According to data published by Visa, only 10 percent of payment transactions of Vietnamese people are by card.
Visa commented that Vietnamese consumers actively receive digital payments because of the convenience and speed of payment, while credit cards and debit cards are used more frequently in both direct and online transactions.
However, Dang Tuyet Dung, director of Visa in Vietnam and Laos, said, currently, 90 percent of Vietnamese transactions are paid in cash.
‘It means that only 10 percent are paid via cards. The target of 90 percent non-cash economy by 2020 is quite challenging,’ said Dang Tuyet Dung.
Data on the increase in the frequency of Visa card usage from 2017 to 2018 show a growth of digital payment methods.
Accordingly, the total transaction value of Vietnamese consumers through Visa credit and debit cards in 2018 increased by 37 percent and the total number of transactions 25 percent compared to 2017.
‘However, up to 77 percent of consumers do not choose to pay via card after searching for products and services on e-commerce sites but choose to pay cash as payment when receiving goods COD,’ said Dang Tuyet Dung.
The survey of consumers’ payment attitude conducted by Visa in 2018 also shows that Vietnamese people carry less cash and half of the respondents use card and mobile payment methods at least two to three times a week.
73 percent of respondents answered that they are using credit cards and debit cards, up 59 percent over the previous year. Meanwhile, 82 percent of consumers have made transactions on mobile phones.
The study shows that new payment technologies are becoming popular, illustrated by 44 percent of respondents saying they are using payment through applications.
Meanwhile, 32 percent are using contactless payment technologies, which allow users simply to let their cards touch payment devices.
