One of Vietnam’s most well known digital wallet providers, Moca, has announced it is ending its e-wallet service from July 1.
The service grew in popularity when it became available to users of ride-hailing app, Grab. However, the proliferation of other means of instant payments, in particular bank transfers through the National Payment Corporation of Vietnam–or NAPAS–system via QR codes has made e-wallets no longer as useful as they once were.
Also of note, Decree 52 regulating e-wallets in Vietnam was issued earlier this year by the State Bank of Vietnam–the SBV–and comes into force on July 1. It’s not clear that these two events are connected and it may just be a coincidence, that said the announcements from Moca and the SBV were very close together.