Latest news with #mobilewallets
Yahoo
17 hours ago
- Business
- Yahoo
Vietnam Fintech Market Worth Over USD 50 Billion by 2030, Rising at 21.48% CAGR: Insights Into Competitive Dynamics, Emerging Trends and Regulatory Challenges
Key opportunities in Vietnam's fintech market include leveraging the rapid adoption of digital payments and mobile wallets, driven by a young, tech-savvy population and increasing smartphone and internet use Vietnamese Fintech Market Dublin, Aug. 19, 2025 (GLOBE NEWSWIRE) -- The "Vietnam Fintech Market, By Region, Competition, Forecast & Opportunities, 2020-2030F" has been added to offering. The Vietnam Fintech Market was valued at USD 15.67 billion in 2024, and is expected to reach USD 50.21 billion by 2030, rising at a CAGR of 21.48%. The Vietnam fintech market has witnessed remarkable growth and transformation in recent years, making it one of the most dynamic and promising sectors of the country's financial industry. In Vietnam, fintech companies have played a pivotal role in enhancing financial inclusion, promoting digital payments, and expanding access to banking services. Vietnam's fintech market has experienced rapid growth, driven by factors such as a youthful and tech-savvy population, increasing internet penetration, and a growing middle class. Vietnam's fintech sector is largely driven by digital payments and mobile wallets. By the end of 2023, the country recorded 32.77 million active e-wallet users. Between 2021 and 2023, the average annual growth rate of payment transactions through internet and mobile channels reached 52% and 103.3%, respectively. Payments made via QR codes experienced a remarkable surge of over 170% in both volume and value. Key Market Driver Digital Transformation and Tech-Savvy Population: The market is being fueled by the growing adoption of digital payments, as consumers increasingly embrace mobile wallets, QR code transactions, and online banking. A major factor driving this growth is the rising smartphone penetration in Vietnam, which reached around 84% in 2024. Mobile devices have become the primary tool for accessing financial services and conducting transactions. Widespread access to the internet, especially through 4G and emerging 5G networks, has facilitated online financial activities. Consumers can easily access fintech services, make payments, and manage their finances from anywhere with an internet connection. Vietnam has a young and digitally-native population. Furthermore, the rise in venture capital investments in fintech startups is significantly contributing to the sector's growth, as investors look to capitalize on the market's promising potential. The adoption of fintech is also being accelerated by Vietnam's young, tech-savvy population-particularly millennials and Gen Z-who are more inclined to use digital financial services for online shopping. According to industry reports, non-cash payment transactions in Vietnam surged by 56.8% in volume during the first eleven months of 2024. Internet banking transactions grew by 50.7% in volume and 33% in value, while mobile banking saw a remarkable rise of 54.5% in volume and 34.3% in value. Fintech companies have played a significant role in promoting financial inclusion. They have reached underserved and unbanked populations by offering accessible and user-friendly financial services, such as digital lending and mobile banking. Key Market Challenge Regulatory and Compliance Challenges: One of the most significant challenges facing the Vietnamese fintech market is the lack of a well-defined and comprehensive regulatory framework. Although the government has made efforts to pilot regulatory sandboxes and support innovation, the legal infrastructure for fintech remains fragmented and slow to adapt. Currently, many fintech sectors-such as peer-to-peer lending, crypto-assets, and open banking-operate in legal grey areas, making it difficult for companies to innovate confidently or attract sustained investment. The absence of clear, unified regulations creates risks for both consumers and providers. Fintech startups struggle to navigate compliance issues, and international investors are often hesitant to invest due to regulatory ambiguity. Furthermore, the lack of data protection laws aligned with international standards limits the ability of firms to use customer data effectively while ensuring privacy and security. While Vietnam's central bank has introduced pilot programs for e-KYC and mobile money, there remains an urgent need for broader, consistent legislation to cover all fintech verticals. Until then, innovation will be stifled, and the market's true potential will remain untapped. Key Market Trend Digital Payments and Mobile Wallets: One of the most defining trends in Vietnam's fintech sector is the explosive growth of digital payments, especially through e-wallets. Driven by increasing smartphone penetration, rising internet usage, and a government push toward a cashless society, digital wallets like MoMo, ZaloPay, and ViettelPay have seen massive adoption. According to the State Bank of Vietnam, cashless payments increased by over 50% year-on-year in 2024, with mobile payments becoming the dominant mode of transaction among the youth and urban consumers. E-wallets are no longer limited to basic peer-to-peer transfers or bill payments; they now offer a range of services including insurance, savings, ticket booking, and online shopping integration. Their success is also supported by aggressive promotional campaigns and partnerships with banks, retailers, and utility providers. The government's national digital transformation agenda has further accelerated this trend by supporting QR code standardization and mobile payment adoption in rural areas. However, the market is becoming saturated, and competition among wallet providers is intensifying. To maintain user engagement, e-wallets are evolving into 'super apps' that combine financial and lifestyle services. This trend is expected to continue, reshaping how Vietnamese consumers access and use financial products daily. Key Players Profiled in Vietnam's Fintech Market: MoMo Zalo Pay AirPay Moca TIMA VayMuon TrustCircle Hudong TheBank iWealth Report Scope In this report, the Vietnam fintech market has been segmented into the following categories: By Technology: API AI Blockchain Distributed Computing Others By Service: Payment Fund Transfer Personal Finance Loans Insurance Others By Application: Banking Insurance Securities Others By Region: Northern Vietnam Southern Vietnam Central Vietnam Key Attributes Report Attribute Details No. of Pages 83 Forecast Period 2024-2030 Estimated Market Value (USD) in 2024 $15.67 Billion Forecasted Market Value (USD) by 2030 $50.21 Billion Compound Annual Growth Rate 21.4% Regions Covered Vietnam For more information about this report visit About is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. Attachment Vietnamese Fintech Market CONTACT: CONTACT: Laura Wood,Senior Press Manager press@ For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900
Khaleej Times
6 days ago
- Business
- Khaleej Times
Fintech revolution: Pakistan's branchless banking transforms financial landscape
In the last decade, Pakistan has witnessed a silent financial revolution: the rise of branchless banking. From the streets of Karachi to the highlands of Gilgit, millions of people now carry their banks in their pockets. Mobile wallets, QR payments, and biometric verifications have replaced long queues at bank branches, offering unprecedented convenience, speed, and access. This financial democratisation has been largely driven by the rise of fintech solutions — digital platforms enabling transactions without physical bank branches. With over 80 million mobile wallets and more than 180 million cellular subscribers, Pakistan has leapfrogged traditional banking limitations. Yet, this progress brings with it a complex challenge: how to balance innovation with data privacy, security, and financial inclusivity, especially across rural and urban divides. The branchless banking has been transforming Pakistan's financial landscape, while critically examining its limitations and the safeguards necessary to ensure this transformation remains ethical, equitable, and inclusive. For decades, Pakistan's formal banking system catered to a narrow segment of society. According to the World Bank's 2017 Global Findex, only 21 per cent of Pakistani adults had a bank account. Traditional brick-and-mortar banking failed to penetrate vast swathes of rural Pakistan due to high operational costs, low financial literacy, and geographical inaccessibility. However, over few years, branchless banking has fundamentally changed that equation. Riding on the back of mobile technology, companies like Easypaisa, JazzCash, UBL Omni, and SadaPay have extended financial services to large swathes of previously unbanked populations. Whether it's sending remittances, paying utility bills, purchasing goods & groceries, or receiving government disbursements, branchless platforms allow users to conduct transactions securely via mobile phones, without ever stepping inside a bank. In rural districts where banks are few and often distant, this is not just convenience — it's empowerment. A woman in Tharparkar can now receive her BISP (Benazir Income Support Programme) stipend directly to her mobile wallet. A shopkeeper in Swat can pay his supplier digitally. In urban and rural Pakistan, gig workers, delivery riders, freelancers, and small traders now operate on fintech rails, bypassing the need for formal banking infrastructure. Pakistan's fintech ecosystem has exploded in recent years. Spurred by regulatory encouragement from the State Bank of Pakistan (SBP) and investment from global venture capitalists, dozens of digital banks and wallet services have emerged. Players like TAG, NayaPay, and Finja are building app-based platforms that enable customers to open accounts, manage savings, and transact without ever interacting with a bank teller. Fintech has enabled two vital pillars of inclusion: Nadra's biometric infrastructure, and remote Know Your Customer (KYC) processes have made account opening a matter of minutes. This is a game-changer for populations traditionally excluded due to documentation challenges or geographic isolation. Likewise, micro-loans, savings accounts, insurance, and merchant services are now tailored for low-income segments. Even daily wage labourers and rickshaw drivers can access short-term credit or savings tools with a few taps on their phones. Moreover, fintechs have helped digitize the informal economy. QR codes now hang from thousands of roadside stalls, Pan Shops, and Dhabas, bringing them into the formal fold. While the proliferation of digital banking tools is remarkable, it raises a pressing question: who owns the data? and more importantly: who protects it? Every digital transaction leaves a trail — from purchasing habits to geolocation data, biometric scans, and income levels. In the absence of strong data protection legislation and robust oversight mechanisms, this treasure trove of sensitive information becomes vulnerable to misuse, profiling, and exploitation. Pakistan needs to have stringent Personal Data Protection Law to bridge the legal vacuum that presents critical concerns. Many users, especially those with limited digital literacy, may not fully understand how their data is being collected, used, or shared. Fintech companies like global tech giants may be tempted to monetize user data without proper disclosures. In 2022 alone, several financial institutions in Pakistan reported attempted data breaches. As fintech platforms scale, so does the attack surface for cybercriminals. To safeguard the future of digital finance, Pakistan must prioritise a robust regulatory framework that governs data collection, processing, and sharing — with clear penalties for violations, and user rights to access, rectify, and delete their data. Branchless banking paints an aspirational future — but are rural populations equally benefiting? Digital divide persists across three axes. Rural Pakistan still suffers from poor mobile broadband coverage, especially in Balochistan, parts of Sindh, and Gilgit-Baltistan. While urban youth quickly adapt to apps and QR payments, older rural populations often rely on mobile agents or SMS-based services. Without education, these users are vulnerable to fraud and misinformation. Only about 20 per cent of mobile wallet users are women, reflecting entrenched social and digital barriers. Cultural norms, phone ownership gaps, and lack of financial autonomy inhibit rural women's participation in digital finance. Moreover, the cashless push risks marginalizing communities who still depend on tangible currency for daily transactions. Informal workers, farmers, and artisans often lack smartphones, stable incomes, or documentation — all of which are preconditions for digital banking. To address this, Pakistan must adopt a multi-layered inclusion strategy by providing low-cost smartphones and internet access in underserved areas, expanding the network of mobile money agents to remote villages, offering cash-in/cash-out facilities. It needs to promote apps with regional languages, voice instructions, and women-focused financial products, and partner with NGOs and community leaders to educate users on safe digital practices and rights. The State Bank of Pakistan deserves credit for pioneering branchless banking regulations early on. The Branchless Banking Regulations (2016) and EMI Licensing Framework (2019) enabled a regulatory sandbox for innovation while ensuring consumer safeguards. More recently, the Raast Instant Payment System, developed by SBP, has created an interoperable backbone for real-time, secure, and low-cost digital transactions. By integrating government disbursements, salary payments, and peer-to-peer transfers, Raast is fast becoming a national utility for inclusive finance. To sustain this momentum, the government must do more in three critical areas. The government must enact and enforce data protection laws implemented with an independent data commission to ensure accountability. The government should promote digital public goods as the open-source identity systems, digital credit registries, and interoperability standards can level the playing field for fintechs and benefit end users. Similarly, government should offer tax breaks and grants to fintechs building solutions for marginalized communities — women, persons with disabilities, and the elderly. Branchless banking in Pakistan is not merely a technological shift — it's a paradigm shift in how people experience trust, value, and economic agency. It has already brought millions into the financial fold and is poised to lift many more out of poverty and informality. Yet, this revolution must be handled with care. Fintechs cannot become digital monopolies. Users cannot be treated as data points. And progress cannot come at the cost of privacy, equity, or dignity. The task ahead is to institutionalise safeguards without stifling innovation. To protect the vulnerable while empowering the bold. To ensure that the path to a cashless economy is not only paved with apps and algorithms, but with trust, transparency, and fairness. Pakistan's branchless banking journey has only just begun — and if managed wisely, it may just become a model for the developing world.
Bloomberg
6 days ago
- Business
- Bloomberg
Philippine Central Bank Orders E-Wallets, Payment Apps to Remove Online Gambling Links
The Philippine central bank has ordered mobile wallets, payment applications and other supervised institutions to remove links to online gambling platforms. The financial firms have 48 hours to take down icons redirecting to Internet betting, Bangko Sentral ng Pilipinas Deputy Governor Mamerto Tangonan said at a Senate hearing on Thursday, citing a decision from the central bank's policy-making Monetary Board.
Finextra
04-07-2025
- Business
- Finextra
Are Mobile Wallets the Future of Cross-Border Payments Modernization?
Speaking to FinextraTV while attending Money 20/20, Stanley Wachs, Director of Business Development and Head of France, Benelux, Switzerland, and Africa at Dandelion Payments, shared his thoughts on how mobile wallets are impacting the modernization efforts of banks and fintech's. Wachs positions mobile wallets as a key component of the future of cross-border payments and of progressing the modernization of payment infrastructure.
Yahoo
24-06-2025
- Business
- Yahoo
WeChat Pay and Alipay Extend Their Reach Across 20+ Countries
The 2025 report unveils China's leadership in mobile wallet adoption, AI innovation, and cross-border expansion, with giants like Alipay, WeChat Pay, and Alibaba redefining digital finance. Highlights include China's e-CNY dominance, global partnerships, and strategic insights for firms in emerging markets. Dublin, June 24, 2025 (GLOBE NEWSWIRE) -- The "China Payments & E-Commerce 2025: Strategic Insights for Global Leaders" report has been added to offering. Drawing from the latest 2025 data, the report highlights China's continued leadership in mobile wallet adoption, cross-border integration, and AI-driven platform innovation. The findings reveal how dominant players such as Alipay, WeChat Pay, and Alibaba are not only reshaping China's domestic market, but also extending their influence globally through strategic partnerships, AI integration, and digital finance innovation. China is no longer just a domestic digital powerhouse - it is setting benchmarks that the rest of the world is watching. Our latest report offers essential strategic context for global companies navigating the convergence of payments, e-commerce, and AI in one of the most complex and dynamic markets. Key insights from the report include: Mobile wallets now account for the vast majority of digital transactions in China, driven by integrated ecosystems combining payments, social media, shopping, and public services. Alibaba and have invested heavily in AI infrastructure and instant delivery, with Alibaba's 88VIP loyalty program surpassing 50 million members. The digital yuan (e-CNY) has reached over USD 7.3 trillion in cumulative transaction volume, now used across more than 29 cities, including for transport, healthcare, and public services. WeChat Pay and Alipay are expanding internationally, with mobile payments accepted across 20+ countries through partnerships with platforms like Stripe. China's 2025 digital finance reforms are reshaping the ecosystem, targeting platform interoperability, data transparency, and enhanced consumer protection. Questions Covered What is the projected total volume of non-cash transactions in the Asia-Pacific region by 2028? What major digital investment has Alibaba committed to by 2028? How is AI reshaping China's digital payment platforms? What is the projected value of China's payments market by 2030? Which payment method accounted for over a quarter of Asia-Pacific's transactions in 2023? How has Generation Z influenced payment behaviour in China Company Coverage: Agricultural Bank of China American Express Apple China Construction Bank DeepSeek ICBC Mastercard Meta Moonshot AI Payoneer Stripe Taobao Tencent Tmall Visa WeChat Zoho Key Topics Covered: 1. Key Takeaways 2. Management Summary 3. Asia-Pacific Non-Cash Payments and Revenue Outlook Total Non-cash Transactions Volume, in volume billions, 2018 & 2021 - 2024e & 2028f Total B2B Non-cash Transactions Volume, in volume billions, 2018 & 2021 - 2024e & 2028f Payments Revenue Value, in USD trillion, 2013, 2018, 2020 - 2023 Payments Revenue by Type, Commercial & Consumer in %, 2018 & 2023 Payment Mix of New vs Traditional Payments, in % of Transaction Volume, 2023 Share of Payment Revenue Value, in %, 2027f 4. China: E-Commerce and Digital Payments Landscape 4.1. B2C E-Commerce Market Overview Number of Internet Users, in millions and Internet Penetration, in %, December 2020 - December 2024 Number of Online Shoppers, in millions, and Internet Penetration, in %, December 2020 - December 2024 Share of Online Physical Goods Sales, in % of Total Retail Sales of Consumer Goods, Q1 2025 Breakdown of Total Internet Users by Urban & Rural Areas, in %, Dec. 2023 & Dec. 2024 Top 5 Global Origins for Cross-Border Online Purchases, % of International Shoppers, 2024 Share of International Cross-Border Online Purchases, in %, 2018-2024 Top 3 Source Markets for Most Recent Cross-Border Online Purchase by Chinese Shop., in %, 2024 Willingness to Purchase Luxury or Designer Products Online Without Seeing Them First, in %, 2024 4.2. Leading Platforms and Payment Ecosystems in China Overview of Alibaba's AI Investment Strategy and Platform Integration, June 2025 WeChat Pay Availability on Alibaba's Taobao and Tmall Platforms, June 2025 Taobao and Tmall's Membership Strategy, AI Marketing, and Revenue Drivers, June 2025 Generative AI, Retail Productivity, Consumer Insights, Strategic Adaptation, June 2025 AI-Powered Advertising Strategies of Alibaba, Tencent, and May 2025 Alipay Tap!'s User Growth, Ecosystem Investment, and AI-Driven Healthcare Expansion, June 2025 BNPL Market Growth, Key Platforms, and Sectoral Integration, June 2025 4.3. Digital Consumer Trends and Payment Preferences in China Number of Mobile Internet Users, in million, and Penetration, in % of Internet Users, December 2020 - December 2024 Number of Livestream Users, in million, and Penetration, in % of Internet Users, December 2020 - December 2024 Share of New Internet Users by Age Group, in %, H1 2024 Mobile Wallet Penetration and Shifting E-Commerce Payment Preferences, June 2025 Functional Use of Generative AI Shopping Tools Among Early-Adopting Consumers, August 2024 Shifting Habits, Rising Spending, and Tech-Driven Convenience, June 2025 4.4. Innovation and Regulation Shaping China's Digital Payment Future Rise of e-CNY and WeChat Pay in Reshaping Global Payment Ecosystems, June 2025 Yuan Internationalization, Cross-Border Payment Infrastructure, and Outbound Tourism, June 2025 Antitrust Enforcement, Financial Data Flow Guidelines, and Online Identity Regulation, June 2025 Digital ID Reforms and their Implications for E-Commerce and Payments, June 2025 4.5. China's Online Payment Landscape: Methods, Usage, and Growth Forecasted Payment Market Size, in USD trillions, 2025e & 2030f Share of Consumer Transactions by Payment Method, in %, 2024 Share of Consumers Using WeChat Pay Daily, in %, 2023 WeChat Pay & Alipay Market Share in % and Ecosystem Penetration in Mobile Payments, 2023 Mobile Wallet Penetration among Adult Consumers, in %, Q2 2023 Mobile Wallet Ownership and Usage, in %, Q2 2023 Mobile Wallet Penetration, Digital Infrastructure, and Consumer Adoption, June 2025 Development of Online Payment Usage and User Penetration, December 2020 - December 2024 Card Transaction Value, in USD trillion, 2024 & 2028f Debit Card Transaction Value, in CNY trillions, 2020 - 2028f Credit and Charge Card Transaction Value, in CNY trillions, 2020 - 2028f Growth of Cross-Border Payments via Acquisitions and Global Partnerships, June 2025 Alipay and WeChat Pay Global Expansion and Cross-Border Usage Trends, June 2025 5. Conclusion: Strategic Evolution of China's Digital Payment Landscape in 2025 For more information about this report visit About is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. CONTACT: CONTACT: Laura Wood,Senior Press Manager press@ For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
