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

In Vietnam, card payments in e-commerce are gaining momentum, supported by strong government initiatives aimed at promoting cashless transactions. In recent years, the Vietnamese government has been actively improving the regulatory and legal framework to support modern payment infrastructures and services‚Äč. Cards are the main method for online payments, holding a significant market share of 31%‚Äč.

The domestic payment card scheme in Vietnam, NAPAS, plays a central role in the market. It is the primary debit card scheme in the country, underscoring the government’s push towards enhancing the digital payments landscape‚Äč. Additionally, international card networks like Visa and Mastercard are also prevalent, reflecting a growing acceptance of diverse payment methods in the digital commerce space‚Äč.

These efforts are part of a broader strategy to integrate more of the Vietnamese population into the formal banking system and to foster a transition from a predominantly cash-based society to one that embraces digital transactions‚Äč. The push towards digital payments is expected to continue to drive the growth of card payments in the coming years.

Local actors : Napas

Napas cards Vietnam 


Payment by cash in Vietnam

Despite efforts to promote digital payments, cash still plays a significant role in Vietnam’s e-commerce. As of 2021, cash accounted for about 28% of e-commerce payments, indicating its ongoing prevalence particularly in rural and less developed regions‚Äč‚Äč. A resolution was signed in 2021 aiming to boost cashless transactions from 2021 to 2025, highlighting government initiatives to transition to digital payment solutions‚Äč. However, while the urban areas may see a quicker adoption of such technologies, cash remains a staple in many transactions across the country, especially 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 Kiem 

Viettel post payment method Vietnam Post payment method GHN payment method GHTK payment method


Payment by bank transfer in Vietnam

In Vietnam, bank transfer payments in e-commerce are evolving rapidly due to significant collaborations between banks and tech firms. These partnerships are enhancing digital payment infrastructures, making instant transfers more robust.

The National Payment Corporation of Vietnam (NAPAS) has introduced the ACH system, offering Near Real-Time and Deferred Net Settlement services. This system supports a range of financial instruments and integrates seamlessly with NAPAS’s services, ensuring efficient instant payments‚Äč.

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

MoMo payment method ViettelPay payment method VNPay payment method ZaloPay payment method


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‚Äč.

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‚Äč.

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‚Äč.

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‚Äč.

Local actors : Tiki, Sendo, Paynow, Finizi, Fundiin, Ree-Pay, WowMelo

Tiki payment method Sendo payment method ViettelPay payment method Fundiin Logo Ree-pay logo WowMelo logo


Payment by digital wallet and X-Pay in Vietnam

In Vietnam, the digital wallet market is thriving, driven by increased internet use and smart device adoption. E-wallets offer conveniences like quick transfers and secure transactions, making them popular for a wide range of payments from online shopping to bill payments. This shift is fueled by a young, tech-savvy population and the integration of advanced technologies like AI and cloud computing into e-wallet services. Key players in this space include MOCA, M-Pay, VNPAY, VinID Pay, and ZaloPay, who are expanding digital wallet usage across diverse sectors‚Äč.

Additionally, 9Pay, MoMo, and Vimo are pivotal in broadening the digital wallet offerings, providing versatile and user-friendly payment solutions that cater to the evolving needs of Vietnamese consumers‚Äč. These platforms are integral in transitioning Vietnam towards more digital financial transactions, reflecting the global move towards cashless societies.

Local actors : MOCA, M-Pay, VNPAY, VinID Pay, ZaloPay, 9Pay, MoMo, Vimo

Moca logo mPay payment method VNPay payment method VinID logo ZaloPay payment method 9Pay logo MoMo payment method


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