A new study commissioned by Visa, the world’s leader in digital payments, has found Vietnamese consumers are using less cash and more digital payment methods, including new payment technologies, such as contactless cards and mobile payments, as well as mobile eCommerce payments.
The Visa Consumer Payment Attitudes study found 74 percent of consumers in Vietnam expect to increase cashless payments in the next 12 months. Of those carrying less cash, the main reason for doing so is that more businesses are offering cashless payment options.
These trends are reinforced by figures from VisaNet, the company’s payment processing network, which lists the value of purchases made by Vietnamese consumers on their Visa credit and debit cards increased 39 percent year-on-year, while the number of transactions grew by 54 percent over the same period.
One of the key new technologies that the study looked at was contactless payments, in which a user simply taps their card, phone, or wearable device against a point-of-sale (POS) terminal.
At present, 37 percent of consumers are using contactless card payments in Vietnam, while an even higher number (42%) are using mobile contactless payments. Of those using contactless card payments, 85 percent are doing so at least once a week.
The study found there is clear room for growth with these new technologies, with four out of five consumers who have not used contactless payments indicating that they are interested in using them.
Additionally, 84 percent of consumers stated they feel their personal information is safe while making mobile payments, and this high degree of confidence is reflected in usage figures: mobile contactless payments, QR payments, and mobile e-commerce payments all increased year-on-year over 2018. In particular, 82 percent said they are using mobile contactless payments at least once a week.
The study also found other new technologies that are garnering interest among consumers, with 82 percent saying they were interested in making biometrically authenticated payments, such as by using their fingerprint or voice recognition to complete a transaction, while 81 percent were interested in digital banking.
“Looking ahead, we will continue to bring cutting-edge payment technologies to the Vietnamese market, while working closely with our stakeholders to ensure that we clearly communicate the benefits of these technologies to end users. It is an exciting time for commerce in this market, and we look forward to playing a role in assisting the ongoing modernisation of the Vietnamese economy,” Dang Tuyet Dung, Visa Country manager for Vietnam and Laos, said in a statement.
https://english.thesaigontimes.vn/76866/visa-study-finds-cash-usage-dropping-in-vietnam.html
