According to the ‘Mobile Application Market’ report by Vietnamese mobile platform provider Appota, mobile e-commerce is predicted to reach $7 billion in revenue by 2021 and surpass e-commerce in the world. desktop next year.
Illustration. Source: Internet. Under the impact of the pandemic, Vietnam’s e-commerce market has grown rapidly with a growth rate of 18%, reaching US$11.8 billion. Among them, e-commerce and digital payments are booming with an increasing number of users. However, there has not been much breakthrough in the value of digital payments due to consumer confidence and spending considerations amid the crisis. It is estimated that with the expected recovery of the economy after the pandemic, the value of digital payments will increase by 30% to reach $15 billion this year. According to Appota, in 2020, 121 startups have been providing fintech services. The number of digital payment startups accounted for 31%, more than twice that of peer-to-peer lending companies (16%). As of September 2020, Momo reached 20 million users, becoming the most used payment platform in Vietnam. Meanwhile, intermediary payment service provider VNPay has become the second unicorn startup and one of 12 companies in Southeast Asia valued at $1 billion. Obviously, the digital payments market is very potential but also highly competitive. Due to the implementation of social distancing measures, more and more people are staying at home and using mobile apps online. Short-form video application TikTok has reached 16 million downloads in Vietnam, becoming the latest entertainment trend of users. The market segment is expected to be more active in 2021 with the expansion of Instagram and Youtube. Meanwhile, the online games segment also recorded dizzying growth with 40% growth in revenue, new game downloads and releases reaching $205 million in 2021.
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