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Wednesday, June 19, 2024

Digital payment grows in popularity in Vietnam – Visa

The Saigon Times

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HCMC – Vietnamese consumers are rapidly adopting many digital payment methods while moving away from cash, according to a recent report by global financial services firm Visa.

In 2022, 66% of local consumers used online card payments and 70% used online or in-app mobile wallet payments, a sharp rise from 32% in 2021.

Some 77% of consumers believed they could go cashless for three days.

The tendency was attributed to the risk of having money stolen and the growing support for cashless payment methods from local businesses, according to the report.

Meanwhile, 90% of Vietnamese consumers are interested in virtual banking, which has created enormous potential for the industry, as only 30% of adults currently use digital banking services in Vietnam.

Some 85% of consumers tried home delivery for the first time during Covid-19, with 64% purchasing more medicine and vitamins.

The report suggested businesses could move into areas where consumers plan to increase spending, including groceries, fashion and clothing and domestic travel.

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