Currently, users tend to install many e-wallets, payment applications, digital finance in the machine to meet all usage needs, but in reality this may not be necessary.
Currently in Vietnam market, 60% of the population are young, under 35 years old, knowledgeable about technology and ready to receive new services. The government’s support for cashless payments has helped e-wallets and mobile payment solutions explode in recent years.
For users, it is no longer difficult to use e-wallets and payment applications in life. At many convenience stores and cafes, customers can find QR code stickers at checkout counters. Customers only need to scan this code to pay for the service.
Anh Linh, the owner of the cafe in To Ngoc Van – Hanoi, said: “The number of e-wallet payments at the store is less than 10% per day, but it is still a good choice for customers when they do not want to use money. Wallet payments are also very convenient as there are no complicated bank registration steps like POS machines, and customers also have discounts available so they can take advantage of their offers.
E-wallet payments are one of the popular options for convenience
The number of e-wallets in Vietnam is so great that every service must find a separate market to reach customers. There are wallets that focus on the solvency of online purchases, and there are applications targeting the users of money transfer related services. This is causing users to install on their phones and put money in several different e-wallet applications.
According to a Q & Me survey published at the end of 2020, 88% of the market share of e-wallets in Vietnam belongs to four names: Momo, ViettelPay, AirPay and ZaloPay. These are also the brands that have the biggest loyalty of users, shown in the category of customers who are using the service regularly.
Which service suit what needs?
Also according to the survey, there are key factors for customers to choose a payment application. The most important of these are the convenience of use, the ability to pay for many services, no cost of use and promotions.
E-wallets and payment services in Vietnam (photo: Topdev)
With the need for payment at traditional shopping points, two prominent names are Momo and GrabPay when they have considerable coverage in the city area, especially cafes and shops. ViettelPay appears in many payment categories, including: payment of telecommunications charges, payment of loans, payment of bills. Particularly for the ability to pay Online, the leading name is AirPay, due to its close association with Shopee E-commerce.
The cost of use is also a factor that makes the difference between digital wallets. Momo or ZaloPay will charge a fee when customers top up from their debit card, only free withdraw money to their bank account in the first 3 transactions. In contrast, ViettelPay relatively pays attention to the priority of recharging and withdrawing for customers when it is free of charge up to VND 50,000,000 / month from bank cards and payment acceptance points nationwide.
Compare the usage fees of some applications
Race year-end promotion
Another factor for e-wallets to entice or retain users. On the occasion of the end of the year, the domestic e-wallets all launched promotions. As a rule of the year, Momo often comes up with a number of games in his app. In addition to being fun such as fortune-telling, these games also include prizes, requiring users to work together to complete the search for gifts.
During the Tet holiday, ViettelPay aims to waive all fees for all transfer transactions to card numbers, phone numbers, account numbers, as well as red envelopes and gifts to customers using the application. In addition, in Tet 2021, ViettelPay also deployed the feature of technology lucky money – helping users to have lucky money without bringing cash, limiting contact.
ViettelPay in Tet 2021 creates incentives for users through the free in-app services.
It can be seen that each application today has its own advantage and is applying a separate customer outreach strategy. There is a customer-oriented service of an e-commerce system that can be targeted to customers using mobile services.
The potential of the e-wallet market in Vietnam is still relatively open, when the rate of cashless payments nationwide is only 14% (according to the Government and the State Bank of Vietnam). . However, in order to dominate this playground, e-wallets need to quickly differentiate themselves from the product itself. Moca with the Grab ecosystem is doing quite well when it is associated with essential urban applications such as car booking, food delivery …
In addition, ViettelPay cannot be ignored by gradually entering the personal finance sector when allowing consumer loans and investment in funds right in the application. This is also the only name that is creating considerable coverage in rural areas, taking advantage of telecommunications to connect with potential users in 63 provinces.