The rise of cashless payments in Vietnam. (Image: Vietnam+)
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On March 19, Visa – the world’s leading electronic payment technology company – released the Visa Consumer Payment Attitudes Study. The report reveals the impressive growth of cashless payment methods, opening up a promising future for the retail consumer goods industry.
Heading towards a cashless economy
According to Visa, the trend of transitioning to modern electronic payment methods is becoming increasingly popular in Vietnam. The study shows that 56% of Vietnamese survey participants stated that they carry less cash than the previous year. This demonstrates the proactive approach of consumers in embracing new financial technologies.
In particular, young users of Gen X and Gen Y are playing a pioneering role in driving the growth of cashless payments, with 89% of survey participants successfully adopting Digital payment methods in their daily lives.
According to the research results, the growth of cashless payment methods, especially QR codes and e-wallets, can be clearly seen in sectors such as food and dining, retail and convenience stores. In addition, shopping in physical stores is also undergoing significant changes as many retailers now actively apply Artificial Intelligence (AI) technology to provide new shopping experiences for consumers, thereby boosting revenue.
The trend of transitioning to modern electronic payment methods is becoming increasingly popular in Vietnam. (Image: PV/Vietnam+)
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Visa’s study shows that the payment trends are shaping the cashless economy in Vietnam and promising a significant transformation in the payment-finance landscape in the near future.
Rise of e-wallets
Vietnam is among the top markets in Southeast Asia to embrace a high number of new users using e-wallets as a preferred payment method, contributing to the growth of Digital Finance. The report shows that 4 out of 5 people in Vietnam use e-wallets regularly, with the majority being Gen X users and the premium consumer group.
According to Visa, Buy Now Pay Later is increasingly becoming popular and of interest to many users in Vietnam, thanks to its ability to provide flexible payment options. The strategic partner relationship between Visa and leading retailers in Vietnam in the Visa Instalment Solutions is an example of the transformative impact of diverse digital payment methods in promoting comprehensive finance and business growth.
 Visa released the Visa Consumer Payment Attitudes Study in Vietnam. (Image: Vietnam+)
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Credit cards, despite being less used to top up e-wallets, have become the top priority choice for Buy Now Pay Later payments in Vietnam. Along with easy-to-use applications, free discount codes, reward programs, and easy payment tracking capabilities, these are a series of key motivations that increase the use of Buy Now Pay Later services.
The cashless wave in Vietnam is bringing about many growth and innovation opportunities, opening up opportunities for both consumers and businesses in the ever-evolving cashless payment landscape.
“Visa is committed to continuing to drive innovation, creativity, and enhancing the Digital payment experience for Vietnamese consumers. The Visa Consumer Payment Attitudes Study, once again, affirms the rapidly developing trend of contactless transactions, in line with the 53% increase in contactless transactions conducted through Visa cards. In addition, the total value of Visa card transactions issued in Vietnam has increased by 19%, along with the increase of cross-border transaction value, showing increasing economic activity and connectivity in the region,” said Ms. Dang Tuyet Dung, Visa Vietnam and Laos Director./.
Thuy Ha
