E-wallets are believed to be a very promising business field in Vietnam, but the market is now controlled by foreign firms.

Attempts to date to move the population away from their preference for cash need to be continually built upon.

Policymakers believe that the limitation on the foreign ownership ratio in Vietnam’s fintechs would help ensure transparency in payment activities, thus facilitating the development of companies.

Vietnam’s fintech includes payment solutions, blockchain, big data management, personal finance and group mobilization, of which payment solutions are the fastest growing segment.

A typical characteristic of the 4.0 industry revolution is the faster diffusion and larger coverage of new technologies, as well as the higher speed in realizing innovative ideas.

E-payment channels are flourushing but few people are choosing the payment channels.

Nepal on May 21 imposed a ban on transactions with Chinese e-wallets Alipay and WeChat Pay in the country. What about Vietnam?

The first virtual store has opened in Vietnam, giving more choices to shoppers. However, it is still unclear if it will become a new trend.

An intermediary payment tool is the goal of many businesses, which want to develop their own ecosystems.

Following the removal of the limit, Vietnam’s central bank said it would only maintain the monthly limit of VND100 million (US$4,284) for each individual.

Nearly 30 e-wallets have been licensed, but only a few of them have real users.

The attempted restriction on transaction value via e-wallet has faced strong opposition from both wallet users and goods and service providers.

VietNamNet Bridge - The simple procedures required for remittance and payment transactions have sparked doubt about the security of e-wallets.

VietNamNet Bridge - Money collection services have brought big money to commercial banks. 

At least 1.3 million e-transactions are processed through NAPAS, the national payment system, and commerce banks, on average, each day, according to a report.

Making payment via QR Code is now popular in Vietnam as a series of commercial banks, e-wallets and intermediary payment institutions have launched QR Pay feature on mobile apps and mobile banking services.

VietNamNet Bridge - Payments for many different kinds of goods and services, from air tickets to electricity bills, can be made by scanning QR codes with mobile cameras.

VietNamNet Bridge - More than 20 e-wallets have been jostling for market share in Vietnam, which is believed to be a potential market. However, it is not easy to find users.

VietNamNet Bridge - While Vietnamese banks are trying to collect fee from clients, e-wallet service providers are not charging fees, or collecting low fees to lure more users, analysts say.

VietNamNet Bridge - As commercial banks have increased Internet Banking, Mobile Banking and cash withdrawal service fees, clients have shifted to use e-wallets which are convenient and free.