MOST POPULAR E-WALLETS IN VIETNAM

When the economy grows stronger and stronger, the cash payment cannot meet the payment needs of the entire economy. Therefore, the application of a new form of payment that is more convenient and safer is something that any country is also interested in, which is non-cash payments.

Non-cash payment is a form of payment using electronic payment means using digital technology such as e-wallet, MobileBanking, InternetBanking, …

Momo, ZaloPay and Airpay are the three popular e-wallets in Vietnam.

 1. Momo

MoMo E-Wallet provides all smartphone users with one-touch online payment solutions with hundreds of services. Not limited to money transfer, Momo digital wallet expands into bill payments as well as other areas like movie tickets, airline flights, etc.

The MoMo e-wallet has a total of 20 million users 10 years since its debut in the Vietnamese market, its developer M_Service has announced.

Feature:

a/ Money transfer

+ From Momo account to Momo account:

– Transaction fee: free.

– Min amount: 1.000 VND/ transaction.

– Max amount: 20.000.000 VND/ transaction.

– Limitation: 20.000.000 VND/ a day.

+ From Momo account to bank account:

– Transaction fee: 3.300 VND + 0.65% of Transaction amount.

Transaction fees may be changed due to different banks.

– Min amount: 20.000 VND/ transaction.

– Max amount: 20.000.000 VND/ transaction.

– Limitation: 20.000.000 VND/ a day.

b/ Cash-in

Money source:

+ From associated bank account:

– Transaction fee: Free.

– Min amount: 10.000 VND/ transaction.

– Max amount: 20.000.000 VND/ transaction.

– Limitation: 50.000.000 VND/ a day.

+ From Visa/Mastercard/JCB:

– Transaction fee: free 1 time/ a month, apply to transaction under 1.000.000VND; after that 2.200 + 2% of Transaction amount.

– Min amount: 10.000 VND.

– Max amount: 5.000.000 VND/ transaction.

– Limitation: 5.000.000 VND/ a day.

c/ Withdrawal

+ Apply to Momo account have associated bank account:

– Transaction fee: free 3 times/ a month, after that withdrawal fee will be applied.

Withdrawal fee from the 4th time: 

✧ From 50.000 – 1.000.000 VND: 3.300 VND/transaction. 

✧ From 1.000.001 – 2.000.000 VND: 5.000 VND/transaction. 

✧ From 2.000.001 – 20.000.000 VND: 0.3% of Transaction amount.

– Min amount: 50.000 VND/ transaction.

– Max amount: 5.000.000 VND/ transaction.

– Limitation: 20.000.000 VND/ a day.

– No limit to the number of transactions in a day.

+ Apply to Momo account to other bank account:

– Transaction fee: 3.300 VND + 0.65% of Transaction amount.

– Min amount: 50.000 VND/ transaction.

– Max amount: 5.000.000 VND/ transaction.

– Limitation: 20.000.000 VND/ a day.

– No limit to the number of transactions in a day.

+ Apply to Cash-in/out Location: (Withdraw from Momo account to cash)

– Transaction fee:

✧ From 50.000 – 1.000.000 VND: 8.000 VND/transaction. 

✧ From 1.000.001 – 2.000.000 VND: 12.000 VND/transaction.

✧ From 2.000.001 – 3.000.000 VND: 20.000 VND/transaction.

✧ From 3.000.001 – 5.000.000 VND: 35.000 VND/transaction.

– Min amount: 50.000 VND/ transaction.

– Max amount: 5.000.000 VND/ transaction.

– Limitation: 5.000.000 VND/ a day.

– No limit to the number of transactions in a day.

d/ Mobile services

Top-up balance, scratch card, 3G/4G data, post-paid.

e/ Bill payment

– Payment for electricity, water, telecommunication service, etc.

– Transaction fee: depends on the supplier.

f/ Other functionalities

– Consumer loan payment.

– Purchase private insurance.

– Purchase movie ticket, lottery.

– Shopping.

– Purchase the transportation ticket.

– Find the location to accept paying by Momo.

– Donate.

– Other services: Pay tuition, Credit card credit, etc.

Advantage:

– The most popular e-wallet in Vietnam: about 20 million users.

– Many places accept Momo payments.

– Have many features.

– Can withdraw cash at Momo Cash-in/out Location.

Disadvantage:

– The application does not support the English language fully.

Ranking:

– Top 1 in the Finance category of Appstore.

– Top 1 (Free) in the Finance category of Google Play.

– Top 1 in Survey and Vote for Vietnam’s typical e-wallet for 3 consecutive years (2018-2020) (“Khảo sát và Bình chọn Ví điện tử tiêu biểu Việt Nam” do Tạp chí Nhịp Cầu Đầu Tư tổ chức).

2. ZaloPay

ZaloPay lets users link a payment card to make peer-to-peer payments, pay via NFC, QR codes, as well as purchase products and services online, mobile top ups, and pay their utility bills. ZaloPay is integrated with Zalo and requires users to log in using their Zalo account.

Feature:

a/ Money transfer

+ From ZaloPay account to ZaloPay account:

– Transaction fee: free.

– Min amount: 1.000 VND/ transaction.

– Max amount: 20.000.000 VND/ transaction.

– Limitation: 20.000.000 VND/ a day.

+ From ZaloPay account to bank account:

– Transaction fee: free 5 times/ a month, after that withdrawal fee will be 3.100 VND + 0.5% of Transaction amount.

– Min amount: 100.000 VND/ transaction.

– Max amount: 20.000.000 VND/ transaction.

– Limitation: 100.000.000 VND/ a day.

b/ Cash-in

+ From Associated bank account/Visa Debit:

– Transaction fee: Free.

– Min amount: 100.000 VND/ transaction.

– Max amount: 20.000.000 VND/ transaction.

– Limitation: 20.000.000 VND/ a day.

c/ Withdrawal

+ Apply to ZaloPay account to associated bank account:

– Transaction fee: free 5 times/ a month, after that withdrawal fee will be applied.

Withdrawal fee from the 6th time: 

✧  From 500.000 – 1.000.000 VND: 1.000 VND/transaction.

✧  Above 1.000.000 VND: 0.2% of Transaction amount.

– Min amount: 100.000 VND/ transaction.

– Max amount: 20.000.000 VND/ transaction.

– Limitation: 100.000.000 VND/ a day.

+ Apply to ZaloPay account to other bank account:

– Transaction fee: free 5 times/ a month, after that withdrawal fee will be 3.100 VND + 0.5% of Transaction amount.

– Min amount: 100.000 VND/ transaction.

– Max amount: 20.000.000 VND/ transaction.

– Limitation: 100.000.000 VND/ a day.

d/ Mobile services

Top-up balance, scratch card, 3G/4G data, post-paid.

e/ Bill payment

– Payment for electricity, water, telecommunication service, etc.

– Transaction fee: depends on the supplier.

f/ Other functionalities

– Game payment.

– Consumer loan payment.

– Purchase movie ticket, lottery.

– Purchase the transportation ticket.

– Booking a hotel.

– Credit card payment.

– Order the drink.

Advantage:

– Many places accept ZaloPay payments.

– Support multiple-free transactions (compare to Momo).

– Have many features.

Disadvantage:

– The application does not support the English language fully.

– Requiring login by Zalo account. If you don’t have a Zalo account, you can’t use ZaloPay.

Ranking:

– Top 12 in the Finance category of Appstore.

– Top 12 (Free) in the Finance category of Google Play.

– Top 2 in Survey and Vote for Vietnam’s typical e-wallet for 2 consecutive years (2019-2020) (“Khảo sát và Bình chọn Ví điện tử tiêu biểu Việt Nam”” do Tạp chí Nhịp Cầu Đầu Tư tổ chức)

3. Airpay

An e-wallet with all-in-one online services from bill payment, mobile and game top-up, movie ticket purchase, to food delivery and many more.

Feature:

a/ Money transfer

To Airpay account:

– Transaction fee: Free.

– Min amount: 1 VND.

– Max amount: 6.000.000 VND/ transaction.

– Limitation: 50.000.000 VND/ a day.

b/ Cash-in

From associated bank account:

– Transaction fee: Free.

– Min amount: Depend on the bank.

– Max amount: 30.000.000 VND/ transaction.

– Limitation: 50.000.000 VND/ day.

c/ Withdrawal

Apply to Airpay account to associated bank account:

※Notice: Airpay only support withdrawal to associated bank account.

– Transaction fee: Free.

– Min amount: 20.000 VND.

– Max amount: 6.000.000 VND/ transaction.

– Limitation: 50.000.000 VND/ a day.

d/ Mobile services

Top-up balance, scratch card, 3G/4G data, post-paid.

e/ Bill payment

– Payment for electricity, water, telecommunication service, etc.

– Transaction fee: Free.

f/ Other functionalities

– Payment channel of Shopee and Now (Shopping and Order food applications).

– Consumer loan payment.

– Order food.

– Purchase movie ticket.

– Booking hotel.

– Purchase private insurance.

– Purchase airplane ticket.

Advantage:

– Payment channel of Shopee (Shopee is the top 1 e-commerce platform in Vietnam) and Now (Now is the top 2 application in the Food & Drink category on App Store and Google Play), user can enjoy many promotions by using this payment channel.

– The application supports the English language.

– The transaction fee is free and no limit to the free transaction number.

Disadvantage:

– Can’t transfer money from the Airpay account to the bank account.

Ranking:

– Top 10 in the Finance category of Appstore.

– Top 11 (Free) in the Finance category of Google Play.

Overall:

E-wallets, currently, in addition to meeting the common needs of users such as phone top-ups, bill payment, …, each application has its own strengths to attract users. With various e-wallet applications on the market, users should carefully consider issues related to personal information security as well as the reputation of the application before choosing to use it.