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Trends that are expected to shape the future of payments in Vietnam

Trends that are expected to shape the future of payments in Vietnam

Wednesday, May 15, 2024, 14:58 GMT+7
Trends that are expected to shape the future of payments in Vietnam
A panel discussion on the future of payments in Vietnam

Financial institutions, fintech firms, payment facilitators, and merchants showcased their best practices and thought leadership, including their discussions about emerging digital payment trends in Vietnam, at a recent forum.

The forum, titled ‘Open Payments Forum’ and hosted by Visa last week, explored the future of payments in Vietnam, focusing on new e-commerce payment technologies, the challenges of boosting cashless in-store payments, the importance of secure transactions and post-purchase customer experience, and the role of collaboration among all parties in driving innovation in the digital economy.

The event highlighted three key trends that are expected to shape the future of payments in Vietnam.

Firstly, the payment landscape is likely to become more layered and diversified, offering opportunities that all ecosystem players can capitalize on.

In contemplating the future of payments, speakers shared best practices for businesses aiming to navigate the constantly evolving payment landscape while ensuring seamless payment experiences for customers.

As Vietnam progresses toward a cashless society, its payment landscape is set to become more complex with an array of participants.

This dynamic shift presents both opportunities and challenges, requiring merchants, financial institutions, fintech firms, and payment facilitators to navigate a nuanced environment.

Secondly, customers have higher expectations of their e-commerce experience – and businesses need to meet them.

Beyond smooth omnichannel journeys, there is now a demand for a wider range of touchpoints, innovative digital buying experiences, and products.

To keep pace with Vietnam's cashless and contactless payment trends, merchants must provide tailored payment solutions that meet these evolving customer needs.

Thirdly, businesses and consumers need to safeguard themselves against emerging fraud threats.

Visa’s 2024 Global eCommerce and Fraud Report emphasized that refund/policy abuse and first-party misuse were prevalent forms of fraud, affecting nearly half of merchants worldwide.

With the e-commerce surge, customers expect secure payments and robust fraud and dispute management strategies to uphold trust.

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Yen Viet / Tuoi Tre News

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