Vietnam's BNPL Boom: What's Driving the Payment Revolution?

Vietnam's Buy Now Pay Later (BNPL) market is on fire, with big growth expected through 2030. By 2025, it's set to hit USD 2. 61 billion, up from USD 1. 91 billion in 2024. That's a huge jump, and it's not slowing down anytime soon. The market is growing fast, with a mix of local and international players making waves. Why is this happening? Well, e-commerce is booming, and not everyone has a credit card. Plus, people are changing how they spend money. Companies like Atome and Kredivo are using digital platforms to reach younger, tech-savvy shoppers. They're teaming up with big retailers, making BNPL a part of everyday life. Super apps like MoMo and ZaloPay are also jumping on the BNPL bandwagon. They're making it easy for people to use BNPL for all kinds of things, from groceries to travel. This is helping BNPL reach more people, no matter their income. But it's not just about shopping. BNPL is also making its way into offline stores, like pharmacies and electronics shops. This is big because many Vietnamese people like to see products in person before buying. Plus, BNPL is expanding into other areas, like education and healthcare. This is helping families manage big expenses more easily. Of course, with growth comes competition. More players are entering the market, and they're all trying to stand out. Some are using AI and machine learning to offer better services. Others are forming partnerships to reach more customers. But there are challenges too. The government is keeping a close eye on BNPL providers, especially foreign ones. They want to make sure everyone plays fair and follows the rules. This could slow things down a bit, but it's probably a good thing in the long run. So, what's next for Vietnam's BNPL market? Well, it's looking bright. With more people using BNPL and new players entering the scene, the market is set to keep growing. But companies will need to stay on their toes to keep up with the competition and changing regulations.