Vietnam
A dynamic Southeast Asian payments market accelerating toward cashless transformation
Overview
Vietnam’s payments landscape is evolving quickly through a combination of fintech innovation, government strategy, and mobile-first adoption
With strong state support for financial inclusion and digitization, the National Digital Transformation Program and Cashless Payment Development Plan have made Vietnam one of the fastest-growing non-cash economies in Asia
Mobile wallets, QR code payments, and online banking are central to this transformation
Key Characteristics
High smartphone penetration fueling mobile wallet and QR code payments
Growing acceptance of contactless cards and digital transfers
Government policies driving fintech expansion and open banking
Increasing e-commerce transactions among urban consumers
Supported Payment Methods
Mobile wallets including MoMo, ZaloPay, and ViettelPay
QR code payments standardized through VietQR
Cards Visa, Mastercard, JCB, and domestic network NAPAS
Internet banking and mobile banking payments
Key Providers
Leading banks such as Vietcombank, BIDV, Techcombank, and VPBank
Mobile wallet providers MoMo, ZaloPay, and ShopeePay driving consumer usage
NAPAS as the national switch connecting banks and payment providers
Regulation and Compliance
The State Bank of Vietnam (SBV) oversees the payment sector with frameworks promoting fintech innovation, data security, and consumer protection
Policies emphasize cashless payments, open APIs, and interoperability across financial institutions
Strengths / Differentiators
Strong government commitment to a cashless economy
Rapid adoption of QR and mobile wallets across all demographics
Integration between banks and fintechs via NAPAS and VietQR
Expanding digital ecosystem supporting SMEs and e-commerce growth
Want to know more about payments in Vietnam?
Contact Bizz2Pay today to discuss your requirements or get introduced to the right Payment Provider covering the most popular payment methods offered in Vietnam
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