“Change has reached a tipping point in Vietnam, crowding out more traditional forms of shopping, consumption, and especially payment. Cashless Day is a celebration of this shift toward a swifter and more streamlined shopping experience built around what the consumer needs,” said Dung Dang, Visa country manager of Vietnam and Laos.
She was referring to the digital payment trend in Vietnam and the Cashless Day celebrated on June 16 every year since 2019 by Tuoi Tre (Youth) newspaper and the State Bank of Vietnam.
Visa’s Consumer Payment Attitudes 2021 study shows that almost half of Vietnamese consumers now use contactless cards.
|People attend a cashless fair in Thu Duc City, Ho Chi Minh City, June 12, 2022. Photo: Minh Duy / Tuoi Tre|
“When the COVID-19 pandemic recedes, as many as 74 percent of consumers will continue shopping at big online marketplaces,” the American company said in a press release on Thursday.
“Even offline, consumers have come to expect digital payments at physical stores and are showing a clear preference for vendors who can accommodate them.”
Visa is extending its support for Cashless Day to drive awareness and usage of digital payments among consumers and businesses across Vietnam, the firm said.
|People queue for a coffee order at a contactless payment booth during a Cashless Day event in Hanoi this year.|
As the world has shifted further to digital mode across all aspects of commerce, small businesses have had to adapt, from selling online and digitizing their supply chain to vendor payments.
“In Vietnam, cashless payments and e-commerce have reached scale,” Visa country manager Dung said.
“We are delighted to expand our participation in this year’s Cashless Day as we take on a larger role in connecting stakeholders across the world.”
A grand Cashless Day event will be organized from 1:00 pm to 5:00 pm at Lotte Hotel Hanoi at 54 Lieu Giai, Ba Dinh District, Hanoi on Friday.