March 20, 2024 | 12:03 GMT+7

Vietnam's Cashless Revolution Gains Momentum, Visa Study Finds

Ngoc Lan -

Mobile wallets, real-time payments, and Buy Now Pay Later options are transforming Vietnam's retail sector.

Visa released the Consumer Payment Attitudes (CPA) study (Photo: Visa)
Visa released the Consumer Payment Attitudes (CPA) study (Photo: Visa)

The burgeoning surge in cashless transactions is catapulting Vietnam into the vanguard of retail evolution, as revealed by Visa's recent Consumer Payment Attitudes (CPA) study. Despite a historical reliance on physical currency, the winds of change are sweeping across the nation, steering it towards a digital payment future.

According to Visa's CPA report, 56 per cent of Vietnamese respondents have scaled back on carrying physical cash over the past year, indicating a burgeoning acceptance of modern financial technologies. Spearheading this transformation are younger demographics, with a staggering 89 per cent of Gen Z and Gen Y embracing cashless methods.

Merchants are swiftly adapting to this shift, particularly in sectors like food and dining, retail shopping, and convenience stores, where mobile wallet payments are gaining traction. The retail experience is undergoing a metamorphosis, with merchants harnessing generative AI technologies to elevate customer engagement and bolster sales.

Visa's report delves into key trends shaping Vietnam's cashless economy, spotlighting the ascendance of e-wallets as the preferred mode of payment. With four out of five Vietnamese consumers utilizing mobile wallets, Vietnam is poised to become a regional leader in digital finance.

Moreover, the adoption of real-time payment solutions is gaining momentum, highlighting Vietnam's embrace of cutting-edge financial technologies. Real-time payments are diversifying in utility, spanning cross-border transactions, peer-to-peer transfers, and bill payments.

Buy Now Pay Later (BNPL) services are also gaining popularity, offering flexible payment options and enhancing consumer engagement. Visa's collaborations with leading retailers underscore the transformative potential of BNPL solutions in driving financial inclusion and business growth.

Vietnam's cashless revolution heralds unprecedented opportunities for economic growth and innovation, benefiting both consumers and businesses. As Visa spearheads this transformative journey towards a cashless future, Ms. Dung Dang, Visa Country Manager for Vietnam and Laos, affirms the growing trend towards contactless transactions. She underscores Visa's commitment to advancing digital payment solutions and delivering seamless, secure experiences for consumers through strategic partnerships and innovation.

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