E-wallets have transformed the way we handle digital payments, offering convenience and versatility. According to the INTAGE Vietnam VIETTRACK 2023 report, a significant trend is emerging: the increasing adoption of multiple e-wallet platforms among Vietnamese consumers.
While Generation X focuses on practical transactions, younger generations, including Generation Z and Millennials, utilize e-wallets for entertainment and travel activities, in addition to payments. The report highlights that 64% of consumers use e-wallets at least four times a week, with an average monthly spending of 3.8 million VND. This finding underscores the growing reliance on this innovative payment method in our daily lives.
Interestingly, 84% of e-wallet users prefer to use multiple platforms to fulfill their digital payment needs. Main e-wallets are prioritized for bill payments, while secondary e-wallets offer advantages on specific platforms. Promotional offers heavily influence Gen Z’s choices, while Gen Y takes advantage of promotions on various platforms. Gen X utilizes multiple e-wallets for specific discounts at restaurants and coffee shops.
The convenience and integration of e-wallets with multiple services remain key factors for consumers. Convenience includes features such as connecting with multiple banks, making payments at various locations (restaurants, cafes, supermarkets, etc.), online shopping & food delivery payments (e.g., Tiki, Lazada, Baemin, ShopeeFood, Grab Food), and integration of multiple payment categories (electricity, water, phone bills, in-store purchases, transportation, hotels, etc.). Understanding these shifting behaviors is crucial for businesses and e-wallet providers to cater to consumer preferences effectively.
Download the report below