Vietnamese consumers embracing digital payments as a new way to pay
eCommerce spending in Vietnam has increased by 40 percent over the past year, according to Visa
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.
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 is up 37 percent, while the number of transactions is up by 25 percent. eCommerce in particular saw strong growth with the total value of purchases up by 40 percent1.
Madame Dang Tuyet Dung, Country Manager for Visa Vietnam and Laos said: “As the Vietnamese economy grows and becomes increasingly internationalized, 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.”
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 consumers2.
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 percent of respondents are using credit and debit cards, up on 59 percent from the year prior, while 82 percent have tried making transactions on mobile phones.
The research also found that the use of new payment technologies is picking up traction, with 44 percent of the respondents indicating that they are now making payments in apps, while 32 percent are using “contactless” payment technologies that allows you to simply tap your card on the terminal to pay. Additionally, 19 percent have used QR payments, where you use your phone to scan a unique merchant code that will transact money to the merchant’s account.
Madame Dung added: “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.”
1 VisaNet data Jan-Dec 2017 vs Jan-Dec 2018.
2 The Visa Consumer Payment Attitudes Study 2018 was conducted by Intuit Research on behalf of Visa in August 2018. The research was conducted amongst 4,000 consumers in Indonesia, Malaysia, Philippines, Singapore, Thailand, Vietnam, Myanmar, and Cambodia.
About Visa Inc.
Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network - enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of connected commerce on any device, and a driving force behind the dream of a cashless future for everyone, everywhere. As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information, visit About Visa, visa.com/blog and @VisaNews.