The growing popularity of smartphones has also encouraged scores of Vietnamese to try out new financial services to replace traditional banking transactions.
Momo, the first and only mobile wallet service in Vietnam, said its number of users has hit one million. It was launched by M-Service JSC in June last year.
Local media reported that many new users started installing the app two weeks ago. The company said in a statement on its website that the app has been in the top 10 of both Apple's App Store and Google Play since.
The app allows its users to transfer and receive funds and pay for a wide range of services. Users can cash out their electronic credits at MoMo agents around the country.
At least two banks, Vietcombank and Standard Chartered Vietnam, have reportedly partnered with the country.
It remains to be seen whether the trend will catch on among a larger group of the population, which is becoming much more tech-savvy and having a larger disposable income than their previous generations.
But at least for M-Service, the newly gained success is just a beginning.
Nguyen Ba Diep, executive vice chairman of M-Service, was quoted as saying in a statement that the new service provided by MoMo is in line with the local government's efforts to promote non-cash payments in the country.