Visa contactless payments increasing in popularity as Vietnamese consumers choose a faster way to pay
Growing adoption of electronic payments and contactless acceptance driving Vietnam’s cashless vision
Visa today released data demonstrating the growth of contactless payments in Vietnam as more consumers are going cashless and choosing contactless as a faster way to pay.
Visa contactless transaction numbers in Vietnam are growing at a solid rate with an increase of 44 per cent per month, from July 1 2017 to May 31 2018. Meanwhile, the total value of purchases made using Visa contactless cards increased by 43 per cent per month over the same period1.
Speaking at the Banking Vietnam Conference & Expo 2018 on 5 July in Hanoi, Sean Preston, Visa Country Manager for Vietnam, Cambodia and Laos, said: “Vietnamese consumers, retailers and financial institutions are embracing the concept of going cashless. We’re seeing very positive growth in the usage of Visa contactless payments as more consumers understand the benefits of speed, security and convenience that contactless payments can bring to their everyday purchases.”
With three banks issuing contactless Visa cards, Vietnamese consumers are now enjoying a new way to pay with secure, quicker and more convenient contactless payments at quick service restaurants, supermarkets and retailers such as KFC, Saigon Coop, BigC and Nguyen Kim.
According to the recent Visa Consumer Payment Attitudes Report2, more than half of consumers in Vietnam are aware of contactless payments. Thirty percent of them have used contactless payments and two thirds are interested to try it. Fashion and beauty products are the main items purchased using contactless payments.
A proven cash-displacement tool, contactless technology is shifting the in-store payment landscape, opening up space for consumer-centric innovation. Contactless payment provides a safer and more convenient customer purchasing experience, a more effective solution for issuers' sales and customer satisfaction, as well as improving checkout productivity for merchants.
“As a global leader in payments technology, Visa continually innovates its product portfolio to enable its financial institution clients to offer consumers more payment choices. Visa will continue to build momentum for contactless payments by working with bank partners and merchants to driving greater acceptance and usage of contactless payments in Vietnam,” added Mr Preston.
1 VisaNet data Jul 1, 2017 to May 31, 2018
2 Visa Consumer Payment Attitudes report was conducted amongst 4,000 consumers in Indonesia, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam in July 2017.
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 usa.visa.com/about-visa, visacorporate.tumblr.com and @VisaNews.