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Việt Nam among SEA markets embracing mobile wallets
Việt Nam has emerged as one of the leading Southeast Asian markets embracing mobile wallets as the preferred payment method, a trend set to drive the growth of digital finance, according to Visa, a global leader in digital payments.
Dung Đặng, Visa's country manager for Việt Nam and Laos, shares information about Visa’s Consumer Payment Attitudes (CPA) study. – Photo courtesy of Visa Vietnam
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During a presentation of its Consumer Payment Attitudes (CPA) study, the company shared insights on Việt Nam's evolving payment landscape, showcasing the increasing shift towards cashless transactions and providing an overview of the future of retail in the country.
Visa disclosed that approximately four out of every five Vietnamese consumers utilise mobile wallets, with Gen X and more affluent individuals serving as key influencers, positioning Việt Nam as a frontrunner in mobile finance adoption.
At the event, Dung Đặng, Visa's country manager for Việt Nam and Laos, revealed that by the year's end, all Visa cards issued in Việt Nam will be contactless-enabled, and all local banks are equipped to accept such cards.
"The study's findings validate the growing preference for contactless transactions, evidenced by a notable 53 per cent surge in contactless transactions on Visa cards and a 19 per cent increase in Visa card purchases. Moreover, the significant rise in the value of cross-border transactions showcases heightened regional connectivity and economic activity. Through continued collaboration with partners and stakeholders, Visa is committed to advancing digital payment solutions and delivering seamless, secure payment experiences for consumers," said Dung.
Visa also highlighted the transitioning payment landscape in Việt Nam from cash to digital transactions. A majority of Vietnamese respondents, 56 per cent, shared that they now carry less physical cash compared to a year ago, signaling a progressive shift towards embracing modern financial technologies.
The adoption of cashless payment methods, particularly mobile wallet payments, is on the rise among merchants in various sectors, including food and dining, retail shopping, and convenience stores, reflecting changing consumer preferences.
The retail experience is evolving with merchants incorporating artificial intelligence technologies to boost customer engagement and enhance sales.
Real-time payment solutions have gained traction in Việt Nam, showcasing the nation's embrace of cutting-edge financial technologies. These solutions offer enhanced convenience and efficiency, propelling further digitisation of the economy.
In the Vietnamese market, real-time payments are increasingly popular, with a significant number of consumers leveraging such services for various purposes, including cross-border transactions, peer-to-peer transfers, merchant payments, and bill settlements.
Moreover, Buy Now Pay Later (BNPL) services are gaining popularity among Vietnamese consumers due to their flexible payment options, which drive consumer engagement and convenience.
Việt Nam's ongoing shift towards cashless payments presents vast opportunities for economic advancement and innovation, unlocking new possibilities for consumers and businesses as the country progresses towards becoming a fully cashless society.
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