Allied Wallet, providing online payment processing, has announced it is compatible with Nganluong, Momo, and VTC Pay, supporting Vietnam`s growing ecommerce market.
According to the press release, Vietnam is one of the fastest growing ecommerce markets in the world, with an annual growth rate of 32%. It’s currently worth EUR 2.3 billion – highly influenced by the ecommerce growth in China.
Although Vietnamese banks are launching programmes to promote an increase in credit card usage, the country has not yet seen widespread adoption due to cultural barriers and the existing minimum income requirements. Despite a rate of just 2% in credit card penetration and only 31% of the Vietnamese population being banked, the country shows high growth in ecommerce partly due to the use of smartphones and their online services.
Solutions such as Momo allow users to load their digital wallet by connecting it to their bank account or loading it in any one of its more than 4000 retail locations. Nganluong already works with more than 10,000 ecommerce merchants and supports over 500,000 digital wallet customers and partners. VTC Pay has over 22 million active digital wallet users and is accepted by over 30,000 businesses.