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Banking & Finance

Visa: Non-cash payments continue to take hold

Released at: 19:12, 28/09/2017

Visa: Non-cash payments continue to take hold

Photo: Khanh Chi (VET)

Nine out of ten Vietnamese consumers willing to try new payment methods, latest Visa survey finds.

by Hong Nhung

Visa released data on September 27 revealing that Vietnamese consumers are continuing to embrace electronic payments, making 38 per cent more transactions during the year ended June compared to the prior year, according to Visa Aspire Card and Merchant Statistics.

Visa credit card transactions were up 49 per cent and Visa debit card transactions 34 per cent, while total payments rose 35 per cent. More Vietnamese are also shopping online with Visa’s eCommerce transactions, which were up 82 per cent in number and 45 per cent in volume.

“These numbers are a truly positive sign for Vietnam’s economy, as the country seeks to create a better environment for both consumers and businesses through the electronification of payments,” said Mr. Sean Preston, Visa Country Manager for Vietnam, Cambodia, and Laos.

“One of the really great indicators for us is the strong growth across both credit and debit products, which is a clear sign that we have a broad demographic of people using electronic payments for a variety of purposes.”

Vietnamese consumers have also demonstrated an eagerness to try new payment methods. Research commissioned by Visa found that nine out of ten consumers are willing to try new payment methods, with 88 per cent saying they would be very likely to use their smartphones to make payments.

Findings from Visa’s Consumer Payment Attitudes study further demonstrated the shift away from cash, with 83 per cent of Vietnamese consumers saying they would choose to make contactless payments over cash where it’s available.

Earlier this year, Visa launched its contactless payment technology, Visa payWave, in Vietnam, with Sacombank. Visa payWave allows cardholders to make a payment simply by waving their card on a point-of-sale terminal, for transactions under VND1 million ($44), with no signature or PIN required. The technology is now available at retailers such as BigC, Citimart, Saigon Co.op, and Nguyen Kim.

The release of these findings comes after a recent announcement that the Vietnamese Government plans to make transactions almost totally electronic by 2020, with the goal of having only 10 per cent of all transactions conducted using cash.

“Visa payWave and the coming introduction of mobile payment technologies such as Samsung Pay and mVisa will allow us to build on the successes of last year, providing consumers in Vietnam with faster, secure, and more convenient ways to pay,” Mr. Preston added. “We look forward to helping the government to ultimately realize its goal of taking Vietnam cashless by the end of this decade.”

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