international networks like Visa and Mastercard are gaining more acceptance due to growing trust and adoption of online transactions. The government has set ambitious goals to further reduce cash-based transactions to below 10% by 2025.
Local actors : Napas
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Payment by cash in Vietnam
Despite efforts to promote digital payments, cash remains significant in Vietnam’s e-commerce. In 2021, cash accounted for about 28% of e-commerce payments, particularly in rural and less developed regions. A 2021 resolution aims to boost cashless transactions from 2021 to 2025, highlighting government initiatives for digital payment solutions. However, urban areas may adopt these technologies faster, while cash remains crucial where digital infrastructure is lacking.
Building on this, Viettel Post and VNPost actively support cash transactions in Vietnamese e-commerce, ensuring access even in less digitally connected areas. Additionally, courier services like Giao Hang Nhanh and Giao Hang Tiet Kiem play crucial roles. These entities not only deliver but also handle cash payments, crucial for reaching broader markets across both urban and rural regions.
Local actors : Viettel Post, VNPost, Giao Hang Nhanh, Giao Hang Tiet KiemÂ
Payment by bank transfer in Vietnam
MoMo leads in mobile wallet services, facilitating instant bank transfers and broad payment solutions. ZaloPay integrates with Zalo, enhancing e-commerce transactions with its quick payment capabilities. VNPay specializes in QR code and swift bank transfer technologies, improving e-commerce efficiency. Viettel Pay, supported by Viettel Group’s vast telecom resources, offers diverse digital payment options. These brands are pivotal in advancing Vietnam’s digital payment landscape.
Local actors : MoMo, Viettel Pay, VNPay, ZaloPay
Payment by BNPL in Vietnam
Buy Now, Pay Later (BNPL) services in Vietnam are expanding rapidly, fueled by the country’s growing e-commerce sector and a low rate of credit card usage. These services are particularly appealing to a rising middle class and younger consumers who might lack access to traditional credit sources. By 2024, BNPL is projected to increase its market share significantly, although it remains a small fraction of overall e-commerce transactions.
Local platforms like Tiki and Sendo are testing BNPL solutions to meet consumer demand for flexible payment options. These major e-commerce players are leveraging the BNPL model to allow consumers to purchase now and pay later, aligning with global trends where BNPL services gain popularity among tech-savvy shoppers​.
Further innovation in this sector includes the introduction of services from startups like Kredivo, which collaborates with local financial companies to offer BNPL. Viettel Money has also launched Paynow in partnership with FE Credit, enabling quick online activation for instant credit solutions. These services not only broaden the accessibility of BNPL in Vietnam but also cater to a demographic that is increasingly digital-first yet underserved by traditional banking products​.
Alongside the more established players, other local startups such as Finizi, Fundiin, Ree-Pay, and WowMelo are making significant strides in Vietnam’s BNPL market. Fundiin offers a flexible BNPL service that focuses on interest-free installments to enhance affordability for consumers. Ree-Pay, noted for its rapid growth, provides similar short-term financing options that cater to the immediate needs of Vietnamese consumers​.
WowMelo and Finizi are also carving out niches by offering tailored BNPL solutions that address specific market segments, enhancing the overall ecosystem for digital payments in Vietnam. These startups are not only broadening the options available but are also crucial in driving the adoption of BNPL among a broader audience that values flexibility and minimal financial burden when shopping online​.
Local actors : Tiki, Sendo, Paynow, Finizi, Fundiin, Ree-Pay, WowMelo
 
Payment by digital wallet and X-Pay in Vietnam
The e-wallet market in Vietnam is thriving, but facing intense competition from VietQR and bank applications, which are gaining popularity due to their convenience and seamless integration with local banks. E-wallets like MoMo, ZaloPay, and VNPay are still leading the charge, but the rise of VietQR and mobile banking apps has created fierce competition. As the digital wallet ecosystem matures, regulatory support and user-friendly features are key factors for e-wallet adoption.
In 2022, there were over 100 million e-wallet accounts registered in Vietnam, with usage growing rapidly across all age groups. However, the introduction of the VietQR system, which allows direct bank transfers via QR codes, has put pressure on e-wallets. The system is favored for its lower fees and direct connection to bank accounts, making it highly competitive against standalone e-wallets.
Local actors : MOCA, M-Pay, VNPAY, VinID Pay, ZaloPay, 9Pay, MoMo, Vimo
Payment methods in Vietnam interesting you?
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