Singapore – With the rapid shift in payment habits, a recent survey from Visa and conducted by YouGov revealed a significant rise in the adoption of digital payment solutions in Vietnam, leading the Asia-Pacific region in contactless payments.
According to the survey, around 75% of face-to-face Visa card transactions were recorded contactless by the end of November 2024. Nearly 20% of all transactions on the Visa network were also contactless as of September 2024.
Said surge in mobile payment adoption is reported to be largely driven by increasing utilisation of mobile wallets such as Apple Pay, Garmin Pay, Google Pay, and Samsung Pay. These services have notably boosted consumer confidence and created a strong demand for efficient, mobile-first payment methods.
Findings of the survey further unveiled the dominant payment methods in the region, noting in-app mobile wallets (69%) and tap-to-pay methods (68%) among the top preferences in the list.
Furthermore, it was found that mobile wallets appeared to be the payment method of choice for 80% of consumers in Vietnam, with 68% opting for tap-to-pay. Such a trend is especially significant considering about 39% of Vietnamese consumers express a high consumer confidence in smartphones for processing high-value transactions. This also points to an increasing confidence in mobile payment security.
Interestingly, ensuring transaction security is vital for the broad adoption of contactless payments. The survey further indicated 51% of participants in the APAC region trust contactless payments as a secure way to conduct transactions.
QR code payments have also seen strong adoption in Vietnam, with 98% of mobile payment users regularly scanning QR codes at point-of-sale. This growing preference for QR code payment underscores the solution’s convenience, reliability, and secure nature, fuelling the expansion of Vietnam’s digital payment ecosystem.
Dung Dang, country manager for Vietnam and Laos at Visa, said, “We envision a future where digital payments are seamless, secure, and accessible to all Vietnamese businesses. By supporting SMBs, Visa aims to empower businesses to drive growth and efficiency while contributing to Vietnam’s broader economic progress.
