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More Vietnamese consumers go cashless

Tan KW
Publish date: Wed, 07 Jun 2023, 10:52 AM
Tan KW
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HO CHI MINH CITY: Some 77% of Vietnamese consumers believe they could go cashless for three days, according to a new survey by Visa entitled “Consumer Payment Attitudes Study 2022”.

In the study, Visa found that 90% of study respondents attempted to go cashless at some point in 2022, as compared to 77% in 2021.

The Covid-19 pandemic transformed consumer behaviour worldwide, and Vietnam was no exception, Visa said, adding that the percentage of Vietnamese consumers using card or mobile wallet payments increased across every category compared to 2021.

According to the study, 66% of consumers used online card payments last year, while 70% used online or in-app mobile wallet payments, a dramatic increase from 32% in 2021.

“Digital payments continue to grow in popularity among consumers in Vietnam, with VisaNet data showing that the payment volume across all Visa payment methods in the country rose 32% year-on-year in 2022.

“Payment value through online transactions also rose substantially, while cross-border payment volume growth more than doubled compared to the previous year,” Dung Dang, Visa country manager for Vietnam and Laos, said.

QR payments also experienced substantial growth in usage last year, with 61% of consumers using this method, as compared to 35% in 2021.Taken together, this indicates a gradual shift away from cash, evidenced by the fact that consumers both carried less cash in 2022 and used it for fewer payments, according to the study.

The two most common reasons for fewer cash payments include the possibility of losing it or having it stolen, and the fact that more businesses now support cashless payment methods.

Increased use of digital options is evident beyond payment methods as well with 90% of Vietnamese consumers being interested in virtual banking.

 - ANN

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