The Digital Economy in Vietnam: Cashless Payments and E-Wallets

Vietnam is rapidly becoming one of Southeast Asia’s most exciting digital economies. As smartphone penetration, internet access, and fintech innovation expand, the country is moving closer to a cashless society. In this blog, we’ll explore how Vietnam’s shift toward cashless payments and the booming e-wallet sector are transforming the economy, empowering consumers, and presenting new opportunities for businesses and investors.

📱 Vietnam’s Digital Economy: A Snapshot

Vietnam’s digital economy reached US$23 billion in 2023 and is projected to hit US$49 billion by 2025, according to Google’s e-Conomy SEA report. A large part of this growth is being fueled by the rising adoption of cashless payments, digital banking, and e-commerce.

The government’s National Digital Transformation Program aims to have 80% of all transactions cashless by 2030. That ambitious target is now being supported by policy reform, tech innovation, and consumer behavior shifts—especially among the urban middle class and Gen Z.

Related: Vietnam’s Growing Middle Class and Market Opportunities Vietnam-Agent.com 

💳 Rise of E-Wallets in Vietnam

E-wallets are now at the center of Vietnam’s cashless revolution. These digital wallets enable users to store funds, pay bills, shop online, transfer money, and even invest—all from a smartphone.

Top E-Wallet Providers in Vietnam:

• Momo – The most popular wallet, with over 31 million users and partnerships with major retailers.

• ZaloPay – Integrated with Zalo (Vietnam’s top messaging app), ZaloPay is widely used for P2P transfers and mobile commerce.

• VNPay – Known for its QR code payments in stores and public services.

• ShopeePay – Leveraging the massive reach of Shopee’s e-commerce platform.

• Moca – Backed by Grab, Moca supports ride-hailing, food delivery, and bill payments.

These platforms are driving financial inclusion, especially for unbanked populations in rural areas.

Explore: Digital Marketing Strategies in Vietnam’s Fintech Industry

📊 Why Vietnamese Consumers Are Going Cashless

Several key trends are fueling the growth of e-wallets and digital payments:

1. High Smartphone & Internet Usage

Vietnam has more than 70 million internet users, and over 95% of adults in urban areas own smartphones. This makes mobile payments not only possible but convenient and accessible.

2. E-commerce Boom

Vietnam’s e-commerce market is expected to exceed US$39 billion by 2025. Digital payments are now preferred for online shopping due to their speed and reliability.

3. Government Support

The State Bank of Vietnam has introduced regulations to support cashless payments and aims to license more non-bank fintech platforms. QR code standards and interoperability guidelines are also being established.

4. COVID-19 Acceleration

The pandemic led to an increase in contactless payments, encouraging small businesses, restaurants, and street vendors to adopt QR payment systems and e-wallets.

🏢 How Businesses Are Adapting

From supermarkets in Ho Chi Minh City to taxi drivers in Hanoi, businesses are adapting to serve the cashless consumer. Integration with e-wallets enables:

• Faster checkout processes

• Easier promotions and cashback campaigns

• Reduced handling of physical cash

• Access to real-time transaction records and analytics

Businesses that partner with platforms like Momo or VNPay gain access to millions of active users through in-app marketing, loyalty rewards, and payment links.

Learn how local businesses adapt: Agent Services for SMEs in Vietnam

🏦 Integration with Traditional Banks

Vietnamese banks have been proactive in collaborating with fintech firms. Popular banks such as Vietcombank, TPBank, and Techcombank offer seamless links between accounts and digital wallets.

Some banks have also launched their own e-wallets, while others support mobile banking apps with advanced features like facial recognition, bill reminders, and savings automation.

🔐 Security, Fraud Prevention & Regulation

With digital transactions increasing, the Vietnamese government is investing in cybersecurity infrastructure. Regulations by the State Bank of Vietnam ensure compliance with Know Your Customer (KYC) requirements and limit account balances to prevent money laundering.

The development of digital ID and biometric authentication systems is also underway to further secure digital transactions.

🚀 Investment & Startup Opportunities

Vietnam’s e-wallet sector has attracted significant foreign investment. Momo raised over US$200 million in 2021, while other fintech players have received backing from firms in Japan, South Korea, and Singapore.

This opens doors for:

• Fintech startups looking to enter the market

• Investors seeking exposure to Vietnam’s digital growth

• Payment solution providers offering cross-border capabilities

Interested in entering Vietnam’s fintech space? Check out: How Vietnam-Agent.com Helps Foreign Companies Set Up Locally

🔮 Future Outlook

The future of Vietnam’s digital payments industry includes:

• Unified QR Code Systems – To allow payment via any wallet at any vendor.

• Open Banking – APIs enabling better collaboration between banks and fintech firms.

• Cross-Border Payments – Especially important for exporters, importers, and tourists.

• Digital ID Integration – To simplify customer onboarding and fraud prevention.

With strong policy support and a tech-savvy population, Vietnam is likely to become one of Southeast Asia’s leaders in cashless innovation.

✅ Conclusion

Vietnam’s shift toward a cashless economy is a key driver of its digital transformation. E-wallets are not only changing how people pay but also opening new opportunities in finance, commerce, and logistics.

Businesses looking to thrive in Vietnam should embrace these changes, integrate with popular payment platforms, and explore local partnerships that simplify digital operations.

For expert guidance and market entry support, Vietnam-Agent.com helps global businesses navigate Vietnam’s dynamic digital and financial ecosystems.