Vietnamese consumers are carrying less cash than they did a year ago. (Photo: tuoitre.vn) According to the study, 56% of Vietnamese respondents surveyed are now carryingless physical cash than they did a year ago, signaling a progressive mindsettowards embracing new financial technologies. Particularly, young consumers areplaying a pioneering role in the shift towards cashless payment, with 89% ofthe surveyed having successfully adopted cashless methods.
Visa also delves into the prevailing trends that shape up the non-cash economyin Vietnam, including the ascendance of mobile wallets. It said Vietnam is amongthe top Southeast Asian markets with rapid adoption of mobile wallets as the preferredmethod for making payments, contributing to accelerating the growth of digitalfinance. The country is poised to emerge as one of the regional leaders inmobile finance as four in every five Vietnamese consumers utilise mobilewallets.
Meanwhile, real-time payments (RTPs) have gained significant momentum inVietnam, an illustration for the nation’s embrace of cutting-edge financialtechnologies. The RTPs offer unparalleledconvenience and efficiency, driving further digitisation of the economy. InVietnam, RTPs are growing in popularity, with at least two in five consumershaving used them. Application of the RTPs has been diversified, comprising cross-bordertransactions, peer-to-peer transfers, merchant/retailer payments, and billpayments.
Furthermore, buy now pay later (BNPL) is a popular service availed byVietnamese consumers, offering flexible payment options and driving consumerengagement. Visa's strategic partnerships with leading Vietnamese retailers for Visa InstalmentSolutions demonstrate the transformative impact of such solutions in fosteringfinancial inclusion and driving business growth.
Credit cards, although less utilised for wallet top-ups and funding, are thepreferred choice for BNPL plans in Vietnam. Easy to use apps, free vouchers, rewardspoints, and the ease of tracking payments were the key drivers for the uptakeof BNPL offers.
Vietnam's cashless payment revolutionpresents unprecedented opportunities for economic growth and innovation,unlocking opportunities for consumers and businesses alike in the continuedshift to a cashless society.
Visa Country Manager for Vietnam and Laos Dang Tuyet Dung said Visaremains committed to driving innovation and enhancing digital paymentexperiences for consumers.
The findings from the Visa study affirm the growing trend towards contactlesstransactions, exemplified by a significant 53% increase in contactlesstransactions made on Visa cards, a 19% surge in purchases made on Visa cards,along with a substantial rise in the total value of cross-border transactions,she added.
Statistics from the State Bank of Vietnam (SBV) revealed that non-cash paymentand digital banking activities have shown positive results. As of the end of2023, the number of individual payment accounts reached more than 182.88million, up 21.8% year-on-year.
In January 2024, non-cash transaction surged 63.3% in volume and 41.45% invalue as compared to the same time last year. Meanwhile, transactions throughinternet rose 57.85% in volume and 32.43% in value, and through QR codes shotup 892.95% in volume and over 1,062% in value.
The SBV has encouraged credit institutions to carry out digitalisation, promotecooperation with different sectors to form and expand the digital ecosystem,while completing legal framework, mechanisms and policies on non-cashpayment./.
VNA
