The Revolution of Cashless Payments in Vietnam: A Glimpse into the Future of Retail


Visa, a global leader in digital payments, has unveiled insights into Vietnam's payment landscape with its latest Consumer Payment Attitudes (CPA) study1, highlighting the surge in cashless transactions and offering a comprehensive overview of the future of retail in the country.

The Paradigm Shift: The Rise of Cashless Transactions

Despite the historical prevalence of cash in everyday transactions, there is a shift towards digital payments. Visa's latest CPA report reveals that 56% of Vietnamese respondents surveyed are now carrying less physical cash than they did a year ago, signalling a progressive mindset towards embracing modern financial technologies. Younger consumers – including those from Gen Z and Gen Y – are driving the shift towards cashless payments, with at least 89% having successfully adopted cashless methods.

Empowering Merchants: The Evolution of Retail

The acceptance of cashless payments by merchants, particularly mobile wallet payments, is increasing, especially in categories such as food and dining, retail shopping, and convenience store purchases. In-store commerce experiences are undergoing a profound transformation, with merchants increasingly using generative AI technologies to enhance customer engagement and drive sales.

Recognizing the pivotal role of merchants in shaping the future of retail, Visa remains steadfast in its commitment to supporting businesses through innovative solutions. From providing actionable data insights to equipping merchants with comprehensive toolkits for enhancing acceptance, to giving merchants an assured system of payments and a larger customer reach, Visa is empowering merchants to thrive in an increasingly digital marketplace that saw more than 275 billion Visa-enabled transactions made worldwide last year.

Current Trends in Vietnam's Cashless Economy

Visa's report delves into the prevailing trends shaping Vietnam's cashless economy, shedding light on key developments that are reshaping the financial landscape:

The Ascendance of Mobile Wallets
Vietnam is among the top Southeast Asian markets with rapid adoption of mobile wallets as the preferred method for making payments – poised to accelerate the growth of digital finance. At least four in every five Vietnamese consumers utilize mobile wallets, primarily influenced by Gen X and more affluent consumers, Vietnam is poised to emerge as one of the regional leaders in mobile finance.

Real-Time Payments Revolution
The adoption of real-time payment solutions has gained significant momentum in Vietnam, underscoring the nation's embrace of cutting-edge financial technologies. Real-time payments (RTPs) offer unparalleled convenience and efficiency, driving further digitization of the economy. In Vietnam, RTPs are growing in popularity, with at least two in five consumers having used them. Use cases for RTPs are slowly diversifying, which now includes cross-border transactions, peer-to-peer transfers, merchant/retailer payments, and bill payments.

The Emergence of BNPL Services
Buy Now Pay Later (BNPL) is a popular service availed by Vietnamese consumers, offering flexible payment options, and driving consumer engagement. Visa's strategic partnerships with leading Vietnamese retailers for Visa Instalment Solutions demonstrate the transformative impact of such solutions in fostering financial inclusion and driving business growth. Credit cards, although less utilized for wallet top-ups and funding, are the preferred choice for BNPL plans in Vietnam. Easy to use apps, free vouchers, rewards points, and the ease of tracking payments were the key drivers for the uptake of BNPL offers.

Vietnam's cashless payment revolution presents unprecedented opportunities for economic growth and innovation, unlocking opportunities for consumers and businesses alike in the continued shift to a cashless society. As consumers and merchants embrace the convenience and security of digital transactions, Visa remains at the forefront of driving this transformative journey towards a cashless future.

Ms. Dung Dang, Visa Country Manager for Vietnam and Laos, said: "Visa remains committed to driving innovation and enhancing digital payment experiences for consumers. The findings from the CPA study validate the growing trend towards contactless transactions, exemplified by a significant 53% increase in contactless transactions made on Visa cards2, a 19% surge in purchases made on Visa cards, along with a substantial rise in the total value of cross-border transactions3 underscores the region's increasing connectivity and economic activity. As Visa continues to collaborate with our partners and stakeholders, we are dedicated to further advancing digital payment solutions and delivering seamless, secure experiences for consumers.”


The Visa Consumer Payment Attitudes Study was prepared by CLEAR M&C Saatchi in Oct-Nov 2023, surveyed amongst 6,550 consumers in Singapore, Philippines, Malaysia, Indonesia, Thailand, Vietnam, and Cambodia. The study conducted interviews with 1.000 Vietnamese consumers across the country who are working part or full time with a demographic mix that sought to create a representative mix of ages (18-65), genders and income levels.
2 VisaNet data Oct-Dec 2023 vs. Oct-Dec 2022.
3 VisaNet data Oct-Dec 2023 vs. Oct-Dec 2022.

About Visa

Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at