The most popular payment methods in Vietnam

Vietnam’s digital landscape is booming, with consumers eager to spend on quality goods and services as economic growth fuels a rising middle class. This presents an incredible opportunity for businesses to tap into this market.

Businesses that want to open the Gate-2-Asia and expand into Vietnam will need to understand what payment option their customers in this country prefer. Let’s take a look.

Previously a very cash-heavy country, the Vietnamese Government and the State Bank of Vietnam have promoted digital payments in remote and rural areas where cash use remains high.

As a result, payment preferences in Vietnam are rapidly shifting. Eighty-eight per cent of the population now prefers cashless payments, creating a market worth over $13 billion.

Total transaction value in the digital payments market is projected to reach US$101.50bn in 2025.

A fast-growing e-commerce market, alongside one of the highest internet and smartphone penetration rates in the world, has accelerated the growth of digital payments in Vietnam.

Digital wallets in particular have seen a sharp rise in popularity. As of 2022, approximately 70% of consumers in Vietnam use online or in-app mobile wallets. Vietnam is one of only five APAC markets where digital wallets are the leading e-commerce payment method.

MoMo is the app dominating the digital wallet market in Vietnam, allowing users to manage their money, send money and pay bills.

Other digital wallets used in the country include Vietnamese wallets, Moca, VNPAY and Zalopay, as well as global wallets such as PayPal.

Therefore, integrating local Alternative Payment Methods (APMs) is crucial for businesses looking for success in Vietnam.

Vietnam has one of the fastest-growing e-commerce markets in Southeast Asia, with an annual growth rate of over 30% presenting vast opportunities to merchants looking to expand.

The preferred digital payment methods in Vietnam are digital wallets, followed by account-to-account (A2A), credit cards, debit cards, and other payment methods such as prepaid cards and BNPL.

Integrating APMs into your business unlocks major benefits – streamlining transactions, reducing cart abandonment, and meeting consumer demand for seamless, cashless payments.

Ecommpay supports multiple payment methods in Vietnam, including digital wallets, online banking, and bank transfers.

Supported by major Vietnamese banks, this payment method is seamless, secure, and favoured for online shopping. Two-factor authentication (2FA) ensures the highest level of protection.

The leading digital wallet in Vietnam, MoMo is ideal for younger, tech-savvy consumers and offers fast, secure payments for everything from shopping to bills.

With over 30 million users, if you’re planning to expand your business to this country, you need to be offering this digital wallet to your customers.

Digital wallets provide a fast, convenient, and secure way to pay. Aside from Vietnamese wallets, we can also provide the most popular global wallets, including Google Pay, Apple Pay, Paypal, Neteller and Skrill, which are growing in popularity in this region.

A trusted and secure payment method, especially for large transactions. Bank transfers offer direct, traceable payments with robust security from top Vietnamese banks.

Popular bank cards in Vietnam include Visa and Mastercard. Our card acquiring offering allows you to accept card payments globally, with low risk, and improved authorisation rates.

We can help be part of Vietnam’s digital payment journey. Get in touch for advice on the payment methods you need to reach new customers in this region.

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