People are installing up to 10 e-wallets on their smartphones, but are only using them during sale promotion programs.

Grab and MoMo are veterans in their core business fields, but they are the newcomers in the e-commerce market.

Non-cash payments continue to boom in Vietnam this year as the country has seen a surge in banking transactions and mobile payments in the first four months of the year, according to an official from the State Bank of Vietnam (SBV).

‘Bleeding money’ is the strategy that all the three biggest players – MoMo, Moca and ZaloPay – have been using to gain part of e-wallet market share.

Investment funds had poured $410 million into Vietnam’s fintechs as of the end of September 2019, according to a report of PricewaterhouseCoopers, United Overseas Bank and Singaporean Fintech Association.

Local tech platforms and startups aim to take on the world but doing so won't be easy.

To prevent the spread of the new strain of coronavirus in Vietnam, customers are encouraged to adopt cashless payment methods.

It was 2 pm at a fashion shop on Thai Ha street in Hanoi and customers were waiting to make payments with their mobile phones.

MoMo speeded up, Moca made a high jump with the support of the holding company, and VinID Pay extended beyond Vingroup ecosystem.

More and more players have joined the e-wallet sector, but all of them understand that they cannot expect big profits at this moment.

Ant will not control more than 50% of eMonkey, but is expected to have significant influence and provide technical expertise to the e-wallet

Vietnam’s fintech firms secured two of the top three largest funding deals in ASEAN in 2019.

Twenty eight e-wallets have been licensed, but 80 percent of market share belongs to only five of them, according to the State Bank of Vietnam (SBV).

Investment in fintechs has been increasing rapidly in Vietnam. Fintechs, once considered an arch enemy of banks, are cooperating closely with banks.

Most e-wallets are taking losses, but they are still calling for capital from foreign investors.

Vietnamese electronic wallet and payment application Momo jumped 48 places to sit at 36th in the top 100 global innovative fintech firms this year.

E-wallet firm MoMo launched a cashback programme on November 3 with value of up to 100,000 VND (4.30 USD) per transaction and for four transactions daily at most.

Ewallets are still not reporting profits, though they have been making heavy investments in their businesses.

According to PricewaterhouseCoopers, fintech startups have attracted $40 billion worth of investment over the last four years. Asia Pacific alone received $15 billion worth of investment in fintechs in 2018.