A mobile phone subscriber uses the MoMo e-wallet in Vietnam (Photo: momo.vn)Hanoi (VNA) – The growth of the number of people making mobile payments in stores in Vietnam is at the fastest, according to the Global Consumer Insights Survey 2019 by PwC.
The country's mobilepayments increased to 61 percent of digital payments in 2019 from 37 percent inthe previous year.
The PwC survey,conducted in 27 territories and countries worldwide, illustrated that SoutheastAsia is leading the customer shift to mobile payments users.
Thailand wasranked second in the region by rising from 19 percent to 67 percent, followedby third-ranked Malaysia (17 percent to 40 percent) and the Philippines (14percent to 45 percent).
Shirish Jain,payments director for PwC Strategy, said Asia remains the powerhouse leadingthe customer shift to mobile payment, with the eight Asian in the top 10 andsix of them in Southeast Asia.
E-payment has been on the rise inVietnam in recent years. The Vietnamese fintech market is set to reach a valueof 8 billion USD in 2020. Digital payment solutions account for 89 percent ofthe fintech market in Vietnam, while individual and business financial areasare also forecast to have growth rates of 31.2 percent and 35.9 percentrespectively by 2025.
Governments across Southeast Asiaare pushing ahead with efforts to create cashless economies, with lessdeveloped countries such as Vietnam and Thailand leapfrogging richer ones likeSingapore and Malaysia in electronic payments, Nikkei Asian Review reports.
Vietnam and Thailand areexperiencing a boom in mobile payments as more people use e-wallets to pay forgoods and services without going through banks, it says.
Vietnam has been promotingelectronic payments since 2008. Only about 40 percent of the country’s 95million people have bank accounts, mostly in urban areas, while there arearound 120 million mobile phone subscriptions. -VNA
The country's mobilepayments increased to 61 percent of digital payments in 2019 from 37 percent inthe previous year.
The PwC survey,conducted in 27 territories and countries worldwide, illustrated that SoutheastAsia is leading the customer shift to mobile payments users.
Thailand wasranked second in the region by rising from 19 percent to 67 percent, followedby third-ranked Malaysia (17 percent to 40 percent) and the Philippines (14percent to 45 percent).
Shirish Jain,payments director for PwC Strategy, said Asia remains the powerhouse leadingthe customer shift to mobile payment, with the eight Asian in the top 10 andsix of them in Southeast Asia.
E-payment has been on the rise inVietnam in recent years. The Vietnamese fintech market is set to reach a valueof 8 billion USD in 2020. Digital payment solutions account for 89 percent ofthe fintech market in Vietnam, while individual and business financial areasare also forecast to have growth rates of 31.2 percent and 35.9 percentrespectively by 2025.
Governments across Southeast Asiaare pushing ahead with efforts to create cashless economies, with lessdeveloped countries such as Vietnam and Thailand leapfrogging richer ones likeSingapore and Malaysia in electronic payments, Nikkei Asian Review reports.
Vietnam and Thailand areexperiencing a boom in mobile payments as more people use e-wallets to pay forgoods and services without going through banks, it says.
Vietnam has been promotingelectronic payments since 2008. Only about 40 percent of the country’s 95million people have bank accounts, mostly in urban areas, while there arearound 120 million mobile phone subscriptions. -VNA
VNA
