Growth of payment gateways in Vietnam and Worldwide

Over the past decade, the global electronic payment industry has experienced unprecedented growth, driven by the rapid emergence of new technologies and shifts in consumer behavior. Vietnam, with its rapidly developing digital economy, is no exception. This article compares the growth rate of payment gateways in Vietnam to those in other countries, offering insights into Vietnam’s position on the global digital payment map.

 

Vietnam's Positive Signals in Payment Gateway Development

Growth of E-Wallet Users

By the end of 2023, Vietnam had approximately 25 million e-wallet users, marking a 15% increase from 2022. Popular e-wallets such as MoMo, ZaloPay, and VNPay have attracted millions of users with convenient services and attractive promotions. With a high internet penetration rate and a young population, e-wallet usage in Vietnam is becoming increasingly widespread.

Rise of Cashless Transactions

In 2023, cashless transactions in Vietnam increased by 35% compared to the previous year, reaching approximately 5 billion transactions. This demonstrates that Vietnamese consumers are increasingly favoring modern, secure, and convenient payment methods. Government incentives and promotional programs have also played a crucial role in accelerating this trend.

The Rise of Cashless Payments in Vietnam

QR Code Payments

QR code transactions in Vietnam grew by over 70% in 2023, with more than 50,000 merchants accepting QR payments nationwide. The convenience and security of QR codes have contributed to the increasing adoption of this payment method among consumers.

 

Growth of Payment Gateways Worldwide

China – The Billion-User Market

China is one of the global leaders in electronic payments, with e-wallets such as Alipay and WeChat Pay dominating the market. By 2023, China had around 1.2 billion e-wallet users, covering 85% of the adult population. The highly developed digital payment eco-system in China supports various services, including online shopping, bill payments, money transfers, and investments.

United States: A Key Player in Digital Payments

The United States is also a major electronic payment market, with companies like PayPal, Apple Pay, and Google Wallet leading the industry. By 2023, the U.S. had around 200 million e-wallet users, accounting for 60% of the adult population. The rise of contactless and mobile payment technologies has contributed to the widespread adoption of e-wallets in the country.

United States is a key player in Digital Payments

India – A Rapidly Expanding Digital Payment Market

India is one of the fastest-growing digital payment markets worldwide. With strong government support and the success of e-wallets such as Paytm and PhonePe, cashless transactions in India have skyrocketed. By 2023, India had approximately 500 million e-wallet users, making up 40% of the adult population.

 

Comparative Analysis: Vietnam vs. Global Payment Markets

Growth of E-Wallet Users

• Vietnam: 25 million users (15% growth from the previous year)
• China: 1.2 billion users (85% of the adult population)
• United States: 200 million users (60% of the adult population)
• India: 500 million users (40% of the adult population)

While Vietnam is experiencing a high growth rate in e-wallet adoption, its total user base remains lower than China and India. However, with its high internet penetration and young demographic, Vietnam is rapidly catching up.

Cashless Transactions

• Vietnam: 5 billion transactions (35% growth from the previous year)
• China: Hundreds of billions of transactions annually
• United States: Around 75 billion transactions annually
• India: Over 50 billion transactions annually

Although the number of cashless transactions in Vietnam is still significantly lower than in larger economies, its growth rate is impressive. Government incentives and promotional initiatives are key drivers of this surge.

QR Code Payments

• Vietnam: Over 70% growth in 2023, with 50,000+ merchants accepting QR payments
• China: Highly popular, with millions of merchants accepting QR transactions
• United States: Growing adoption, but not as widespread as in China
• India: Widely used, with millions of merchants accepting QR payments

Vietnam is rapidly catching up with China and India in QR code payment adoption. The security and convenience of QR payments have made them a trusted and preferred payment method for consumers.

 

Conclusion

The growth of payment gateways in Vietnam compared to the rest of the world highlights the country’s fast adoption of digital payments. While challenges remain, government support and technological advancements are paving the way for Vietnam to become a leading digital payment market. Embracing modern payment solutions will enable businesses to enhance customer experience and strengthen their competitive edge in the market.