More and more Vietnamese consumers are using digital payments. (Photo courtesy of Visa Vietnam)HCM City (VNA) - Vietnamese consumers are embracing digitalpayments as a faster and more convenient way to pay, with consumers using theircredit and debit cards more often for in-store and onlinepurchases, digital payment methods provider Visa said recently.
Growth in consumer use of Visa products in 2018 indicates anumber of positive trends in the growth of digital payments, it said.
The 2018 Visa Consumer Payment Attitudes Study, which reveals the extent towhich digital payments are becoming a part of everyday life for Vietnameseconsumers, said: “The total value of purchases made by Vietnameseconsumers on their Visa credit and debit cards is up 37 percent, while thenumber of transactions is up by 25 percent. eCommerce in particular saw stronggrowth with the total value of purchases up by 40 percent.”
Dang Tuyet Dung, country manager for Visa Vietnam and Laos said: “Asthe Vietnamese economy grows and becomes increasingly internationalised,commerce here will require ever faster, more efficient ways of paying. Theserecent figures from our network demonstrate clearly the fact that digitalpayments are now truly a part of day-to-day life for many Vietnameseconsumers regardless of whether they’re buying from an online retailer onthe other side of the world or simply paying for their groceries.”
The report, which specifically looked into consumersentiments towards various forms of payment, found that Vietnameseconsumers are carrying less cash, and half are making card and mobilepayments at least two to three times a week.
Seventy-three percent of respondents are using credit and debit cards, up 59percent from the previous year, while 82 percent have tried makingtransactions on mobile phones.
The research also found that the use of new payment technologies is picking uptraction, with 44 percent of the respondents indicating that they are nowmaking payments through apps, while 32 percent are using contactlesspayment technologies that allow users to simplytap their cards on the terminal to pay.
Some 19 percent have used QR payments where a phonescans a unique merchant code and transfers money to themerchant’s account.
Dung added: “While digital payments are still in their relative youthin Vietnam, it’s been incredibly positive to see how consumers areembracing new payment technologies — it augurs well for these technologiesin particular, and for digital payments more broadly.”- VNA
