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Monday,  Dec 18,2017,08:28 (GMT+7)

Visa: E-payments on the rise in Vietnam

Hung Le
Thursday,  Sep 28,2017,21:13 (GMT+7)
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Visa: E-payments on the rise in Vietnam

Hung Le

HCMC – Electronic payments have grown strongly in Vietnam, with the number of electronic transactions in the first half of 2017 increasing 38% year-on-year, said Sean Preston, Visa’s country manager for Vietnam, Cambodia and Laos.

Data of Visa Inc. shows that the number of electronic transactions using the company’s credit and debit cards in the first half grew 49% and 34% year-on-year respectively, with total transaction value rising 35%, Preston told a news briefing in HCMC on September 27.

According to Visa’s survey on people aged 18 years or older in Vietnam’s major cities, 88% of consumers said they are willing to use a new means of payment, especially by smartphone.

The survey also shows 83% of Vietnamese consumers would choose e-payment instead of cash.

Early this year, Visa cooperated with Sacombank to launch contactless payment service Visa payWave that allows card holders to simply tap their cards to process transactions worth less than VND1 million (US$44) without requiring signature or PIN.

In addition to Visa payWave, several mobile payment services, like Samsung Pay and mVisa, that are set to debut in the coming time will provide Vietnamese consumers with a safe, fast and convenient means of payment.

As of June 2017, there were about 120 million mobile subscribers nationwide. This is seen as a favorable condition for mobile payment services to develop.

Vietnam has great potential for e-payment development as the country had 53 card issuers with the number of cards issued totaling over 104 million as of late 2016, according to the Vietnam Bank Card Association.

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