return icon

COVID-19 gives boost to e-wallet market

The impact of COVID-19 in Vietnam has spurred more than ever the growth of cashless payment, including electronic purses.

COVID-19 gives boost to e-wallet market hinh anh 1


According to a Visa survey, amid the pandemic, Vietnamese users are gradually prioritising using e-wallets and contactless payments. It showed that 57 percent of respondents have up to three e-wallet apps, while 55 percent prefer an app that can perform all transactions. A large number of e-wallets, such as MoMo, Moca, ZaloPay, Viettel Pay, Payoo, ShopeePay, and most recently MobiFone Pay, are available in the market, offering many incentives to attract customers, making the market more bustling than ever.

COVID-19-induced contact and travel restrictions have caused users to switch from brick-and-mortar stores to online channels. E-wallets have seized the opportunity to massively launch their promotion programmes, hence a higher payment rate.

Latest figures from the State Bank of Vietnam showed that during the early months of 2021, more than 200 million transactions worth some 77.7 trillion VND (3.38 billion USD) were made through e-wallets. The convenience of e-wallets in payment is the reason for many banks to engage in this service segment.

According to AppotaPay's forecast, the cashless payment market will grow strongly in the next three to five years. In particular, mobile money and e-wallets will be key services to help non-cash payments expand its share in the Vietnamese market./.

Source: VNA



2022 FDI report to focus on green growth, economic structure

First Vietnamese victim in Manchester fire identified through fingerprint

Partial human remains recovered from Bismark House Mill in the UK have been identified, through fingerprint analysis, as Nguyen Van Uoc, according to the Vietnamese Embassy in the UK, citing an announcement on August 12 by Greater Manchester Police.

Vietnam seeks foreign investment in medical devices production

The Vietnamese medical devices market, which is growing annually at more than 18%, relies heavily on imports, representing significant opportunities for foreign businesses, according to the Ho Chi Minh City Medical Equipment Association.

North-South express railway to seek Politburo’s approval

The Ministry of Transport will submit to the Politburo for consideration an investment policy for the construction of a North-South express rail link, which would cost up to 58.71 billion USD, this September.


Trains to increase during National Day holiday

Challenges for supermarket chains

The recent shutdown of multiple Bach Hoa Xanh (BHX) stores has been the talk of the town for the past few weeks. What prompted the leadership of this grocery store chain to come to such a decision despite the considerable growth in total revenue?

Re cakes: Phan Thiet’s specialty sweet treat

Re cake, a specialty of Phan Thiet City, Binh Thuan Province, tastes so delicious that no visitor can resist it.

A new move for open market operations

The State Bank of Vietnam (SBV) has recently made a new move regarding open market operations (OMO). Valuable papers are purchased at a competitive interest rate, instead of a fixed rate as before.

An insight into Vietnam’s indebtedness

National debt, or foreign debt, when reaching an excessive level, often leads to an economic crisis.

Nguyen eyes bigger competition after ASEAN Para Games wins

Tran Van Nguyen stands only 1.27m and has short arms and legs. But he has dominated the top podiums of many competitions.

Vietnam to have national marine spatial plan by 2030

A national marine spatial master plan is being developed, aiming to fuel the sustainable development of marine economic clusters and establish sea-based economic hubs by 2030.

Digital business lines developing well

Major tech companies are looking to expand in Vietnam, on the back of strong hardware export and IT figures for the country's telecom industry so far this year.

Vietnam targets launch of modern digital finance platform by 2025

Minister of Finance Ho Duc Phoc has signed a decision promulgating the Ministry of Finance's digital transformation plan to 2025, with vision to 2030.

Vietnam, Southeast Asia find ways to rise amid difficulties

Vietnam and the Southeast Asian region have managed to maintain economic stability and growth despite COVID-19 and the Russia-Ukraine conflict, according to experts.

CPI method of calculation is correct: economist

“Someone told me they had a feeling that the CPI is not correct. I asked them on what grounds. Scientifically, that cannot be proven,” said economist Vo Tri Thanh.