- August 11, 2021
- Posted by: GBS
- Categories: Business, Economics
According to TechSci Research report, “Vietnam Mobile Wallet Market”, The Vietnam Mobile Wallet market is expected to witness significant growth in the forecast period.
Mobile payment is defined as the payment method in which the money can be transferred through several mobile devices such as smartphones, tablets, and other smart devices. It is used as the virtual wallet and can be used to make payments for various applications including online shopping, paying utility bills, amongst others, and is considered better than the conventional method of payment as it offers easy accessibility, secured payment gateways, quick money transfers, among others which are expected to fuel the demand among consumers contributing to the Mobile Wallet market growth. Significant growth in the adoption of e-commerce channels in Vietnam owing to the benefits provided by the e-commerce industry market players such as higher convenience, secure payment options, easy dispatch, and delivery options along with lucrative discounts and offers thereby attracting a huge number of consumers to make a purchase via online channels. Supportive government policies to promote digitalization across the industry verticals to increase efficiency and speed up the process is expected to pave the way for the Mobile Wallet market growth. Market players are providing attractive cashback and discount offers to Mobile Wallet service providers to increase the reach of the Mobile Wallet to consumers.
The COVID-19 outbreak across the world which has been declared as a pandemic by World Health Organization has affected several countries adversely. Coronavirus-affected patients started suffering from shortness of breath along with coughing and sneezing. Leading authorities in Vietnam imposed lockdown restrictions and released a set of precautionary measures to contain the spread of novel coronavirus. The rise in the adoption of online channels increased during this period. Businesses and individuals began opting for contactless cashless payment options to purchase through offline and online channels, which in turn in boosting the demand for Mobile Wallets for online payments.
However, the rise in concerns about frauds and data breaches may restrain the growth of the Mobile Wallet market growth in the forecast period.
Vietnam Mobile Wallet market is segmented into type, technology, application, industry vertical, regional distribution, and company. Based on the industry vertical, the market can be divided into transportation, media & entertainment, retail, healthcare, energy & utilities, telecommunication, and others. The transportation segment is anticipated to witness growth in the forecast period, 2022-2026. Market players are providing the consumers to make payments using Mobile Wallet technology as it is a hassle-free process, and it is a transparent and secure process for online transactions. Based on the application, the market can be divided into bill payment, mobile recharge, money transfer, micropayment & others. The bill payment application segment is expected to hold significant growth in the next years as it provides the user the ease and convenience to pay easily without physically visiting the offices or stores to make payments.
MoMo, VNG Corporation, Viettel, AirPay, VNPay, GrabPay, ManagePay Systems, Payoo, Moca, SenPay are the leading players operating in Vietnam Mobile Wallet market. Service providers are increasingly focusing on research and development process to fuel higher growth in the market. To meet evolving customer demand with respect to better efficiency and durability, several Mobile Wallet service providers are coming up with their technologically advanced offerings.
“The rise in presence of fintech firms and the high-end investment by the market players for technological advancements such as e-banking, mobile money is expected to influence the growth of the Mobile Wallet market. Growing development in the telecommunication industry to expand the reach of internet services to urban as well as rural areas is expected to widen the reach of Mobile Wallet technology to each citizen which in turn is expected to fuel the market growth. An increase in the efforts made by the market players to upgrade the existing infrastructure by providing extra security layers to users and the adoption of attractive marketing strategies such as social media campaigns, hiring of influencers for advertisement purposes is expected to propel the Mobile Wallet market growth till 2026” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
According to TechSci Research “Vietnam Mobile Wallet Market” has evaluated the future growth potential of Vietnam Mobile Wallet market and provided statistics & information on market size, shares, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the of Vietnam Mobile Wallet market.
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