Visa recently revealed its “Consumer Payment Attitudes Study” which says that more Vietnamese consumers are going cashless. (Photo: Courtesy Visa Vietnam) In the study, Visa found that 90% of study respondents attempted to gocashless at some point in 2022, as compared to 77% in 2021.
The COVID-19 pandemic transformed consumer behaviour worldwide, and ViệtNam was no exception, Visa said, adding that the percentage of Vietnameseconsumers using card or mobile wallet payments increased across every categorycompared to 2021.
According to the study, 66% of consumers used online card payments last year,while 70% used online or in-app mobile wallet payments, a dramatic increasefrom 32% in 2021.
“Digital payments continue to grow in popularity among consumers in Vietnam,with VisaNet data showing that the payment volume across all Visa paymentmethods in the country rose 32% year-on-year in 2022, payment value throughonline transactions also rose substantially, while cross-border payment volumegrowth more than doubled compared to the previous year,” Dung Dang, Visacountry manager for Vietnam and Laos, said.
QR payments also experienced substantial growth in usage last year, with 61% ofconsumers using this method, as compared to 35% in 2021.
Taken together, this indicates a gradual shift away from cash, evidenced by thefact that consumers both carried less cash in 2022 and used it for fewerpayments, according to the study.
The two most common reasons for fewer cash payments include thepossibility of losing it or having it stolen, and the fact that more businessesnow support cashless payment methods.
Increased use of digital options is evident beyond payment methods as well with90% of Vietnamese consumers being interested in virtual banking.
Post-COVID consumer behaviour is also coming into focus. New trends haveemerged in what consumers spend their money on in the retail space, and howthey approach their finances overall, the study found.
It shows that Vietnamese have embraced home delivery, with tech-enabled onlinepayment pre-delivery being the most popular method. Overall, 85% of consumerstried home delivery for the first time during the pandemic, and in the future,they expect 8 out of 10 purchases to be made online and be received via homedelivery. Offering online payment and home delivery are clear needs forbusinesses moving forward.
New shopping habits have also emerged, with 64% of consumers purchasing moremedicine and vitamins to maintain their health, while the same percentages areshopping through large online market places and home-based businesses.These spending habits reflect global post-COVID trends, in which e-commerce hasgrown rapidly while a majority of consumers are trying new shoppingbehaviours.
Shifting saving and spending trends, meanwhile, mean businesses must adaptto different behaviour. Some 80% of consumers say they are now saving moremoney for the future, while 78% aim to closely plan and track monthly expenses.This indicates a widespread focus on being financially responsible, as does thenearly universal setting of monthly budgets for household expenditures.
As a result, consumers are likely to reduce spending on certain items, whichbusinesses must anticipate. On the other hand, businesses can move to areaswhere consumers plan to increase spending, including groceries, fashion andclothing, and staycations or domestic travel, according to Visa./.
VNA
