QR scanning everywhere
Stopping by a sticky rice stall on her way to work in the morning, Phan Hanh (27 years old) placed her order while simultaneously raising her phone to scan the payment code. A small sign with a printed QR code was neatly placed in front of the stall, making it easy for busy customers like Hanh to instantly recognise that the shop accepted bank transfers.
Hanh held up her phone screen displaying a successful transaction tick, signaling that the payment was complete. With a quick nod from the vendor as confirmation, the entire transaction took place digitally—no cash exchanged—within less than a minute.
Quynh Le (23) has not been in the habit of carrying cash for years. "Nowadays, whether it's buying a baguette, a cup of coffee, or anything else, there are apps for making payments. At home, I can shop online, pay bills, top up my phone, book flights, or buy movie tickets—all through e-wallets or banking apps", Quynh shared.
Hanh and Quynh were among the more than 200 million personal payment accounts in Vietnam in 2024, marking a growth of over 50% compared to the previous year. Also, according to data from the State Bank of Vietnam, cashless transactions in the country reached 17 billion in the past year. The increasing number of users and transactions highlights the dominance of cashless payments. QR codes are now ubiquitous, appearing everywhere from shopping malls and large supermarkets to local markets, ‘pho’ (noodle soup) stalls, grocery stores, sticky rice vendors, and mobile coffee carts.
Not only becoming popular in everyday life, "e-payment" has also become a hot topic on social media, according to the end-of-2024 fintech report published by Reputa. Young people are especially fond of this payment method, sharing tips on maximising online payments to earn reward points, hunt for promotions, receive cashback, and claim discount vouchers. On apps like MoMo alone, users can redeem a variety of gift cards for dining, transportation, and shopping across more than 180,000 multi-industry partners, including beauty, entertainment, fashion, and travel.
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| A bakery with a MoMo QR code. |
However, to achieve widespread adoption, applications like MoMo, ZaloPay, and Viettel Money have leveraged the growth of mobile internet and data to revolutionise payments. By reaching remote and underserved areas, these platforms enable people without access to traditional banking services to enjoy the convenience of cashless transactions.
As of June 2024, the number of Mobile-Money accounts in Vietnam had reached 9.13 million, according to the latest report from EY. Notably, around 70% of these accounts were opened in rural, mountainous, and island areas.
Financial apps make complex services simple
Just as making the habit of “going out without a wallet” the norm, financial applications are continuing to simplify complex services, thanks to the “key” of technology and data.
From everyday small payments, today's financial applications, powered by AI, can automatically categorise bills into different spending categories. This allows them to generate an overall financial picture, accurately reflecting personal finances and helping users manage their money more easily and effectively.
Public administrative services such as social insurance payments, health insurance, vehicle registration fees for cars and motorbikes, and traffic violation fines can now also be conveniently paid through apps.
According to MoMo's statistics, in 2024, alongside other payment gateways, this payment channel accounted for 35% of all cashless transactions on the national public service portal.
With the same approach of "simplifying complex processes", many other financial services have become accessible to a broader population, regardless of geographical distance, age, income, or education level. A prime example of a super app model like MoMo has the ability to integrate an ecosystem of payments, savings, financial management, and investment—all within a single platform.
No longer just a game for businesses or high-income individuals, even users with modest funds can now open an online savings account with as little as 500,000 VND, purchase mutual fund certificates from just 10,000 VND, invest in stocks, and open a bank account within 2-3 minutes.
Aiming for financial inclusion for everyone, financial apps are also striving to bring unbanked customers into their ecosystems. "Ví Trả Sau" (Postpaid Wallet) product off MoMo and TPBank is a prime example, serving as a financial lifeline for many individuals without a credit history, enabling them to access formal loans and cover essential daily expenses.
With continuous efforts to "popularise" financial services and bring them closer to the daily lives of Vietnamese people, MoMo has marked its fourth consecutive year in the Top 10 Best Brands in Vietnam 2024 rankings, as announced by market research firm Decision Lab.
