Financial news site ValueWalk has ranked Vietnam as one of the world’s fastest-growing e-commerce markets, with a current value of €2.3 billion and an annual growth rate of 32 percent. However, only 2 percent of the Vietnamese people own credit cards and only 31 percent have bank accounts. Despite the continuous efforts of Vietnamese banks to promote credit cards, the country remains cash-oriented partly due to the minimum income required to receive a credit card.
In response to this, Allied Wallet has added three new payment methods, Momo, Nganluong, and VTC Pay, to its digital payment processing platform to enable Vietnamese consumers to purchase goods and services from online merchants in and outside of the country. Nganluong and VTC Pay have more than 22.5 million combined active users and work with over 40,000 e-commerce merchants.