Vietnamese consumers are embracing digital payments as a faster and more convenient way to make payments, using their credit and debit cards more often for in-store and online purchases, according to figures released by Visa, the world’s leader in digital payments.
The figures indicate a number of positive trends in the growth of digital payments, according to the company at the press briefing today, March 21, in HCM City.
The total value of purchases made by Vietnamese consumers on their Visa credit and debit cards is up 37 percent, while the number of transactions is up by 25 percent. Ecommerce spending in Vietnam has increased by 40 percent over the past year, according to Visa.
Country manager for Visa Vietnam and Laos Dang Tuyet Dung noted at the event that as the Vietnamese economy grows and becomes increasingly globalised, commerce here will require ever faster, more efficient ways of making payments.
“These recent figures from our network demonstrate clearly the fact that digital payments are now truly a part of day-to-day life for many Vietnamese consumers, regardless of whether they’re buying goods from an online retailer on the other side of the world or simply paying for their groceries,” Dung said.
The data is supported by the findings of the 2018 Visa Consumer Payment Attitudes Study, which further reveals the extent to which digital payments are becoming a part of everyday life for Vietnamese consumers.
The study was conducted by Intuit Research on behalf of Visa in August 2018. The research involved 4,000 consumers in Indonesia, Malaysia, the Philippines, Singapore, Thailand, Vietnam, Myanmar and Cambodia.
The report found that these Vietnamese consumers were carrying less cash, and half of them used card and mobile payments at least two to three times per week. Seventy-three percent of the respondents were using credit and debit cards, up 59 percent from the year prior, while 82 percent had tried conducting transactions on their mobile phones.
The research also found that the use of new payment technologies was gaining traction, with 44 percent of the respondents indicating that they were now making payments through apps, while 32 percent were using contactless payment technologies that allow users to simply tap their card against the terminal to make a payment.
In addition, 19 percent had used QR payments, where the phone is used to scan a unique merchant code that then sends money to the merchant’s account.
“While digital payments are still in their relative youth in Vietnam, it’s been incredibly positive to see how consumers are embracing new payment technologies; it augurs well for these technologies in particular, and for digital payments more broadly,” she added.
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