A recent survey of small and medium-sized businesses (SMBs) in Vietnam conducted by Visa – the world’s leading digital payment technology company – has shown that 62% of small and medium-sized businesses, including micro-enterprises, owned by women have confirmed increased sales growth after accepting digital payment methods.
“The adoption of digital payment has brought about unexpected growth for our business. Personally, I appreciate the convenience, transaction speed, and ease of tracking payments. This approach also enhances the payment experience for customers.
With the expectation of expanding the market abroad, digital payment has truly enabled us to promote cross-border business, thereby significantly expanding the customer base,” shared Ms. Nguyen Minh Tram – CEO & Founder of Sorella Beauty & Spa brand.
Currently accounting for 96% of total businesses and providing employment opportunities for 47% of the national workforce, SMBs play a core role in the economic development process in Vietnam.
The research results by Visa also revealed that deploying digital payment acceptance has made business management easier for 73% of domestic small and medium-sized businesses. Nearly 3/4 of the surveyed businesses indicated that they have accepted digital payment methods, with 42% allowing payment by card.
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Notably, 2/3 of the surveyed SMBs stated that they have collaborated with multiple payment service providers. Specifically, for businesses that have deployed digital payment methods, the sales growth rate of units accepting card payments reached the highest milestone (79%), compared to units that do not accept card payments (46%).
With outstanding advantages, digital payment enables businesses to immediately record revenue and conduct daily transactions without using cash, thereby significantly improving the consumer experience.
In Vietnam, Visa is actively supporting SMBs and startups under a 3-year cooperation agreement with the State Bank of Vietnam. At the same time, The Visa Foundation has committed to providing $100 million in support over 5 years to enhance access to financial solutions for SMBs led by women entrepreneurs in the APEC economic bloc, including Vietnam.
