Vietnam Payments Market Size & Share Analysis - Growth Trends And Forecast (2025 - 2030)

Vietnam Payments Market Trends and Insights

Rising E-commerce and M-commerce Penetration

Vietnamese consumers have shifted decisively toward mobile shopping, with app-based checkouts accounting for a majority of online transactions in 2025. Social-commerce storefronts embedded inside Zalo, Facebook, and TikTok simplify one-click purchasing, reducing reliance on browser redirects.^{[1]ZaloPay, “Developer API Documentation,” ZALOPAY.}Payment providers therefore prioritize API-first architectures that slot easily into these platforms, ensuring high authorization rates and frictionless consumer journeys. Companies such as ZaloPay now bundle seller dashboards, logistics booking, and BNPL options to defend transaction share from cash-on-delivery. As smartphone ownership exceeds 80% in major urban clusters, the Vietnam payment market embeds directly into daily social media use, closing the gap between browsing and buying.

Government Cashless-Economy Programs

The SBV’s National Payment Strategy aims for 80% cashless transactions by 2030, buttressed by Decree 52/2024 that standardizes security, data localization, and interoperability.^{[2]State Bank of Vietnam, “National Payment Strategy and Regulatory Framework,” SBV.GOV.VN} Mobile Money pilots, capped at VND 10 million balances, enrolled 8.8 million users in 2024—72% located in rural provinces underserved by brick-and-mortar banks. These pilots demonstrate that simplified KYC tied to mobile phone numbers can unlock latent demand outside the top cities. By requiring ISO 20022 messaging for all new rails and mandating open APIs, regulators align Vietnam with wider ASEAN standards and give domestic firms a springboard for cross-border scale.

Expansion of Real-time Payment Rails

NAPAS 247 handled 8.9 billion instant transfers in 2024, up 33.8% year on year, making Vietnam a regional leader in 24/7 settlement.^{[3]National Payment Corporation of Vietnam, “NAPAS 247 Transaction Statistics,” NAPAS.COM.VN} Merchant VietQR acceptance has reached 85%, enabling shoppers to scan a single interoperable code regardless of their bank or wallet. Real-time rails now support government fee collection, utility bills, and payroll, widening beyond retail P2M flows. Because the network is ISO 20022-native, Vietnamese providers are technically ready for ASEAN QR linkage, which commenced with Thailand in 2024 and will add Cambodia and Laos next. This infrastructure means the Vietnam payment market can offer cross-border instant transfers at materially lower cost than legacy correspondent banking.

Social-commerce Payments via Zalo/Meta Ecosystems

Livestream sales inside Facebook, Instagram, and Zalo bypass traditional e-commerce checkout pages, creating demand for embedded payment APIs that confirm orders in chat threads. ZaloPay’s Shopify connector extends this embedded approach to global storefront platforms, letting Vietnamese SMEs collect international cards while settling domestically. Larger average order values in livestream sessions encourage wallets to layer financing tools such as pay-later, protecting share from card issuers. As Decree 52/2024 compels stronger customer authentication, entrenched social platforms enjoy scale advantages in fraud prevention, raising entry thresholds for niche wallets and new-to-market fintechs.

Entrenched Cash Culture in Rural Provinces

Cash remains dominant in remote areas where patchy network coverage and low smartphone adoption hamper digital migration. Agricultural households in the Mekong Delta favor tangible currency that aligns with irregular harvest income, and many merchants resist transaction fees that accompany card or wallet acceptance. SBV-driven digital literacy programs and telecom rollouts aim to narrow the gap, yet cultural preferences and concerns over data privacy slow progress. Even so, Mobile Money’s rapid uptake hints that low-friction, phone-number-based services can gradually displace cash if reinforced by agent networks and bill-payment use cases.

Limited E-wallet and QR Code Interoperability

While VietQR unites the banking sector, proprietary wallet codes still fragment acceptance, forcing small merchants to juggle multiple stickers and settlement dashboards. MoMo’s deep user base and ZaloPay’s social graph both lock consumers into walled gardens that complicate universal acceptance. The forthcoming Open-API circular, slated for 2026, will oblige licensees to open transfer and balance endpoints, but implementation remains two years away. Until then, merchants incur duplicate integration costs that weigh heavier on micro-SMEs, and consumers face inconsistent cashback and fee structures that sometimes nudge them back to cash.

Segment Analysis

By Mode of Payment: Digital Wallets Lead While A2A Transfers Accelerate

Digital wallets captured 36.73% of Vietnam payment market share in 2024 on the back of MoMo’s 69% and ZaloPay’s 44% user penetration. However, A2A payments are forecast to grow at an 11.78% CAGR, buoyed by VietQR’s 85% merchant reach and NAPAS 247’s 8.9 billion annual transactions. This migration toward real-time bank transfers reduces top-up friction and merchant MDRs, making wallets compete on value-added services instead of closed-loop balance storage. Vietnam payment market size for A2A flows is projected to more than double by 2030 as consumers trust direct bank connections and enjoy instant refunds and charge-back parity. 

POS card usage still accounts for significant volume, with debit acceptance at 95% of stores, but credit still lags because prudential capital rules deter aggressive card issuance. Cash-on-delivery retains around 30% share of rural e-commerce checkouts, though this proportion erodes each year as Mobile Money expands. Decree 52/2024’s enhanced authentication rules play to the strengths of established banks that already comply with multifactor protocols, accelerating wallet-to-bank substitution. By 2030, analysts expect wallets to act primarily as orchestration layers, routing payments to real-time rails beneath rather than holding user deposits.

By End-User Industry: Healthcare Digitization Outpaces Retail Growth

Retail commanded 27.83% of Vietnam payment market size in 2024, sustained by high QR acceptance at convenience stores and supermarkets. Yet healthcare is on track for an 11.33% CAGR thanks to government mandates that 71% of hospitals now satisfy. Direct bank connections support 31.4% of hospitals, while alternative channels such as kiosks linked to Mobile Money cover a further 15.4%. These integrations shrink checkout times and cut administrative overhead, giving hospital managers a clear ROI. 

Entertainment and hospitality rebound alongside inbound tourism and now incorporate tokenized card-on-file models that travelers trust. Visa’s 2024 consumer survey found 48% of outbound Vietnamese tourists plan cashless trips, encouraging hotels and airlines to integrate multiple wallets. Transport continues its steady climb, with ride-hailing operators embedding MoMo and ZaloPay to secure frictionless hand-offs between ordering, navigation, and payment. Finally, government e-invoicing thresholds push B2B corporates into automated accounts-payable flows, broadening revenue streams for treasury-focused fintechs beyond consumer retail.

Note: Segment shares of all individual segments available upon report purchase

Geography Analysis

Ho Chi Minh City and Hanoi together generate 60% of Vietnam payment market transaction value while hosting only 25% of the population. Urban merchants post 95% digital acceptance, backed by fiber networks and dense banking footprints. Conversely, Mobile Money’s 8.8 million users skew 72% rural, demonstrating that simplified, SIM-based accounts thrive where smartphones and bank branches are scarce. 

Cross-border ties push the Vietnam payment market beyond domestic confines. 2024’s QR interoperability with Thailand enables tourists to scan VietQR codes overseas and vice versa, and ASEAN working groups plan Cambodian and Lao links next. Digital remittances into Vietnam reached USD 15.9 billion in 2024, 6.2% of GDP, underscoring the economy’s integration into migrant labor corridors. 

Decree 52/2024 imposes uniform technical standards nationwide, but readiness varies. Tier-2 cities such as Da Nang, Can Tho, and Hai Phong now exhibit adoption curves that mirror Hanoi’s 2019 baseline, helped by public-private fiber projects and SBV subsidies for merchant POS kits. Meanwhile, the Mekong Delta lags as cash crops and fragmented logistics inhibit digital uptake. Government telecom build-outs scheduled through 2027 aim to close this gap, pairing 4G coverage with payments training at community banks.