Fri, 08 Dec 2023

HANOI, June 6 (Xinhua) -- Vietnamese consumers have been paying less with cash since the COVID-19 pandemic, and they have become more dependent on electronic forms of payment, Vietnam News reported on Tuesday.

About 77 percent of Vietnamese consumers would comfortably get by for three straight days without ever using cash, a survey by the international payment card provider Visa revealed.

Some 90 percent of respondents to Visa's survey said that they managed to go cashless at some point in 2022, compared to 77 percent in the previous year.

The pandemic outbreak changed consumer behavior worldwide, and Vietnam was no exception, Visa said.

More Vietnamese consumers have moved away from cash towards new means of contactless payment, Visa added.

Overall, 66 percent of respondents said they used online card payments while 70 percent used mobile-phone digital wallets.

Data showed that payment volume across all Visa payment methods in Vietnam in 2022 rose 32 percent from a year ago, Dang Tuyet Dung, Visa's country manager for Viet Nam and Laos, said.

Payment value through online transactions also grew substantially, while cross-border payment volume more than doubled from the previous year, the manager added.

About 85 percent of consumers tried home delivery for the first time during the pandemic, and many have kept this habit after the outbreak was over.

Visa expected eight out of 10 purchases would be online deliveries, thus the trend is obvious for businesses to make electronic payments and home delivery more available and convenient.

The Vietnamese government wants to double the value of cashless settlements to a level equal to 25 times the country's gross domestic product by 2025 and half of e-commerce transactions will be cash-free.

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