Vietnamese consumers are rapidly adopting a range of digital payment methods as most bring along less money and one-third would cease using cash after the COVID-19 pandemic, according to the Visa Consumer Payment Attitudes study.

The study, released on Wednesday, shows an emphatic shift in payment habits.

Sixty-five percent of Vietnamese are carrying less cash in their wallets and 32 percent said they would stop using physical money after the pandemic.

This was paralleled by significant gains in cashless payments.

Almost 76 percent of consumers now use mobile wallets and even more (82 percent) use cards.

“The impacts of the COVID-19 pandemic cannot be ignored – either in the short term or the long term,” said Dang Tuyet Dung, Visa country manager of Vietnam and Laos.

“It has resulted in lasting changes in the ways consumers are choosing to make purchases and in how they pay.

“Success for merchants and businesses rests on their ability to evolve and transform with these changes.”

Online shopping and cash alternatives are all likely to stay after the global health crisis.

Two-thirds of Vietnamese tried shopping online during the pandemic and half of them made their first purchase through social media.

Nine out of ten consumers are now using home delivery, and almost all of them leverage it more often than before the coronavirus pandemic.

Spending on all forms of travel decreased as people canceled or postponed trips, along with eating out and out-of-home entertainment.

After the pandemic, consumers are most eager to spend on travel, especially domestically (25 percent).

The surge of desire in Vietnamese consumers to travel is driven by reconnection travel, over necessity or wanderlust exploration, as consumers yearn to be reunited with family and friends after a long time apart, according to Visa Global Travel Intentions Plus (Digital Intelligence).

Due to COVID-19, more than 80 percent now use their cards, QR payments, and mobile wallets at least once a week.

Meanwhile, a solid half of all Vietnamese have begun using cards more often, while 64 percent and 63 percent have increased their usage of mobile contactless and mobile wallet payments.

Convenience seems to be the highest rated factor in consumer preference across digital payment methods, followed by safety from infection and transaction security.

“We hope the insights of our latest study will empower our local partners in creating digital-first strategies to succeed in these fast-changing times,” Visa country manager Dung said.

“We are looking forward to supporting the upcoming Cashless Day campaign, organized jointly by the State Bank of Vietnam and Tuoi Tre (Youth) newspaper, to encourage more consumers to embrace the benefits of digital payments.”

The Visa Consumer Payment Attitudes Study was prepared in Aug-Sep 2021, surveying 6,520 consumers in Singapore, the Philippines, Malaysia, Indonesia, Thailand, Vietnam, and Cambodia.

The study conducted online interviews with 1,000 Vietnamese consumers who are working part- or full-time across the country, with a demographic mix representative of ages and genders.

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