nhà cái bet88 attract e-wallet users

The race nhà cái bet88 attract e-wallet users through extravagant spending appears nhà cái bet88 be approaching its conclusion, prompting providers nhà cái bet88 chart new courses nhà cái bet88 sustain their market presence.

The dominance in market share is gradually tilting towards QR codes, and the recent withdrawal of Moca e-wallet, after seven years of operations, underscores the intensifying competition in Vietnam’s digital payment market.

According nhà cái bet88 a report from local analysts FiinGroup, transaction volumes via e-wallets in Vietnam saw a compound annual growth rate (CAGR) of 83.5 per cent from 2018 nhà cái bet88 2023. Despite this robust growth, e-wallets continue nhà cái bet88 experience significant annual losses due nhà cái bet88 promotional costs and discounts. In reality, though, if e-wallets were nhà cái bet88 discontinue offering discount codes, promotions, and incentives for transactions, this method of payment may lose its appeal among many users. This presents a challenge for e-wallet providers nhà cái bet88 innovate and find new value propositions nhà cái bet88 retain users and ensure profitability.

For instance, MoMo currently commands a 68 per cent market share of Vietnam’s e-wallet sector, according nhà cái bet88 market researchers Decision Lab, but it also registers the highest losses. It reported an after-tax loss of around VND880 billion (.51 million) in both 2020 and 2021, with a 30 per cent increase in 2022 nhà cái bet88 nearly VND1.15 trillion (.1 million). Similarly, ZaloPay recorded a loss of nearly VND680 billion (.67 million) in 2020, which rose by 82.5 per cent in 2021 and a further 6.5 per cent in 2022, totaling over VND1.3 trillion (.98 million).

QR codes emerging

In contrast nhà cái bet88 e-wallets, QR code payment methods offered by banks do not feature extensive promotions or a versatile shopping and entertainment ecosystem. Nevertheless, during the first two months of this year alone, QR code payments surged 846.41 per cent in volume and 1,146.14 per cent in value, as reported by the State Bank of Vietnam (SBV). Transactions through the Interbank Electronic Payment System in January 2024 also saw a 6.02 per cent increase in volume and a 54.42 per cent increase in value.

These figures indicate a rapid shift among Vietnamese consumers from traditional cash transactions nhà cái bet88 cashless methods. However, the swift rise of QR code payments currently poses a potential challenge nhà cái bet88 the dominance of e-wallets in the digital payment landscape.

According nhà cái bet88 a survey by Visa released in March, QR code payments are increasingly favored in Vietnam, with a 62 per cent adoption rate, accounting for approximately 16.2 million transactions a month. E-wallets are close behind, at 58 per cent, equating nhà cái bet88 around 15.5 million transactions a month.

The key advantage QR codes possess over e-wallets, allowing them nhà cái bet88 forego aggressive promotional spending, is their seamless payment feature. Users can effortlessly transfer funds directly from their accounts nhà cái bet88 the vendor’s, eliminating the necessity nhà cái bet88 preload their wallets. nhà cái bet88 attract users, both MoMo and ZaloPay have introduced “universal” QR codes, enabling customers nhà cái bet88 conduct transactions directly through banks they have partnered with, utilizing linked accounts for payments. However, exceeding the permissible transfer limit may subject users nhà cái bet88 additional fees for these e-wallet transactions.

Furthermore, current e-wallet functionalities encompass payments for public utilities such as electricity, water, internet, and cable TV and financial services including insurance, savings, and investments, which are extensively integrated into digital banking applications. This evolution allows users nhà cái bet88 fulfill their transaction needs directly within banking apps, bypassing the necessity for e-wallets. Particularly with the introduction of VietQR, which securely encrypts information such as account numbers, banks, transaction amounts, and details, transactions have become faster, more precise, and more secure. Overall, the uniqueness of e-wallets no longer solely hinges on their payment functionalities.

Transforming into an ecosystem

Alipay stands as the world’s most widely used e-wallet, with 1.3 billion users as of 2021, according nhà cái bet88 research from the UK’s Merchant Machine. Close behind is another prominent Chinese e-wallet, WeChat Pay. According nhà cái bet88 We are Planet, these two e-wallets are currently dominating, with more than 90 per cent of China’s mobile payment market share.

A key strategy that has propelled these e-wallets nhà cái bet88 dominate China’s digital payment landscape is their creation of an “all-in-one app” environment. For example, users can schedule doctor appointments, order meals, book transportation, and more, directly through WeChat Pay. Similarly, Alipay allows users nhà cái bet88 handle a wide range of transactions, including shopping, entertainment, transportation, and even tax payments.

Both e-wallets excel by integrating essential services into their platforms, forming ecosystems that cater comprehensively nhà cái bet88 user needs. Thus, with just Alipay and WeChat Pay, users can fulfill diverse requirements without the need for any additional apps.

Despite the comprehensive ecosystems currently offered by e-wallets in Vietnam - encompassing shopping, entertainment (online purchases, and movie and flight tickets), and financial services (savings, securities investment, and consumer loans) - they have yet nhà cái bet88 effectively communicate the integrated conveniences available nhà cái bet88 their customers.

Many industry analysts predict that financial services such as insurance, savings, and investments will pave the way forward for e-wallets in Vietnam. MoMo and ZaloPay are leading this trend. Over the past couple of years, both e-wallet platforms have actively diversified their partnerships and invested in financial startups.

In 2022, MoMo expanded into the investment sector by acquiring the CVS Securities Corporation. In the same year, it introduced its Fund Certificate Service, marking it as the first e-wallet nhà cái bet88 successfully launch such a service. Recently, it also launched an integrated Securities feature directly on its platform in collaboration with CVS, enhancing its financial and investment ecosystem.

Similarly, in 2023, ZaloPay teamed up with DNSE Securities nhà cái bet88 introduce its Securities Account feature, offering support for investors starting from just one share. Within a mere two months of its launch, the Securities Account feature attracted nearly 160,000 investors.

Forging a competitive edge

With rapid advancements in technologies like blockchain and AI, staying ahead in adopting these innovations can give electronic wallets a competitive edge over both industry peers and QR codes. By integrating AI, electronic wallets can offer highly-personalized user experiences, suggesting tailored shopping options and managing expenses rather than only conducting generic interactions. Similarly, utilizing blockchain technology can ensure the secure, decentralized management of financial data, enhancing the security of electronic wallets, especially amid the growing complexity of cyber threats targeting financial institutions.

In practice, the strong emphasis on security and privacy has notably boosted Apple Pay’s popularity among users worldwide. Features such as the early adoption of biometric authentication nhà cái bet88 bolster account security and transaction codes that are never stored on Apple servers or backed up on iCloud ensure robust protection against data breaches. In case of device loss, users can activate Lost Mode nhà cái bet88 temporarily suspend Apple Pay without the need nhà cái bet88 cancel their cards.

Additionally, analysts highlight that one of the most anticipated features for electronic wallets is cross-border payments. Recent trends in international integration, such as expanding supply chain networks, global trade, and cross-border services, have driven the demand for seamless cross-border payment solutions from both individuals and organizations. In Vietnam, however, the cross-border payment systems of local banks are still evolving, primarily focusing on establishing payment links within the ASEAN region, thus not fully meeting user expectations. Hence, seizing these opportunities early on will be crucial for electronic wallets nhà cái bet88 establish a competitive edge and attract a larger user base.

In 2020, Ant International, the global arm of the Ant Group, introduced Alipay+ on the Alipay digital wallet platform, marking the world’s first financial service allowing users nhà cái bet88 engage in cross-border commercial transactions. Alipay+ currently supports digital payments for 14 foreign e-wallets in nine countries, serving over 1.2 billion users. This initiative by the Chinese financial technology firm opens up new opportunities nhà cái bet88 enter diverse global markets.

Looking ahead, the competition between e-wallets and QR codes and among e-wallet providers themselves will intensify. The viability of e-wallets, however, hinges on their ability nhà cái bet88 consistently generate profits. Success will be determined by their technological adaptability nhà cái bet88 enhance user experiences, the robustness of their ecosystem, and the provision of essential financial services. These elements will deliver real value, meeting user needs for convenient expense management without relying solely on promotions or discounts.