E-wallets and digital banks are two of the most well-known technology products & services in the 4.0 revolution. While providing some common benefits and utilities to users, e-wallets and digital banks are two completely different products.

What is a digital bank?

Digital banks are built on the basis of allowing customers to carry out most banking transactions online via the internet. Instead of going to a bank branch or office to make the transactions, transactions via digital banks can be done simply and quickly via your phone application or the bank’s official website.

The concept of digital banks is becoming more popular and favored by people in Vietnam due to the fact that all usual procedures associated with banking transactions and even fees are minimized. This helps customers to save a lot of time and money.

What is an e-wallet?

Unlike traditional wallets, e-wallet is placed in your mobile application. Since it is a new trend of payment method favored by a large population of people in Vietnam due to its convenience, e-wallets are becoming more common and accepted as an an online and offline payment method in different sectors.  

Money in e-wallets can come from 3 main sources: money in your e-wallet account, bank account or bank card. Some of the most common features of e-wallets include:

– Phone top up

– Bill pay: You can use e-wallets to pay your shopping bills or bills at restaurants, coffee shops, bars, etc. if the service provider accepts this as a payment method.

– Online payment via e-commerce websites, such as Tiki, Lazada, Shopee, etc.

– Buy movie tickets at CGV, Lotte Cinema, etc.

Similarities & differences between digital banks and e-wallets

Similarities: online transactions and payment

Both digital banks and e-wallets allow you to pay bills (electricity, water, internet, etc.), top up your phone credit and settle online payments. Both products can be used as a replacement for cash.


Digital banks

1/ Provide you with a bank account and card for transactions

When using services provided by digital banks, you will be provided with a bank card and an account number to transact online and offline.

2/ Provide other banking services/products

The majority of digital banks offer a full range of banking products and services such as: different loan products, savings accounts, transferring and receiving money, etc. However, unlike traditional banks, most of the transactions associated with these services and products offered by digital banks can be carried out online via a website or a mobile application.


1/ Need to be linked with a bank account or card

In addition to depositing money into your e-wallet at an office of the e-wallets’ provider, you need to link your e-wallet with your bank account or card to be able to use it.

2/ Do not provide other banking services/products

Unlike digital banks, you can only use e-wallets for online payments and transactions. E-wallets do not provided other banking services and products as mentioned above.

Hopefully this article has helped you to clearly see that digital banks and e-wallets provide their own set of features. While Momo, ZaloPay & Moca are currently some of the most leading e-wallets in the market, Timo and Yolo are two of the most well-known brands in the digital banking sector.