Vietnamese are preferring to pay cashless: The number of non-contact payment by phone increased by 42%, the total credit card transactions, visas increased by 39%

A new survey commissioned by Visa – an electronic payment technology company – notes that Vietnamese consumers are reducing cash use due to increased digital payments through new payment technologies such as card payments. contactless, payment on mobile devices and e-commerce.

Survey of consumer payment attitude conducted by Visa showed that 74% of consumers in Vietnam expect to increase cashless payment in the next 12 months. For groups of users who carry less cash, the main reason is because more and more places accept cashless payments.

These trends are also reflected in the figures from VisaNet, Visa’s payment processing network, with the total transaction value of Vietnamese consumers using credit cards and Visa debit cards increasing 39%. and total transactions increased by 54% (figures from January – December 2019 compared to the same period in 2018).

One of the important new technologies being investigated is contactless payment – a payment method where users simply touch a card, phone or devices worn into a POS terminal to make a payment. Currently, 37% of consumers are using contactless card payment in Vietnam, and interestingly, up to 42% of consumers make contactless payments by mobile phones.

For contactless card payment groups, 85% of people make payments once a week or more. The survey also shows a great potential for new technologies to flourish, with four out of five consumers who have never used contactless card payment interested in using this payment method.

84% of users feel their personal information is secure when paying via mobile. Contactless payments on mobile phones, QR codes, and e-commerce all increased compared to 2018, proving a high level of trust from consumers. Specifically, 82% of users use a contactless payment method by mobile phone at least once a week.

The survey also found that new payment technologies are attracting the attention of consumers, with 82% of Vietnamese consumers saying they are interested in biometric payment methods, such as using accent marks. fingerprint or voice authentication to complete the transaction, while 81% of users are interested in paying via digital banking.

The survey conducted by Engine Insights in 2019 on 1,020 consumers working part-time or full-time, with a balanced demographic balance between age and gender across the country.

“In the future, we will continue to introduce advanced payment technologies to the Vietnamese market, and work closely with stakeholders to ensure that the benefits of these technologies are communicated. This is a time of booming trade in the Vietnamese market, and we look forward to contributing to the country’s modernization of the economy, “said Dang Tuyet Dung – Giam. Visa managers in Vietnam and Laos – share.