Zalopay and Viettelpay Are the 3 Leading E-wallets in Vietnam Market

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More than 3 years ago, market research company cimigo published a study on users' perceptions and behavior towards popular e-wallet brands in vietnam. Initial research shows that momo, moca and zalopay are the 3 most commonly used e-wallets in 2 major cities of vietnam, hanoi and ho chi minh city. Hcm. At the same time, these three wallets account for 90% of the e-wallet user market share. Notably, in 2020 - the time cimigo published the research, the frequency of vietnamese users using 3 e-wallets momo, moca and zalopay was the same, by 2023 these numbers have changed. Forward.Advertisementspecifically, according to the report "The connected consumer" published by decision lab and vietnam mobile marketing association in the first quarter of 2023, the top 6 e-wallets in vietnam continue to be momo, moca, zalopay, viettelpay, shopee pay and vnpay.


However, the top 3 popular e-wallets no longer have the moca name. The e-wallet in the grab vietnam ecosystem has suddenly dropped to 6th place, with a market penetration of only 7%, according Brazil Email List to decision lab. Three names, respectively, leading the vietnamese e-wallet market are momo, zalopay and viettelpay. Compared to 3 years ago, this ranking is added with shopeepay e-wallet ranked 4th, and ranked 5th is vnpay e-wallet – vietnam's 2nd unicorn. In terms of consumer age, momo leads in all three generations of gen x, gen y and gen z. In particular, momo has a 50% higher preference for the two user groups gen z (aged 16-25) and gen y (age 26-41), with 51% and 54% respectively. .Similar to the media perspective, the fintech industry ranking in 2022 recorded by reputa - an information monitoring and analysis system on the network environment, momo is currently ranked no.






The ranking of electronic payment companies by level. Popularity on social networks, with the highest total score. The number of points that momo has is nearly 4 times higher than that of the second-ranked unit - shopee pay. In third place is vnpay, followed by vtc pay and viettel money respectively. The above figures not only show the fierce competition of vietnam's e-wallet market, but also partly reflect that vietnamese people's habit of using cashless payment tools has improved. A recent q&me report found that 75% of smartphone users use a mobile payment app or an online banking app. This shows that in the last few years, vietnamese people's financial and payment management habits have changed significantly. Most vietnamese prefer the trend of cashless payment and investment solutions - accumulation on mobile applications. Visa survey shows that the majority of asia-pacific consumers (55%) are likely to use contactless payments by phone, although these methods are not yet widely available in the market.