Near-Field Communication (NFC) mode of transaction is expected to grow at the highest CAGR during the forecast period, as the country has been investing in digital infrastructure and e-payment services, which includes NFC payment.
The Vietnam mobile payment market was valued at $16,054 million in 2016 and is projected to reach $70,937 million by 2025, growing at a CAGR of 18.2% from 2018 to 2025.
Changes in customer preference from cash to digital payments, the surge in need for immediate transactions in Vietnam, increased penetration of internet and smartphones, and growth of the e-commerce industry majorly contribute towards the growth of the market. However, data breaches & security concerns are expected to hamper the Vietnam mobile payment market growth.
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Based on the type, the remote payment segment dominated the Vietnam mobile payment market in 2016 and is expected to continue this trend during the forecast period, owing to extensive use of this payment method across various sectors such as IT, retail, telecommunications, hospitality, healthcare, and others. Furthermore, the proximity payment segment is expected to grow at the highest CAGR during the forecast period, owing to rising adoption of mobile point of sale (mPOS) solutions among small- and medium-sized businesses in Vietnam.
The Vietnam mobile payment market was led by the retail segment in 2016 and is projected to maintain its dominance during the forecast period. However, the hospitality & tourism segment is expected to witness the highest growth, a large number of consumers in Vietnam have been doing transportation reservations such as hotels, flights, and railway tickets through apps, mobiles, or websites.
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Some of the key market players profiled in the report include Mobivi, NganLuong, OnePay, Smartlink, Orange S.A., PayPal Holdings, Inc., Payoo, MOMO, 123Pay, and Soha Pay.
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