17:40 (GMT +7) - Tuesday 12/12/2017

Banking & Finance

Online payment shows strong growth ahead of Online Friday

Released at: 14:42, 01/12/2017

Online payment shows strong growth ahead of Online Friday

Photo: Archives

Top online purchases to September included travel, transportation, fashion, and telecommunications, according to Visa.

by Hong Nhung

As this year’s Vietnam Online Friday sale approaches (December 1, with events to December 3), even more Vietnamese are expected to go online to make the most of the special deals during December.

Vietnamese Visa cardholders made 81 per cent more e-commerce transactions in the year-ended September than the year prior, according to the latest figures from Visa. Visa cardholders also spent 42 per cent more on e-commerce purchases over the same period.

In Vietnam, e-commerce is becoming more popular and a part of everyday life, as more people are shopping online. When it comes to paying for their online purchases, Visa credit card transactions grew by 86 per cent, while Visa debit card transactions increased even more at 105 per cent.

The top purchasing categories were airline tickets and travel packages, followed by transportation, fashion, and telecommunications. Transactions at Vietnamese websites were up 135 per cent while transactions at international websites grew 61 per cent. The average transaction size was around $42.

“We are pleased to see this strong e-commerce growth because it reflects that Vietnamese are becoming comfortable with making online purchases both at local and international online stores,” said Mr. Sean Preston, Visa Country Manager for Vietnam, Cambodia and Laos.

“We commend the government on driving the Online Friday initiative - the event organized by the Vietnam E-commerce and Information Technology Agency at the Ministry of Industry and Trade, to promote digital experience and e-commerce in Vietnam,” he added. “Visa is proud to be supporting this initiative and will be showcasing new payment technologies such as contactless, mobile, and QR payments, as part of the Online Friday 2017 event. We believe initiatives such as these will help Vietnam to reach the government’s target of transitioning the country towards a cashless society by 2020.”

Though online shopping provides a sense of convenience for everyone, the recent Visa Consumer Payment Attitudes Study reported that respondents’ online shopping behavior was highly influenced by social media, as 73 per cent of them read reviews, comments, and feedback before they shop.

The report also said that to offer better online shopping experience, 76 per cent of respondents shop at their favorite online retailer for the ease of check out factor, and 53 per cent because of the ability to compare prices.

“At Visa, we want our cardholders to shop online with confidence, knowing we have multiple layers of security to protect their transactions so they can enjoy the convenience, wide acceptance, and competitive prices available online,” Mr. Preston said. “As we head into December and the holiday shopping season, we want more Vietnamese consumers to be able to take advantage of the great deals available online.”

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