16:27 (GMT +7) - Thursday 19/07/2018

Banking & Finance

Contactless payments increasing in popularity

Released at: 10:45, 09/07/2018

Contactless payments increasing in popularity

Mr. Sean Preston speak at the "Banking Vietnam Conference & Expo 2018" (Photo: Visa)

Growing adoption of electronic payments and contactless acceptance driving Vietnam's cashless vision, according to Visa.

by Hong Nhung

Card giant Visa released data on July 6 demonstrating the growth of contactless payments in Vietnam, as more consumers are going cashless and choosing contactless as a faster way to pay.

Visa contactless transaction numbers in Vietnam grew at a solid 44 per cent per month from July last year to May this year. The total value of purchases made using Visa contactless cards increased 43 per cent per month during the period.

“Vietnamese consumers, retailers and financial institutions are embracing the concept of going cashless,” Mr. Sean Preston, Visa Country Manager for Vietnam, Cambodia and Laos, told the Banking Vietnam Conference & Expo 2018 held a few days ago in Hanoi. “We’re seeing very positive growth in the use of Visa contactless payments as more consumers understand the benefits of speed, security and convenience that contactless payments can bring to their everyday purchases.”

With three banks issuing contactless Visa cards, Vietnamese consumers are now enjoying a new way to pay with secure, quicker and more convenient payments at quick service restaurants, supermarkets and retailers such as KFC, Saigon Coop, BigC and Nguyen Kim.

According to the recent Visa Consumer Payment Attitudes Report, more than half of consumers in Vietnam are aware of contactless payments. Thirty per cent have used contactless payments and two-thirds are interested in trying it. Fashion and beauty products are the main items purchased.

A proven cash-displacement tool, contactless technology is shifting the in-store payment landscape, opening up space for consumer-centric innovation. Contactless payments provide a safer and more convenient customer purchasing experience, a more effective solution for issuers’ sales and customer satisfaction, and improve checkout productivity for merchants.

“As a global leader in payments technology, Visa continually innovates its product portfolio to enable its financial institution clients to offer consumers more payment choices,” Mr. Preston said. “Visa will continue to build momentum for contactless payments by working with bank partners and merchants to drive the greater acceptance and use of contactless payments in Vietnam.”

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