GlobalData’s report states that the country’s ecommerce market has doubled during the past five years with total online spending increasing from USD 3.9 billion in 2015 to USD 9.4 billion in 2019.
According to GlobalData’s 2019 Banking and Payments Survey, cash is still the most preferred payment mode for ecommerce purchases in Vietnam, accounting for 35.6% in 2019. Alternative payment solutions are gradually gaining ground and accounted for 15.5% share. MoMo is the most preferred alternative payment solution in Vietnam, followed by PayPal.
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