Vietnam rises towards non-cash economy with contactless payments

17:55 | 07/07/2018

Vietnamese consumers are opting for a faster way to pay as contactless payments have grown popularity.  

Payments technology company Visa today released data demonstrating the growth of contactless payments in Vietnam as more consumers are going cashless and choosing contactless as a faster way to pay.

According to Visa, contactless transaction numbers in Vietnam are growing at a solid rate with an increase of 44 per cent per month, from July 1, 2017 to May 31, 2018. Meanwhile, the total value of purchases made using Visa contactless cards increased by 43 per cent per month over the same period.

vietnam rises toward non cash economy with contactless payments
Visa country manager for Vietnam, Cambodia and Laos Sean Preston spoke at the Banking Vietnam Conference and Expo 2018

Speaking at the Banking Vietnam Conference and Expo 2018 on July 5 in Hanoi, Sean Preston, Visa country manager for Vietnam, Cambodia and Laos, said: “Vietnamese consumers, retailers and financial institutions are embracing the concept of going cashless. We’re seeing very positive growth in the usage of Visa contactless payments as more consumers understand the benefits of speed, security and convenience that contactless payments can bring to their everyday purchases.”

With three banks issuing contactless Visa cards, Vietnamese consumers are now enjoying a new way to pay with secure, quicker and more convenient contactless payments at quick service restaurants, supermarkets and retailers such as KFC, Saigon Coop, Big C and Nguyen Kim.

vietnam rises toward non cash economy with contactless payments
Vietnam rises towards non-cash economy with contactless payments

According to the recent Visa Consumer Payment Attitudes Report, conducted amongst 4,000 consumers in Indonesia, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam in July 2017, more than half of consumers in Vietnam are aware of contactless payments. Thirty percent of them have used contactless payments and two thirds are interested to try it. Fashion and beauty products are the main items purchased using contactless payments.

A proven cash-displacement tool, contactless technology is shifting the in-store payment landscape, opening up space for consumer-centric innovation. Contactless payment provides a safer and more convenient customer purchasing experience, a more effective solution for issuers' sales and customer satisfaction, as well as improving checkout productivity for merchants.

“As a global leader in payments technology, Visa continually innovates its product portfolio to enable its financial institution clients to offer consumers more payment choices. Visa will continue to build momentum for contactless payments by working with bank partners and merchants to driving greater acceptance and usage of contactless payments in Vietnam,” added Preston.

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Trang Nguyen

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