Vietnam experiencing rapid growth in digital payments: Visa Study
Visa, the world’s leader in digital payments, today published its latest Visa Consumer Payment Attitudes study1, showing Vietnamese consumers are rapidly adopting a range of digital payment methods.
The study shows an emphatic shift in payment habits. Sixty-five percent of Vietnamese are carrying less cash in their wallets and 32 percent said they would stop using cash after the pandemic. This was paralleled by significant gains in cashless payments. Almost 76 percent consumers now use mobile wallets and even more (82%) use cards.
“The impacts of the COVID-19 pandemic cannot be ignored – neither in the short term or the long term. It has resulted in lasting changes in the ways consumers are choosing to make purchases and in how they pay. Success for merchants and businesses rests on their ability to evolve and transform with these changes,” said Ms. Dang Tuyet Dung, Visa Country Manager of Vietnam and Laos.
Online shopping and cash alternatives are all likely to stay after the pandemic. Two-thirds of Vietnamese tried shopping online during the pandemic and half of them made their first purchase through social media. Nine out of ten consumers are now using home delivery, and almost all of them use it more often than before the pandemic.
Spending on all forms of travel decreased as people cancelled or postponed trips, along with eating out and out of home entertainment. After the pandemic, consumers are most eager to spend on travel, especially domestically (25%). The surge of desire in Vietnamese consumers to travel is driven by reconnection travel, over necessity or wanderlust exploration, as consumers yearn to reunite with family and friends after a long time apart2.
Due to COVID-19, the overwhelming majority (more than 80%) now use their cards, QR payments and mobile wallets at least once a week. Meanwhile, a solid half of all Vietnamese have begun using cards more often, while 64 percent and 63 percent have increased their usage of mobile contactless and mobile wallet payments. Convenience seems to be the highest rated factor in consumer preference across digital payment methods, followed by safety from infection and transaction security.
“As innovation is driving us to build the future of money movement, Visa is proud to be leading the payment trends in Vietnam through innovative products and services, enhanced technology and unparalleled security. We hope the insights of our latest Visa Consumer Payment Attitudes study will empower our local partners in creating digital-first strategies to succeed in these fast-changing times. At Visa we are looking forward to supporting the upcoming Cashless Day campaign, organized jointly by the State Bank of Vietnam and Tuoi Tre (The Youth) Newspaper, to encourage more consumers to embrace the benefits of digital payments,” Ms. Dung added.
1 The Visa Consumer Payment Attitudes Study was prepared by CLEAR in Aug-Sep 2021, surveyed amongst 6,520 consumers in Singapore, Philippines, Malaysia, Indonesia, Thailand, Vietnam, and Cambodia. The study conducted online 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 and genders.
2 Visa Global Travel Intentions Plus (Digital Intelligence).
About Visa Inc.
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 each year. 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 Visa.com.