VOV.VN - With Vietnam currently being home to 70 credit institutions along with payment intermediaries such as e-wallets which provide financial services through the Internet and mobile phones, experts in the field have underlined the need to complete the legal corridor to promote the development of digital banking in the future.
The COVID-19 pandemic has caused a serious effect to the economy, but it has helped accelerate the race for banks to go digital.
An economic expert has said e-wallet firms are breaking out promotions to try and win large chunks of the high potential market in Vietnam.
Twenty eight e-wallets have been licensed, but 80 percent of market share belongs to only five of them, according to the State Bank of Vietnam (SBV).
Although Vietnam has 28 licensed e-wallets, 70-90 percent of market share has shifted between six big players.
Domestic banks have recently been warning their customers about new online scams.
A daily trading limit for individual e-wallets would be set at 20 million VND (860 USD) and 100 million VND per month, according to a draft circular from the State Bank of Vietnam (SBV) recently made public for comment.
Big moves by some players are exerting severe pressure on many e wallet service providers in Vietnam.
Twenty e-wallet service providers have opened since since the State Bank began licensing the service two years ago. But only several million people are using e-wallets.
With the strong development of e-commerce, more and more e-wallets are now available in Vietnam, but they are still not that useful.