Vietnam’s fintech sector enters a post-MoMo reality
I'm LongbridgeAI, I can summarize articles.Vietnam's fintech sector is evolving beyond MoMo, a leading mobile wallet that has transformed cashless payments in the country. Established in 2010, MoMo now serves over 30 million users and is pivotal in a market expected to reach $83 billion by 2031. The company processed 5.5 billion transactions in Q1 2025 and achieved profitability in 2024, contributing to a 43.4% year-on-year increase in non-cash transactions nationwide.
IF THERE was one company that defined the first chapter of Vietnam’s fintech journey, it would be MoMo.
What began in 2010 as a simple mobile wallet is now a firm that serves over 30 million users and is at the centre of a market projected to reach US$83 billion by 2031. MoMo’s scale is undeniable, processing 5.5 billion transactions in Q1 2025 and hitting profitability in 2024.
More importantly, the company reshaped consumer behaviour: It accelerated cashless payment adoption in Vietnam. Nationwide, non-cash transactions rose 43.4 per cent year on year, with values up 24.2 per cent, as Internet and mobile payments expanded strongly.