Growth in consumer use of Visa products in 2018 indicates a number of positive trends in the growth of digital payments, it said.
The 2018 Visa Consumer Payment Attitudes Study, which reveals the extent to which digital payments are becoming a part of everyday life for Vietnamese consumers, said: “The total value of purchases made by Vietnamese consumers on their Visa credit and debit cards is up 37 percent, while the number of transactions is up by 25 percent. eCommerce in particular saw strong growth with the total value of purchases up by 40 percent.”
Dang Tuyet Dung, country manager for Visa Vietnam and Laos said: “As the Vietnamese economy grows and becomes increasingly internationalised, commerce here will require ever faster, more efficient ways of paying. These recent figures from our network demonstrate clearly the fact that digital payments are now truly a part of day-to-day life for many Vietnamese consumers regardless of whether they’re buying from an online retailer on the other side of the world or simply paying for their groceries.”
The report, which specifically looked into consumer sentiments towards various forms of payment, found that Vietnamese consumers are carrying less cash, and half are making card and mobile payments at least two to three times a week.
Seventy-three percent of respondents are using credit and debit cards, up 59 percent from the previous year, while 82 percent have tried making transactions on mobile phones.
The research also found that the use of new payment technologies is picking up traction, with 44 percent of the respondents indicating that they are now making payments through apps, while 32 percent are using contactless payment technologies that allow users to simply tap their cards on the terminal to pay.
Some 19 percent have used QR payments where a phone scans a unique merchant code and transfers money to the merchant’s account.
Dung added: “While digital payments are still in their relative youth in Vietnam, it’s been incredibly positive to see how consumers are embracing new payment technologies — it augurs well for these technologies in particular, and for digital payments more broadly.”