Emerging Financial Applications In Vietnam

January 31, 2023

In recent years, Vietnam has seen rapid financial technology (fintech) growth.

With the increasing use of smartphones and internet access, the demand for convenient and secure financial services has increased. As a result, various financial applications have emerged to meet this need. 

This article will closely examine some of Vietnam’s most popular financial applications. If you want any more information, kindly visit https://cho-vay.com/.

What are Financial Applications?

Financial applications are software programs that manage and automate various financial tasks and transactions. 

Individuals and businesses use them to streamline and simplify financial operations, such as budgeting, investing, banking, payments, and accounting. Financial applications can be desktop software, mobile apps, or web-based platforms. 


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They often provide real-time information, security features, and analytics tools to help users make informed financial decisions. Some common examples of financial applications include personal finance management software, online banking services, mobile payment apps, and stock trading platforms.

Statistics of People using Financial Applications in Vietnam:

In Vietnam, 82% of individuals access digital banking operations at least once each month, per a recent McKinsey study on personal finance. Since the last survey, this proportion has increased (only 41 percent ).

From 16% in 2017 to 56% in 2018, more people in Vietnam are now using Fintech (financial technology) organizations’ services (in 2021). This indicates that the global financial and banking sectors are fast going digital.

The value of Vietnam’s digital ecosystem is anticipated to be $50 billion by McKinsey & Company, with the possibility of reaching $100 billion by 2025.

E-commerce platforms are a good place for digital users to start their journey before moving on to payment and banking options. Users must have a seamless and continuous interface to support that ecosystem.

Only 30% of respondents in Vietnam who are ready to purchase through digital channels do so. The significant difference points to a need for more technical services, a lack of knowledge, or a strong argument for users to select the digital transaction channel.

Top Financial Applications in Vietnam:

  • MoMo:

MoMo is a popular digital wallet and mobile payment app that has become a household name in Vietnam. It allows users to make payments, transfer, and manage their finances through the app. MoMo has a user-friendly interface and offers various promotions and discounts to its users.

  • Vietcombank e-Banking: 

Vietcombank e-Banking is an online banking service provided by Vietcombank. It lets customers view their account balances, transfer money, and pay bills from their mobile devices. The app also offers real-time information about transactions and alerts for important events such as low balances or suspicious activity.

  • VNPay: 

VNPay is a payment gateway for online transactions that allows businesses and consumers to make secure online payments. It supports a variety of payment methods, including credit and debit cards, as well as e-wallets. VNPay also provides businesses with tools to manage their online sales and marketing efforts.

  • Payoo: 

Payoo is a bill payment and money transfer platform that allows users to pay their bills and transfer money to other users. It offers many services, including mobile phone top-ups, utility bill payments, and insurance premiums. Payoo has a user-friendly interface and offers various promotions and discounts to its users.

  • VietinBank eBanking: 

VietinBank eBanking is an online banking service offered by VietinBank. It lets customers view their account balances, transfer money, and pay bills from their mobile devices. The app also provides real-time information about transactions and alerts for important events such as low balances or suspicious activity.

  • TPBank Digital: 

TPBank Digital is a digital banking platform offered by TPBank. It provides customers with various services, including account management, money transfers, and bill payments. The app has a user-friendly interface and offers real-time information about transactions.

  • ZaloPay: 

ZaloPay is a mobile wallet and payment app that allows users to make payments, transfer money, and manage their finances. ZaloPay has a user-friendly interface and offers various promotions and discounts to its users.

  • HDBank eBanking: 

HDBank eBanking is an online banking service provided by HDBank. It lets customers view their account balances, transfer money, and pay bills from their mobile devices. The app also offers real-time information about transactions and alerts for important events such as low balances or suspicious activity.

Conclusion:

In conclusion, Vietnam has a thriving fintech industry, with various financial applications available to meet the needs of individuals and businesses. Whether you need to manage your finances, pay bills, or make secure online transactions, there is an app that can meet your needs. With the continued growth of the fintech industry in Vietnam, we will likely see even more financial applications emerge.

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