On average, Moca users performed 2.2 transactions daily, and the figures for Momo and ZaloPay were two and 1.6. Momo users spent an average of VND520,000 ($22.2) while it was VND506,000 ($21.6) for Moca and at 441,600 ($18.8) for ZaloPay, according to the survey by HCMC-based market research company Cimigo.

Momo, Moca and ZaloPay are the three most popular e-wallets in Vietnam’s two main cities, accounting for more than 90 percent of online payments, found the survey, which polled 505 users who used at least one e-wallet in Ho Chi Minh City and Hanoi in the fourth quarter of 2019. 

Le Xuan Phuong, deputy head of research at Cimigo, said the frequency and value of transactions carried out daily on e-wallets indicated the great need for these services and their potential in future. 

E-wallets were mainly used for mobile top-ups (26 percent), money transfers (20 percent), bill payments (13 percent), food orders (9 percent), and ride-hailing (7 percent).

As for customer loyalty, 95 percent of Moca users will stay with the service regardless of promotions. The rates for Momo and ZaloPay were 89 percent and 84 percent.

The survey found six main factors contribute to customers’ choice of e-wallet: user-friendly interface, varied and frequent promotions, safety and security, links with many banks, widespread service acceptance, and diversity of payment services.

Vietnam is among the ASEAN countries with the lowest cashless transaction volumes, according to a 2019 Standard Chartered Bank report.

But the Covid-19 pandemic is changing consumer habits. For instance, the State Bank of Vietnam has advised people to limit cash usage and utilize digital payments to reduce the risk of infection.

It has licensed 32 companies to offer e-payment solutions. The government has drafted a national financial strategy to increase the rate of non-cash payments by 20–25 percent by 2025.

Nearly 30 percent of Vietnam’s population shopped online between 2016 and 2020, with the value being around $350 per person per year.