According to recent studies conducted by market research and analytics company Decision Lab, in collaboration with marketing trade association MMA Vietnam, ZaloPay has become the second most widely used e-wallet service in Vietnam.
The studies, conducted throughout 2022, found that ZaloPay was utilized by 59% of consumers polled during Q2 and Q3, and by 54% of those surveyed during Q4 2022. These results reveal ZaloPay’s steady growth and increasing popularity in the e-wallet market of Vietnam.
Top e-wallets in Vietnam in Q2 and Q3 2022 – Penetration rates, Source: The Connected Consumer Q2/Q3 2022, Decision Lab/MMA Vietnam
The latest Connected Consumer reports have revealed key insights into Vietnamese consumers’ online behavior, including their social media usage, entertainment consumption, browser usage, communication, and shopping. These reports are published quarterly and provide a valuable resource for tracking trends and identifying patterns.
Among the platforms analyzed in the report is ZaloPay, a payment platform that enables users to make payments, transfers, pay bills, loan services, add credit to their mobile phones, and more. ZaloPay was established at the end of 2016 and is available as a standalone mobile payment app or integrated within the Zalo messaging app.
According to the Connected Consumer Q4 2022 report, Zalo is Vietnam’s top messaging app, with over 73 million active users and a usage rate of 87%. It is also the second most widely used social media platform in the country, with a penetration rate exceeding 90%.
Zalo has been recognized as a critical information system by the Vietnamese government and is included in the National Digital Transformation Program to 2025 with a Vision to 2023. More than 10,000 government agencies have established their Zalo accounts to enhance their connection with citizens, as reported by the Ministry of Information and Communication.
VNG Corporation began its listing on the local Unlisted Public Company Market (UPCoM) in January 2023 at a slashed valuation of VND 8.6 trillion (US$360 million), or only a sixth of the US$2.2-2.5 billion it was valued in 2021, according to Bloomberg. UPCoM is seen as a transition bourse for unlisted companies to test the appetite of investors before listing on an official exchange. The corporation is reportedly contemplating a US listing, a move that would make it the first Vietnamese tech company to list in America.
Top 3 social media platforms in Vietnam – Penetration rates (%), Source: The Connected Consumer Q4 2022, Decision Lab/MMA Vietnam
M_Service’s MoMo is the market leader in Vietnam’s domestic mobile wallet space with a market share of 68% in Q4 2022, 79% in Q3 2022, and 77% in Q2 2022. MoMo’s mobile app allows customers to conduct transactions directly from their mobile devices. The company claims 50,000 domestic partners, and 140,000 payment acceptance points nationwide in partnership with 70 banks and international cards.
According to statistics from Flcquangbinh, a finance portal in Vietnam, other prominent e-wallets in Vietnam include Viettelpay, ShopeePay (Airpay), and VNPay. Cashless payments have risen in popularity in Vietnam over the past years, driven by changing consumer behavior and preferences. According to a recent report by Visa, 65% of consumers in Vietnam now carry less physical cash than pre-COVID-19, while 76% have adopted e-wallets. Over 80% of consumers said they use card payments, QR code transactions, and e-wallets weekly.