Vietnamese consumers are embracing digital payments as a faster and more convenient way to pay, with consumers 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.
|Digital payments are increasingly embraced as a new way to pay in Vietnam. (Photo: VIR)
The figures, which show year-on-year growth in consumer use of Visa products over the 2017 to 2018 calendar years, indicate a number of positive trends in the growth of digital payments.
The total value of purchases made by Vietnamese consumers on their Visa credit and debit cards was up 37 per cent, while the number of transactions was up by 25 per cent.
eCommerce in particular saw strong growth with the total value of purchases up by 40 per cent.
“As the Vietnamese economy grows and becomes increasingly internationalised, commerce here will require ever faster, more efficient ways of paying.
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 from an online retailer on the other side of the world, or simply paying for their groceries,” Dang Tuyet Dung, country manager for Visa Vietnam and Laos.
This data is supported by findings from 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 report, which specifically looked into consumer sentiment towards different forms of payment, found that Vietnamese consumers are carrying less cash, and half are using card and mobile payments at least two-to-three times a week.
Seventy-three per cent of respondents are using credit and debit cards, up on 59 per cent from the year prior, while 82 per cent have tried making transactions on mobile phones.
The research also found that the use of new payment technologies is picking up traction, with 44 per cent of the respondents indicating that they are now making payments in apps, while 32 per cent are using “contactless” payment technologies that allow to simply tap your card on the terminal to pay.
Additionally, 19 per cent have used QR payments, where you use your phone to scan a unique merchant code that will transact 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,” Dung added.