Vietnam's digital wallet users forecast to reach 50 mln by 2024

Vietnam's electronic wallet users will jump to 50 million by 2024 and double to 100 million by 2026, Vietnam News Agency reported on Monday, citing a report by fintech Robocash Group.

The country's digital wallet population penetration is currently 57 percent, compared to just 14 percent in 2018. This equates to around 41.3 million users, three times higher than those four years ago, the group said.

More than 40 electronic wallet providers are currently available to Vietnamese, a jump from only five just six years ago, according to a Decision Lab market research.

The top three electronic wallets, including Momo, Moca and ZaloPay, hold up to 90 percent of the market share.

The Vietnamese e-wallets, as a cashless option, can compete against traditional payments and digital banking in the country, Robocash said, adding that the local electronic wallets have huge potential to attract new users not only within Vietnam, but also beyond its borders.