|The State Bank of Việt Nam (SBV) licensed 27 non-bank institutions to provide intermediary payment services by the end of August, of which 20 offered e-wallets, including well-known names such as MoMo, Bankplus and Vi Viet. — Photo momo|
HÀ NỘI — Foreign investors have poured into Việt Nam’s e-wallet sector as they see huge growth potential in the market in the wake of the Government’s plan to reduce cash payments to below 10 per cent of the total payment transaction by 2020.
The State Bank of Việt Nam (SBV) licensed 27 non-bank institutions to provide intermediary payment services by the end of August, of which 20 offered e-wallets, including well-known names such as MoMo, Bankplus, Vi Viet, VTC Pay, WePay, Vimo, Ngan Luong and Payoo.
Most of the institutions have foreign investments, such as South Korea’s UTC Investment holding a 65 per cent stake in VNPT Epay, NTT Data holding 64 per cent in Payoo, Hong Kong’s Champion Crest holding 51 per cent of Amigo Technologies JSC, Thailand’s True Money owing 90 per cent of 1Pay and MOL Accessportal holding 50 per cent of Ngan Luong.
Despite the incentive policies of intermediary payment service providers, banks have not yet taken advantage of their potential strengths in e-payment.
Statistics of the Vietnam Card Association shows that there are currently 132 million ATM cards issued by banks. However, experts said that this number does not indicate that banks have been able to dominate the payment market of more than 90 million people, as the number of customers using ATM cards to pay online is even less than the 10 million that use e-wallets.