Mobile wallets are rising in popularity as a result of the continued development of fintech startups in Vietnam. Payments, money-transfers, and everyday spending have become increasingly digital, and consumers have jumped at the opportunity to keep track of their spending habits and budgets through eWallets. Digital wallets in Vietnam are relatively new, but recent research from Cimigo has shown that the trend is rising exponentially with users spending on average of 500,000 VND ($21.50 USD) per day digitally.

As the country sees a rise in access to the internet and increased levels of eCommerce engagement and expenditure, experts in the industry are foretelling an outstanding level of rapid growth over the next few years.

Companies paving the way for digital payments 

With the rise of mobile wallet spending and the need for more choices to meet specific consumer needs, many more companies are diving into the fintech world. Some stand out from others, and the majority of consumers who have signed up for mobile spending apps in Vietnam have chosen one of the following key players.

We expore how consumer trends and buying behaviours are evolving in an increasingly digital Southeast Asia


The most popular payment app in Vietnam is MoMo, with over 20 million users. The well-established app received a sizable capital injection last year from big-name investors including Warburg Pincus, Standard Chartered, and Goldman Sachs rumoured to be in the region of $100 million USD

In an article on their website, the chairman said they owe some of their success to the changes and restrictions brought on by the COVID-19 pandemic. Roughly 30-40% of their new users downloaded the app and began changing the way they shop following the onset of the global health pandemic.


Another Vietnam-based mobile payment application growing in popularity in the region is moca. This app has managed to integrate with 12 banks and major international forms of payment, such as Visa and Mastercard, making it easy to navigate and convenient for its users. 

Moca developed a partnership with Southeast Asian decacorn Grab to allow its users to use cashless payments on the Grab platform for everything from ride-hailing to food deliveries.


ZaloPay’s eWallet system has taken off in recent years thanks to the growth of the fintech scene in Vietnam. The app, designed to meet the needs of all their users, has personalised and unique features such as helping to send gifts and gift payments, pay bills, transfer money to credit card balances, and paying for items in-store.  

ZaloPay is an extension of the Zalo Messenger app, a top choice for the Vietnam population and part of the portfolio of the Zion joint-stock company. Vietnam’s only unicorn, VNG Corporation recently reduced its stake in the eWallet by selling shares to other investors, but this is unlikely to have a significant impact on ZaloPay.


Promising the same features as other eWallet apps, AirPay has the advantage of being connected to 18 banks and allows consumers to link to a wide variety of their favourite shopping apps. The company was first licensed in 2015 and is now one of the most-used super apps in the region.

Owned by Singapore-based Sea Group who also own one of Southeast Asia’s most popular online shopping platforms, Shopee, AirPay has some major clout behind it.

Indonesia is one of the top digital wallet markets in the region. We explore the top 5 non-banking wallets in the market.

Reasons behind the recent rapid growth 

Aside from the current COVID-19 pandemic making it harder for people to access goods and services the old fashioned way, the rise of digital wallets in Vietnam is the result of many factors. Urban centres have been driving the population towards cashless purchases, and QR codes are making it easier for businesses to accept cashless payments.

With apps, such as Gojek and Grab entering the Vietnamese markets, the prevalence of digital wallets and the ability to use money seamlessly across a variety of different online platforms have become more in-demand.

According to JP Morgan, the eCommerce market in Vietnam has a large projection rate when it comes to digitally-lead commerce and is likely to grow by a rate of %19 by the year 2021, which will provide a boost for digital wallets in Vietnam.  

These fintech startups in Vietnam are just a few of the many companies attempting to put their hat into the ring when it comes to mobile wallets and the growth of eCommerce in the region. An increase in eWallet usage and increased online shopping is not surprising in this largely youthful demographic. The rise in adoption of digital products is only going to continue to escalate as the country rolls out its 5g network and improves internet accessibility even in remote regions.