At the event to launch the “ASEAN Consumer Sentiment Study" on November 1. Paul Kim, Head of Personal Financial Services at the bank, stressed that as theVietnamese consumers become more digitally proficient, there is a surge in theuse of mobile apps; however, when it comes to complicated transactions such ashigh-value transactions, restructuring of bank loans and insurance purchase, they prefer offline channels.
Every four among five consumers use e-wallet at least once a week and introducethe wallet to others. Momo was the most used e-wallet by Vietnamese, followedby ZaloPay and VNPay.
There is an increasing preference for digital banking and new payment modes such as mobile banking apps, e-wallets and QR code-based payments among Vietnamese consumers. (Photo: VNA) Although rising inflation and increased expenses have fueled fears of an economicdownturn across ASEAN, consumers in the region have given a warm welcome for anew era of digitalisation.
The UOB expert said Vietnamese consumers are more upbeat about the financialfuture than those in other countries. Some 76% of the respondents expect to bebetter off in June next year, while the figures in Indonesia and Thailand are74% and 68%.
The report also said that eight out of 10 Vietnamese consumers are concernedabout their finances. They are most worried about not being able to save,afford essential items, maintain their current lifestyle, and take care oftheir parents’ financial and healthcare needs. Therefore, they are morecautious about their investment.
Meanwhile, II Dong Kwon, the Vietnam lead at Boston Consulting Group,highlighted that with the boom of the Internet, Vietnam has posted a dramaticincrease in online shopping and e-commerce which experience an annual growth of41% in the past three years.
Online payment has surged as a result, he said, adding the trend will maintainand grow stronger in the time ahead./.
VNA
