Vietnam Prepaid Cards Market Report 2021: Digital Wallet Providers are Moving Towards Super Apps to Gain Market Share
Dublin, Nov. 24, 2021 (GLOBE NEWSWIRE) — The “Vietnam Prepaid Cards Business and Investment Opportunities – Market Size and Forecast (2016-2025), Consumer Attitude & Behaviour, Retail Spend, Market Risk” report has been added to ResearchAndMarkets.com’s offering.
According to the Q2 2021 Global Prepaid Card Survey, prepaid card market in the Vietnam is expected to grow by 30.1% on annual basis to reach US$ 3,938.3 million in 2021.The prepaid card market expected to grow over the forecast period, recording a CAGR of 28.2% during 2021-2025. The prepaid card market in Vietnam will increase from US$ 3,028.2 million in 2020 to reach US$ 8,174.4 million by 2025.
In Vietnam, the growing digital wallet adoption has intensified the competition. The leading prepaid payment instrument providers are aggressively promoting their brands to acquire a more significant market share. Yet, this strategy has also resulted in mounting losses for digital wallet providers in recent years. For instance, the leading e-wallet service, MoMo, reported revenue of US$182.6 million in 2019, thereby recording more than double growth. However, the losses also doubled to US$36.8 million in the same year.
Digital wallets providers are moving towards super apps to gain market share:
In January 2021, MoMo, the leading 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 to 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.
Strategic partnerships are growing to offer prepaid remittance services:
Vietnam is one of the top ten remittance recipient countries in the world. Millions of Vietnamese living and working overseas send billions of dollars back to their home country. For instance, in 2020, Vietnam remained the ninth-largest remittance recipient globally, with an inflow of more than US$17 billion. With the growing remittance market, cross-border payment providers are partnering with global payments technology companies, such a Visa, to launch real-time cross-border payment solutions. For instance,
In February 2021, MoneyGram International, a cross-border P2P payments platform, entered into a strategic partnership with Visa to launch a real-time peer-to-peer (P2P) payment solution to Vietnam. This collaboration between MoneyGram, Visa, Sacombank, and other banking partners across the country will allow Vietnamese living in other countries to transfer money quickly and securely to Vietnam through Visa Direct.
Scope:
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, 2016 – 2025
Vietnam Open Loop Prepaid Card Future Growth Dynamics, 2016 – 2025
- Transaction Value Trend Analysis
- Transaction Volume Trend Analysis
- Average Value per Transaction
- Number of Cards
Vietnam Closed Loop Prepaid Card Future Growth Dynamics, 2016 – 2025
- 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
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
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
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
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
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
Travel 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 Forecast
Vietnam Utilities, and Other Prepaid Cards Market Size and Forecast
For more information about this report visit https://www.researchandmarkets.com/r/8adxmw
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