The modern e-wallet market in Vietnam is surging and is expected to reach 50 million active users by July 2024, experts said.

The COVID-19 pandemic, with its complicated developments, has given a boost to e-commerce, with non-cash payments accounting for 70% of total retail transactions in Vietnam last year.

Vietnam is playing catch-up in a global race to develop its own digital currency and experts believe this will not only help the country develop new technology but also present an opportunity for Vietnam to join the most technologically-advanced countries.

The stupendous surge of retail investors across the globe has prompted digitally-led investment applications and online platforms to develop, as they look to automatically optimise their passive indexed portfolios.

Demand for deposits by individuals have increased significantly in recent months as people tended to switch to cashless payment methods, especially in the context of the COVID-19 pandemic.

Private investments in Vietnam have reached a new peak in contrast to the trend towards decline around the world and in the ASEAN region due to the impact of COVID-19.

MoMo, Vietnam’s biggest e-wallet firm, has finished its Series D financing round from leading global investors, announced the firm in Hanoi on January 13.

As many as 40,000 mom-and-pop stores nationwide have been digitalised thanks to the VinShop mobile app developed by Vietnam’s biggest conglomerate Vingroup.

The State Bank of Vietnam is drafting a circular regarding cashless payments which might allow domestic commercial banks and domestic intermediary payment companies to co-operate with foreign intermediary payment companies to provide international payment services.