Vietnam recently skyrocketed onto the gaming industry due to the major success of Flappy Bird being developed by an indie Vietnamese developer, Dong Nguyen. With this achievement, Vietnam proved itself as a growing market with much room for growth in the gaming industry.
Boasting a 90 million population and an economic growth rate which compares with the top in the world, Vietnam has the user-base and gamers necessary for such explosions of popularity. In order to monetize this market however, there are certain payment methods necessary to have knowledge of and Xsolla is here to help clear the air with intricate Vietnamese market information.
Banks account for roughly 50% of the in-game transaction payments within Vietnamese players. Vietnam’s banking system is compromised by more than 15 different banks, all of which are covered by Xsolla at the moment.
NganLuong, from PeaceSoft, has been around for quite a while within the mobile/online payment industry and leverages itself to the top using companies such as PeaceSoft, Ebay.vn, etc. This e-wallet function covers around 10-15% of all in-game transactions within Vietnam and the service is considered “multi-faceted” being both an e-wallet while also imitating functions of Paypal’s platform. Another major e-wallet includes VPay which covers 5% of the market share.
Finally, Prepaid Cards are also a big player within the Vietnamese payment industry using such functions of VinaPhone and GateCard. Vietnamese telco’s such as VinaPhone provide their service but are run by the government and charge anywhere between 30-50% of the transaction in service fee’s for mobile transactions specifically. Once these are more regulated and fee’s are lowered, the market can explode with startups being cut.
Overview and Coverage
The Vietnamese payment industry is made up of the usual major players including Prepaid Cards, Banks, and E-wallets. Xsolla implements a range of 70-80% of all payment providers within Vietnam with the rest being much smaller payment options. There is no clear omnipotent presence within the Vietnamese payment industry much like how Paypal rules the US which gives room for different options to succeed. If you are looking to penetrate the Vietnamese gamer-base, Xsolla is not a bad way to start off the nationwide Vietnamese coverage necessary.