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Vietnamese consumers carry less cash: Visa

Vietnamese consumers carry less cash: Visa

Saturday, March 23, 2019, 11:38 GMT+7
Vietnamese consumers carry less cash: Visa
A customer swipes his card for payment. Photo: Duyen Phan / Tuoi Tre

Vietnamese consumers are embracing digital payments as a faster and more convenient way to pay, the 2018 Visa Consumer Payment Attitudes Study released by Visa, one of the world’s leaders in digital payments, revealed on Thursday.

The report, which specifically looked into consumer sentiment towards different forms of payment, found that Vietnamese consumers are carrying less cash and half are using card and mobile payments at least two to three times a week.

Particularly, 73 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 Visa Consumer Payment Attitudes Study 2018 was conducted conducted amongst 4,000 consumers in Indonesia, Malaysia, Philippines, Singapore, Thailand, Vietnam, Myanmar, and Cambodia by Intuit Research on behalf of Visa in August 2018.

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 in apps, while 32 percent are using contactless payment technologies that allow users to simply tap their card on the terminal to pay.

Additionally, 19 percent have used QR payments, where one uses their phone to scan a unique code that will transact money to the merchant’s account.

The total value of purchases made by Vietnamese consumers on their Visa credit and debit cards increase 37 percent, while the number of transactions is up by 25 percent during the course of the research.

Notably, cashless payment in e-commerce saw strong growth with the total value of purchases up by 40 percent.

Dang Tuyet Dung, country manager for Visa Vietnam and Laos affirmed that “the figures from Visa’s 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.”

“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,” Dung added.

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