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​Contactless payments become more common in Vietnam: Visa

Monday, July 09, 2018, 17:05 GMT+7
​Contactless payments become more common in Vietnam: Visa
Sean Preston, Visa country manager for Vietnam, Cambodia and Laos, speaks at the Banking Vietnam Conference and Expo 2018 held in Hanoi on July 5, 2018 in this photo provided by Visa.

‘Wave-to-pay’ technology is becoming increasingly popular in Vietnam, with the number of contactless payments growing healthily in the Southeast Asian country, payment card company Visa said in a recent report.

Contactless payments allow people to make cashless transactions in a streamlined and prompt fashion simply by waving their cards or smartphones and other mobile devices over a reader at the point of sale (POS) terminal.

The transactions will be completed thanks to radio-frequency identification (RFID) or near field communications (NFC) between the cards and the POS.

Transactions using Visa contactless cards in Vietnam increased at a solid rate of 44 percent per month from July 1, 2017 to May 31, 2018, the company said in a report.

The Southeast Asian country also saw a rise of 43 percent per month in the total value of Visa contactless purchases during the same period.

The same statistics from Visa showed that more than half of Vietnamese consumers know about contactless payments.

Among them, 30 percent have employed this means of transaction, while two-thirds expressed willingness to try it in the future for its convenient and time-saving fashion.

The main categories of items purchased through contactless payments, according to the report, are fashion and beauty products.

At the Banking Vietnam Conference and Expo 2018 held in Hanoi on Thursday, Sean Preston, Visa country manager for Vietnam, Cambodia and Laos, assessed that Vietnamese consumers, retailers and financial institutions are embracing the concept of going cashless.

“We’re seeing positive growth in the usage of Visa contactless payments [in Vietnam] as more consumers understand the benefits of speed, security and convenience that contactless payments can bring to their everyday purchases,” the country manager said.

With some local banks partnering with Visa in contactless card issuance, Vietnamese consumers are enjoying quicker, more secure and more convenient contactless payments for services at several restaurants and supermarkets.

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Bao Anh / Tuoi Tre News

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