Vietnam experiencing strong electronic payments growth with Visa card transactions up 45 percent
Visa, the world’s leader in digital payments, has announced that it has experienced strong electronic spending growth in Vietnam, with the number of transactions on the Visa network increasing by 45 percent compared to the year prior and payment volume up nearly 37 percent1.
Additionally, figures taken from the network show strong growth in eCommerce spending, with transactions increasing 44 percent2.
Sean Preston, Visa Country Manager for Vietnam and Laos, said: “Vietnam is going through a period of incredible economic change right now, with the country’s businesses and citizens becoming evermore involved in the global economy. Electronic payments will play in a major part in facilitating this evolution, by allowing businesses to receive funds from cardholders from all over the world, and for consumers to do things like shop online, access their funds while travelling, and manage their money in more convenient, secure ways.”
The last 12 months have seen Visa undertaking a range of initiatives to help expand the use of electronic payments in Vietnam, including launching contactless payments, which allow cardholders to simply tap their Visa card on a terminal to make purchases. One year after the contactless technology was first launched in July 2017, Visa has now been working with 4 issuers to offer contactless payment to more cardholders.
“As Vietnam’s middle class continues to expand, and more households have discretionary funds to spend, we’re going to see greater spending on leisure and luxuries,” said Preston. “With contactless payments, consumers will be able to pay for purchases more efficiently than ever—allowing them to spend more time enjoying the things that really matter.”
“The launch of contactless payments forms part of our strategy to make paying by card a more seamless part of day-to-day life, whether it’s being used for big ticket items such as new furniture or vehicles, or for everyday spend items such as fuel or groceries ” Preston added. “We’re looking forward to continuing to drive growth in electronic payments in Vietnam with other new, innovative technologies that make life easier for Vietnamese consumers.”
1VisaNet data from 30 June 2017 to 30 June 2018
2VisaNet data from 1 September 2017 to 30 August 2018
Visa Inc. (NYSE: V) is a global payments technology company that connects consumers, businesses, financial institutions, and governments in more than 200 countries and territories to fast, secure and reliable electronic payments. We operate one of the world’s most advanced processing networks — VisaNet — that is capable of handling more than 65,000 transaction messages a second, with fraud protection for consumers and assured payment for merchants. Visa is not a bank and does not issue cards, extend credit or set rates and fees for consumers. Visa’s innovations, however, enable its financial institution customers to offer consumers more choices: pay now with debit, pay ahead with prepaid or pay later with credit products. For more information, visit usa.visa.com/about-visa, visacorporate.tumblr.com and @VisaNews.