Vietnam Prepaid Card and Digital Wallet Market Intelligence and Future Growth Dynamics Databook - Q2 2025 Update

Key Trends and Drivers in the Vietnam Prepaid Cards Sector

Rapid Growth of Digital Payment Adoption

• Vietnam's rapid adoption of digital payments is transforming the financial landscape, with prepaid cards emerging as a preferred payment method among consumers. The increasing reliance on digital transactions, driven by expanding e-commerce activities and heightened security concerns, has accelerated the shift from cash-based payments. Prepaid cards offer a secure and convenient alternative, particularly for online purchases, where consumers seek to protect their primary banking details while maintaining financial flexibility.
• Government initiatives play a key role in fostering this transition by actively promoting cashless transactions and digital financial inclusion. Policies aimed at reducing cash dependency and regulatory support for digital wallets and fintech services have created an environment conducive to prepaid card growth. As prepaid cards become more accessible and integrated with digital payment solutions, their usage is expected to rise across various consumer segments.

Integration of Prepaid Cards with Digital Wallets

• Integrating prepaid cards with digital wallets in Vietnam enhances the convenience and accessibility of cashless transactions. Consumers increasingly opt for digital payment solutions to manage funds efficiently while maintaining security. As a result, prepaid card providers are embedding their services into digital wallets, enabling users to conduct seamless transactions across various online and offline channels.
• Technological advancements in fintech are a key driver of this trend, allowing for improved security, interoperability, and ease of use. Consumers, particularly younger demographics, demand quicker and more convenient payment solutions, prompting financial service providers to expand digital wallet functionalities. The ability to link prepaid cards to digital wallets gives users greater control over their spending while eliminating reliance on traditional banking services.
• Over the next two to four years, the growing integration of prepaid cards with digital wallets will create a more interconnected financial ecosystem. As adoption increases, businesses and financial institutions will likely enhance digital payment solutions to capture a larger market share. This shift will cater to evolving consumer preferences and strengthen Vietnam’s digital economy by encouraging greater participation in cashless transactions.

Emergence of Domestic Prepaid Card Programs

• Vietnamese banks are increasingly launching domestic prepaid card programs in collaboration with local partners to strengthen the country's payment ecosystem. These initiatives aim to provide consumers with cost-effective, locally managed prepaid card solutions that reduce reliance on international payment networks. By promoting domestic payment infrastructure, these programs support Vietnam’s broader strategy of enhancing financial accessibility and developing a more self-sufficient financial system.
• The expansion of the National Payment Corporation of Vietnam (NAPAS) network has been a key driver in facilitating domestic prepaid card issuance. Banks and financial institutions are leveraging this network to introduce prepaid card solutions with lower fees than international options, making them a viable choice for cost-conscious consumers. Additionally, businesses are increasingly adopting domestic prepaid cards for payroll, government disbursements, and targeted financial programs, further driving market growth.
• Over the next two to four years, domestic prepaid cards are expected to gain a larger market share as banks continue to enhance their offerings. Strengthening the NAPAS network and expanding prepaid card functionalities will contribute to broader financial inclusion, allowing more individuals and businesses to access formal financial services. As adoption rises, domestic prepaid cards will play a crucial role in Vietnam’s digital financial landscape, reinforcing the shift towards a cashless economy.

Competitive Landscape of the Vietnam Prepaid Card Market

Current Market Dynamics

• Vietnam's prepaid card market has expanded significantly due to the rising adoption of digital payments and financial services. With increasing demand for cashless transactions, prepaid cards have gained traction across different sectors, including retail, corporate payroll, and travel. The market’s rapid growth is also fueled by the convenience and security of prepaid cards, particularly in online transactions where consumers seek greater control over their spending.
• The widespread acceptance of prepaid cards across industries and the growing integration with digital wallets have contributed to this growth. As more businesses and financial institutions introduce prepaid solutions, the market is evolving to meet the changing needs of both consumers and enterprises.

Key Players and Market Share

• The prepaid card market in Vietnam is dominated by established banks and fintech companies competing to provide innovative payment solutions. Leading financial institutions such as Vietcombank, BIDV, and Sacombank have leveraged their extensive networks to offer various prepaid card products catering to individual consumers and businesses. These banks continue to develop their digital offerings to align with the growing trend of cashless payments.
• In addition to traditional banks, fintech firms like MoMo and ZaloPay have entered the market, introducing prepaid card solutions tailored for tech-savvy consumers. These companies have disrupted the competitive landscape by offering flexible, user-friendly digital payment options. Their presence has intensified competition, pushing both fintechs and traditional banks to enhance their prepaid card services through digital innovations.

Recent Launches and Partnerships

• Strategic partnerships and acquisitions have shaped Vietnam’s prepaid card industry. Companies are collaborating to expand their product offerings and strengthen their market presence. A notable example is Got It, a key player in the gift card sector, which has reported significant revenue growth, demonstrating the increasing demand for digital prepaid solutions.
• In 2023, Got It generated approximately US$ 6.3 million in revenue, a 26.8% increase from the previous year. The company now focuses on digital transformation by expanding from offline store vouchers to integrated digital prepaid solutions for brand partners. Projections for 2024 indicate a 49% revenue increase, driven by its shift to online payment platforms and partnerships with businesses to enhance digital gifting solutions.

Anticipated Market Evolution (Next 2-4 Years)

• The market will evolve as financial institutions and fintech companies innovate to attract a growing customer base. Digital transformation efforts, particularly in mobile payments and e-commerce, will further drive the adoption of prepaid cards.
• As competition intensifies, companies will focus on differentiating their prepaid card offerings through enhanced security, loyalty programs, and deeper integration with digital wallets. Strategic partnerships and mergers between banks and fintech firms will likely increase, leading to new product innovations and a more interconnected payment ecosystem. The evolving regulatory framework will also be critical in shaping market dynamics, ensuring a secure and competitive environment for prepaid card providers.

Regulatory Changes

• Vietnam's regulatory landscape has evolved to support the transition towards a cashless economy. The government has implemented new policies promoting prepaid card usage and digital transactions in the past year. These measures include tax incentives for businesses adopting electronic payments and regulatory frameworks to support fintech companies entering the prepaid card market.
• Additionally, authorities have introduced stricter security regulations to protect consumers using prepaid cards for online transactions. These regulatory updates aim to foster trust in prepaid financial products and encourage wider adoption across industries. The government's continued push for financial inclusion is expected to further accelerate the prepaid card market’s growth in the coming years.

Overview of Prepaid Cards and Digital Wallet Market

Prepaid Card Market Analysis

• Metrics Assessed: The study examines the prepaid card market through various lenses, including transaction value, transaction volume, average transaction value, load value, and the total number of cards in circulation.
• Card Types: A distinction is made between open-loop and closed-loop prepaid cards, providing insights into their respective market shares and growth trajectories.
• Usage Categories: The report segments the prepaid card market into various categories such as general-purpose cards, business and administrative expense cards, travel forex cards, and meal cards.
• Business Segmentation: Further segmentation is provided based on business size and type, including small-scale businesses, mid-tier businesses, enterprise-level businesses, government entities, and retail consumers.
• Sector-Specific Applications: The analysis extends to specific sectors utilizing prepaid cards, including transit and toll payments, healthcare and wellness services, social security and other government benefit programs, fuel purchases, utilities, and more.

Digital Wallet Market Insights

• Key Segments: The digital wallet market is dissected across five primary spending categories: retail shopping, travel, entertainment and gaming, dining establishments, and recharge and bill payments.
• Performance Metrics: For each segment, the report evaluates transaction value, transaction volume, and average transaction value, offering a granular view of consumer spending behaviors.
• Retail Spend Breakdown: An in-depth analysis is provided for retail spending via digital wallets, covering categories such as food and grocery, health and beauty products, apparel and footwear, books, music and video, consumer electronics, pharmacy and wellness, gas stations, restaurants and bars, toys, kids and baby products, services, and other miscellaneous categories.

Virtual Prepaid Card Market Segmentation

• Categories Analyzed: The virtual prepaid card market is segmented into key categories, including general-purpose cards, gift cards, entertainment and gaming cards, teen and campus cards, business and administrative expense cards, payroll cards, meal cards, travel forex cards, transit and toll cards, social security and other government benefit program cards, fuel cards, utilities, and other miscellaneous categories.
• Performance Evaluation: For each category, the report assesses transaction value, providing insights into the adoption and usage patterns of virtual prepaid cards across different consumer segments.

Consumer Usage Trends

The report delves into consumer behavior concerning prepaid cards, segmented by:

• Age Groups: Identifying usage patterns across different age demographics.
• Income Levels: Analyzing how income brackets influence prepaid card adoption and usage.
• Gender: Examining differences in usage trends between genders.

Scope

Vietnam Prepaid Payment Instrument Market Size and Forecast

• Transaction Value Trend Analysis
• Transaction Volume Trend Analysis
• Average Value per Transaction
• Market Share Analysis by Prepaid Card vs. Digital Wallet

Vietnam Digital Wallet Market Size and Forecast

• Transaction Value Trend Analysis
• Transaction Volume Trend Analysis
• Average Value per Transaction
• Market Share Analysis by Key Segments

Vietnam Digital Wallet Market Size and Forecast by Key Segments

• Retail Shopping (Value, Volume, Avg. Value)
• Travel (Value, Volume, Avg. Value)
• Restaurant (Value, Volume, Avg. Value)
• Entertainment and Gaming (Value, Volume, Avg. Value)
• Recharge and Bill Payment (Value, Volume, Avg. Value)

Vietnam Digital Wallet Retail Spend Dynamics

• Food and Grocery - Transaction Value
• Health and Beauty Products - Transaction Value
• Apparel and Foot Wear - Transaction Value
• Books, Music and Video - Transaction Value
• Consumer Electronics - Transaction Value
• Pharmacy and Wellness - Transaction Value
• Gas Stations - Transaction Value
• Restaurants & Bars - Transaction Value
• Toys, Kids, and Baby Products - Transaction Value
• Services - Transaction Value
• Others - Transaction Value

Vietnam Prepaid Card Industry Market Attractiveness

• Load Value Trend Analysis
• Transaction Value Trend Analysis
• Transaction Volume Trend Analysis
• Average Value per Transaction
• Number of Cards
• Market Share Analysis by Functional Attributes - Open Loop vs. Closed Loop
• Market Share Analysis by Prepaid Card Categories

Vietnam Open Loop Prepaid Card Future Growth Dynamics

• Transaction Value Trend Analysis
• Transaction Volume Trend Analysis
• Average Value per Transaction
• Number of Cards

Vietnam Closed Loop Prepaid Card Future Growth Dynamics

• Transaction Value Trend Analysis
• Transaction Volume Trend Analysis
• Average Value per Transaction
• Number of Cards

Vietnam Prepaid Card Consumer Usage Trends

• By Age Group
• By Income Group
• By Gender

Vietnam Prepaid Card Retail Spend Dynamics

• Food and Grocery - Transaction Value
• Health and Beauty Products - Transaction Value
• Apparel and Foot Wear - Transaction Value
• Books, Music and Video - Transaction Value
• Consumer Electronics - Transaction Value
• Pharmacy and Wellness - Transaction Value
• Gas Stations - Transaction Value
• Restaurants & Bars - Transaction Value
• Toys, Kids, and Baby Products - Transaction Value
• Services - Transaction Value
• Others - Transaction Value

Vietnam General Purpose Prepaid Card Market Size and Forecast

Vietnam Gift Card Market Size and Forecast

Gift Card Market Size and Forecast by Functional Attribute

• By Open Loop Gift Card
• By Closed Loop Gift Card

Gift Card Market Size and Forecast by Consumer Segments

• By Retail Consumer Segment
• By Corporate Consumer Segment

Gift Card Market Share Analysis by Retail Categories

• Gift Card Market Share Analysis by Gifting Occasion
• Gift Card Market Share Analysis by Purchase Location

Vietnam Entertainment and Gaming Prepaid Card Market Size and Forecast

Vietnam Teen and Campus Prepaid Card Market Size and Forecast

Teen and Campus Prepaid Card Market Size and Forecast by Functional Attribute

• By Open Loop Teen and Campus Prepaid Card
• By Closed Loop Teen and Campus Prepaid Card

Vietnam Business and Administrative Expense Prepaid Card Market Size and Forecast

Business and Administrative Expense Prepaid Card Market Size and Forecast by Consumer Segments

• By Small Scale Business Segment
• By Mid-Tier Business Segment
• By Enterprise Business Segment
• By Government Segment

Vietnam Payroll Prepaid Card Market Size and Forecast

Payroll Prepaid Card Market Size and Forecast by Consumer Segments

• By Small Scale Business Segment
• By Mid-Tier Business Segment
• By Enterprise Business Segment
• By Government Segment

Vietnam Meal Prepaid Card Market Size and Forecast

Meal Prepaid Card Market Size and Forecast by Consumer Segments

• By Small Scale Business Segment
• By Mid-Tier Business Segment
• By Enterprise Business Segment
• By Government Segment

Vietnam Travel Forex Prepaid Card Market Size and Forecast

Travel Forex Prepaid Card Market Size and Forecast by Consumer Segments

• By Retail
• By Small Scale Business Segment
• By Mid-Tier Business Segment
• By Enterprise Business Segment
• By Government Segment

Vietnam Transit and Tolls Prepaid Card Market Size and Forecast

Vietnam Social Security and Other Government Benefit Programs Prepaid Card Market Size and Forecast

Vietnam Fuel Prepaid Cards Market Size and Forecast

Vietnam Utilities, and Other Prepaid Cards Market Size and Forecast

Vietnam Virtual Prepaid Card Industry Market Attractiveness

• Transaction Value Trend Analysis
• Transaction Volume Trend Analysis
• Average Value per Transaction
• Market Share Analysis by Key Virtual Prepaid Card Categories

Vietnam Virtual Prepaid Card Market Size by Key Categories

• General Purpose Prepaid Card - Transaction Value
• Gift Card - Transaction Value
• Entertainment and Gaming Prepaid Card - Transaction Value
• Teen and Campus Prepaid Card - Transaction Value
• Business and Administrative Expense Prepaid Card - Transaction Value
• Payroll Prepaid Card - Transaction Value
• Meal Prepaid Card - Transaction Value
• Travel Forex Prepaid Card - Transaction Value
• Transit and Tolls Prepaid Card - Transaction Value
• Social Security and Other Government Benefit Programs Prepaid Card - Transaction Value
• Fuel Prepaid Cards - Transaction Value
• Utilities, and Other Prepaid Cards - Transaction Value

Reasons to buy

• In-depth understanding of Vietnam’s prepaid card and digital wallet market dynamics: Understand market opportunity, industry dynamics, key trends and drivers across 80+ market segments and sub-segments of prepaid payment instrument, prepaid card, digital wallet and virtual prepaid card.
• Understand Vietnam’s market opportunities and key trends along with forecast (2020-2029). Understand market dynamics through essential KPIs such as transaction value, transaction volume, and average value per transaction.
• Develop Vietnam’s market specific strategies: Identify growth segments and target specific opportunities to formulate your prepaid card and digital wallet strategy; assess market specific key trends, drivers and risks in the industry.
• Detailed analysis of Vietnam’s market share by key players across key prepaid card categories.
• Get insights into Vietnam’s consumer attitude and behaviour: Understand changing consumer attitude and behaviour and boost ROI. Get detailed insights into retail spend through prepaid cards, virtual prepaid cards and digital wallets.