Vietnam’s fintech sector enters a post-MoMo reality

Huy Pham co-wrote this article.

If there was one company that defined the first chapter of Vietnam’s fintech journey, it would be MoMo.

What began in 2010 as a simple mobile wallet is now a firm that serves over 30 million users and is at the center of a market projected to reach US$83 billion by 2031. MoMo’s scale is undeniable, processing 5.5 billion transactions in Q1 2025 and hitting profitability in 2024.

MoMo’s headquarters in Ho Chi Minh City, Vietnam/ Photo credit: MoMo

More importantly, the company reshaped consumer behavior: It accelerated cashless payment adoption in Vietnam. Nationwide, non-cash transactions rose 43.4% year on year, with values up 24.2%, as internet and mobile payments expanded strongly.

QR payments are a key driver of Vietnam’s cashless transition, with transition volumes increasing by over 60% and total value rising by 150.7%. More than 60% of Vietnamese consumers now use QR codes for payments.

It also normalized peer-to-peer transfers that dominate over 60% of flows and made digital bill settlement part of daily life. 

Between 2018 and 2022, Vietnam’s fintech narrative was simple: user growth, transaction growth, and e-wallet growth. Now, though, retail payments are no longer frontier territory. The next battleground is shifting toward SME services and B2B financial infrastructure.

The state of retail payments

Vietnam’s non-cash ecosystem has reached critical mass.

In a report earlier this month, the State Bank of Vietnam said total non-cash payment value in 2025 hit 28x the country’s GDP. Internet transactions grew 31.92% in value, while mobile payments jumped 52.55%. QR code payments led the charge, soaring 128.15% in value.

See also: Charting Vietnam’s fintech terrain under evolving regulations

This scale and ubiquity bring a new reality: payments are becoming commoditized.

E-wallets have lost their exclusivity, as instant bank transfers are now free, mobile banking apps are polished, and VietQR has become ubiquitous. Consumers now don’t depend on a single payment app but choose the most convenient option at the moment of the transaction.

Margins in retail payments are also thin, and growth now depends on monetizing existing users through adjacent financial services.

Not so super

The next chapter

Infrastructure defines the future