Dublin, Aug. 26, 2022 (GLOBE NEWSWIRE) -- The "Vietnam Prepaid Card and Digital Wallet Business and Investment Opportunities Databook - Market Size and Forecast, Consumer Attitude & Behaviour, Retail Spend" report has been added to ResearchAndMarkets.com's offering.
The prepaid card market (value terms) in Vietnam increased at a CAGR of 20.9% during 2017-2021. Over the forecast period of 2022 to 2026, the market is expected to record a CAGR of 27.1%, increasing from US$3.46 billion in 2022 to reach US$9.03 billion by 2026.
Mobile payment companies are partnering with banks to launch prepaid cards in the country
The rapid behavioral change amongst the Vietnamese millennials during the pandemic resulted in a drastic change in the digital payments platform in the country. Vietnam witnessed a few partnerships between the mobile payment service providers and the banking platforms to bring prepaid solutions to the market.
- In January 2021, UnionPay International (UPI) issued 600,000 virtual cards with online transactions and QR Code payment facilities in cooperation with the Military Commercial Joint Stock Bank (Military Bank) in Vietnam.
- These virtual cards can also be applied from the mobile app of Military Bank and can be used to pay via QR code at more than 40,000 local merchants.
- Moreover, this card, together with the app, can be used by the resident while traveling internationally.
Digital wallets are raising funds to introduce super apps in Vietnam
In Vietnam, more than 40 e-wallet providers are operating and fighting for market share in one of the fastest-growing digital economies. Consequently, established companies are pushing for super apps while raising funds to support their growth in Vietnam.
- In January 2021, MoMo, a digital wallet provider in the country, secured US$100 million in its Series D funding round. The prepaid payment instrument is planning to leverage the fund to build a new super app platform and enhance its ecosystem that is currently serving more than 25 million users.
- As of September 2021, the firm claims to have 60% of the mobile payments market in Vietnam. Being the most significant digital wallet by user base, the prepaid payment instrument enables users to process financial services, including local money transfers, bill payments, loan payments, and purchase other services, such as movie tickets, through its mobile wallet.
GoJek launched prepaid payment instrument for consumers in Vietnam
An increasing number of consumers are demanding prepaid payment instruments from the Indonesian ride-hailing giant in Vietnam. Looking at this growing demand and to compete against other prepaid payment instrument in the region, the leading digital wallet service in Indonesia is now expanding its mobile wallet in Vietnam.
- In May 2021, GoJek announced that the firm is planning to soon introduce car-hailing and e-payments solutions to its operation in Vietnam. Currently, consumers in the region can use various services of GoJek, such as food ordering, shipping parcels, and booking motorbike rides. Notably, the launch of GoJek's prepaid payment instrument will help the firm in competing with its rival Grab, who already provides consumers with a digital wallet, Moca, in Vietnam.
- At first, consumers in the country can only use the prepaid payment instrument to pay for rides, but the firm is expected to roll out the digital wallet for other services as well over the medium term. With commuting returning to pre-pandemic levels in the country, this launch of digital wallet service for rides will support the growth of the prepaid card industry in Vietnam over the next four to eight quarters.
Scope
Vietnam Digital Wallet Market Size and Forecast
- Transaction Value Trend Analysis
- Transaction Volume Trend Analysis
- Average Value per Transaction
Vietnam Digital Wallet Market Size and Forecast by Key Segments
- Retail Shopping (Value, Volume, Avg. Value)
- Travel (Value, Volume, Avg. Value)
- Entertainment and Gaming (Value, Volume, Avg. Value)
- Restaurant (Value, Volume, Avg. Value)
- Recharge and Bill Payment (Value, Volume, Avg. Value)
Vietnam Prepaid Card Industry Market Attractiveness
- Load Value Trend Analysis
- Transaction Value Trend Analysis
- Transaction Volume Trend Analysis
- Average Value per Transaction
- Number of Cards
Market Share Analysis by Functional Attributes - Open Loop vs. Closed Loop, 2017 - 2026
Market Share Analysis by Prepaid Card Categories
Vietnam Open Loop Prepaid Card Future Growth Dynamics, 2017 - 2026
- Transaction Value Trend Analysis
- Transaction Volume Trend Analysis
- Average Value per Transaction
- Number of Cards
Vietnam Closed Loop Prepaid Card Future Growth Dynamics, 2017 - 2026
- Transaction Value Trend Analysis
- Transaction Volume Trend Analysis
- Average Value per Transaction
- Number of Cards
Vietnam Prepaid Card Consumer Usage Trends
- By Age Group
- By Income Group
- By Gender
Vietnam General Purpose Prepaid Card Market Size and Forecast
Vietnam Gift Card Market Size and Forecast
Gift Card Market Size and Forecast by Functional Attribute
- By Open Loop Gift Card
- By Closed Loop Gift Card
Gift Card Market Size and Forecast by Consumer Segments
- By Retail Consumer Segment
- By Corporate Consumer Segment
Gift Card Market Share Analysis by Retail Categories
Gift Card Market Share Analysis by Gifting Occasion
Gift Card Market Share Analysis by Purchase Location
Vietnam Entertainment and Gaming Prepaid Card Market Size and Forecast
Vietnam Teen and Campus Prepaid Card Market Size and Forecast
Teen and Campus Prepaid Card Market Size and Forecast by Functional Attribute
- By Open Loop Teen and Campus Prepaid Card
- By Closed Loop Teen and Campus Prepaid Card
Vietnam Business and Administrative Expense Prepaid Card Market Size and Forecast
Business and Administrative Expense Prepaid Card Market Size and Forecast by Consumer Segments
- By Small Scale Business Segment
- By Mid-Tier Business Segment
- By Enterprise Business Segment
- By Government Segment
Vietnam Payroll Prepaid Card Market Size and Forecast
Payroll Prepaid Card Market Size and Forecast by Consumer Segments
- By Small Scale Business Segment
- By Mid-Tier Business Segment
- By Enterprise Business Segment
- By Government Segment
Vietnam Meal Prepaid Card Market Size and Forecast
Meal Prepaid Card Market Size and Forecast by Consumer Segments
- By Small Scale Business Segment
- By Mid-Tier Business Segment
- By Enterprise Business Segment
- By Government Segment
Vietnam Travel Forex Prepaid Card Market Size and ForecastT
ravel Forex Prepaid Card Market Size and Forecast by Consumer Segments
- By Retail
- By Small Scale Business Segment
- By Mid-Tier Business Segment
- By Enterprise Business Segment
- By Government Segment
Vietnam Transit and Tolls Prepaid Card Market Size and Forecast
Vietnam Healthcare and Wellness Prepaid Card Market Size and Forecast
Vietnam Social Security and Other Government Benefit Programs Prepaid Card Market Size and Forecast
Vietnam Fuel Prepaid Cards Market Size and ForecastVietnam Utilities, and Other Prepaid Cards Market Size and Forecast
For more information about this report visit https://www.researchandmarkets.com/r/glxb6y
