Contactless payment could be next big thing in Vietnam: experts

Contactless payment is becoming trendy in Vietnam thanks to the growth of technology and the country young population
contactless payment could be next big thing in vietnam experts

Contactless payment is becoming more popular in Vietnam thanks to young population and the technology development

To make contactless payment, a card or smartphone is simply waved in the vicinity of a terminal equipped with the technology.

A spokesperson for Visa Vietnam told Vietnam News that consumers around the world see value in the speed and convenience of tapping to pay.

“More cities around the world are enabling contactless technology to deliver an improved experience for riders, helping save valuable time by eliminating the need to buy or reload a fare card.”

In a survey by Visa, nearly half of UK commuters cited the introduction of contactless payments as the single most significant improvement to their overall public transport experience. Meanwhile, Poland is on its way to being the first country in the world to have 100 percent of its checkout terminals with tap to pay capability, currently at 99.9 percent.

In the US, 78 out the top 100 Visa merchants already have the infrastructure for contactless payment. The company expects to issue more than 100 million more contactless cards in the US this year.

Contactless payment is also very popular in markets like Canada, Singapore, Malaysia, Russia, parts of Latin America, and the Caribbean, Visa said.

In Vietnam too, it is becoming more and more popular.

At a shop in Vivo City mall in HCM City’s District 7, an employee said that contactless payment is becoming increasingly common at her store.

“You see, other digital payment like credit cards need three or four steps. But contactless payment [involves] just one tap and no signing.”

The popularity of contactless payment has surged in the last two years or so with the entry of players like Vietcombank, Sacombank and Techcombank.

Another survey by Visa in Vietnam last year found 85 percent of consumers saying they know about contactless payment and 32 percent using it.

Seeing the potential, many retailers and companies have embraced the new technology, and it is now widely used in cafes, restaurants, supermarkets, convenience stores and amusement places like Starbucks, Saigon Co-op, Lotte Mart, eMart, Aeon, Citimart, CGV and BHD cinemas, The Coffee House, and KFC.

Visa said this is a positive signal for its development and predicted a boom since it is popular with young people.

“Vietnamese are aware of the safety and convenience of contactless payment. Furthermore, contactless payment helps businesses save time and improve efficiency,” said Dang Tuyet Dung, country manager of Visa Vietnam and Laos.

Experts said developing this payment method requires close cooperation between the Government, banks and companies.

Source: VNA

Related News

Vietnam, Korea Customs sign AEO MRA

Vietnam, Korea Customs sign AEO MRA

VCN- The Director General of the General Department of Vietnam Customs (GDVC), Mr Nguyen Van Tho, and the Commissioner of Korea Customs Service (KCS), Mr Ko Kwang Hyo, signed the Authorized Economic Operator Mutual Recognition Agreement (AEO MRA) on the afternoon of December 24, at the GDVC’s headquarters.
Prioritizing semiconductor workforce training

Prioritizing semiconductor workforce training

VCN - Vietnam is well-positioned to participate deeply in the global semiconductor industry. Experts believe that developing a skilled workforce in microchips and semiconductors should be a long-term priority to effectively capitalize on this opportunity.
Vietnam-Cambodia: Looking back on journey of cooperation

Vietnam-Cambodia: Looking back on journey of cooperation

VCN – The bilateral meeting between the General Department of Vietnam Customs (GDVC) and the General Department of Customs and Excise of Cambodia (GDCEC) was held by the GDVC on December 9.
Vietnam-China e-commerce: A perspective from Lang Son border

Vietnam-China e-commerce: A perspective from Lang Son border

VCN - Cross-border e-commerce is currently a hot topic among e-commerce businesses, particularly those actively developing digital platforms and cross-border electronic payment infrastructures through border gates in Lang Son province.

Latest News

Ensuring financial capacity of bonds issuers

Ensuring financial capacity of bonds issuers

VCN - The Ministry of Finance is finalizing the draft Decree amending and supplementing Decree No. 155/2020/ND-CP detailing the implementation of a number of articles of the Securities Law. The amendment aims to continue to perfect the legal framework and overcome some shortcomings arising in the practice of the securities market.
Finance ministry announces five credit rating enterprises

Finance ministry announces five credit rating enterprises

One more company has been granted the certificate of eligibility since August.
The capital market will see positive change

The capital market will see positive change

VCN – Vietnam’s capital market has more balanced, harmonious and sustainable. However, besides the achievements, the market still faces many potential challenges. In order for the capital market to become an effective and sustainable capital mobilization channel, further improving the quality of goods and diversifying investors in the market is a key direction.
Corporate bond issuance value rises by 60 per cent

Corporate bond issuance value rises by 60 per cent

In the first 11 months of 2024, the total value of corporate bond issuances reached nearly VNĐ403 trillion, a 60 per cent increase year-on-year.

More News

Slower mobilization than credit may put pressure on interest rates

Slower mobilization than credit may put pressure on interest rates

VCN - According to the latest data from the State Bank of Vietnam (SBV), deposits in the banking system as of the end of September 2024 reached more than 14 million billion VND, an increase of 4.9% compared to the beginning of the year, but the rate was still slower than credit, which could put pressure on interest rates.
Fed’s foreseen rate cuts affect foreign exchange rate

Fed’s foreseen rate cuts affect foreign exchange rate

After the Fed’s move, the US dollar index (DXY) on December 19 hit nearly 108, the highest level in the past year.
Untying the knot for green finance

Untying the knot for green finance

VCN - Green finance is a crucial resource for greening businesses. Completing the policy framework for green finance is urgently needed to unlock this capital flow.
Ensuring efficiency and transparency in use and management of houses and land at State enterprises

Ensuring efficiency and transparency in use and management of houses and land at State enterprises

VCN - According to the Ministry of Finance, the issuance of Directive on strengthening management, improving the efficiency of use and handling of houses and land at State-owned enterprises to ensure the effective management, use and handling of houses and land for the right purposes, and to avoid loss and waste.
Vietnam

Vietnam's stock market to develop strongly and sustainably

VCN - This was emphasized by Minister of Finance Nguyen Van Thang at the Conference to review the work of 2024 and deploy the work of 2025 of the State Securities Commission (SSC) held on the afternoon of December 18.
Tax sector achieves revenue target of about VND1.7 million billion

Tax sector achieves revenue target of about VND1.7 million billion

VCN – Motivated by the revenue collection by the end of December 2024, the General Department of Taxation has accomplished the revenue collection.
General inventory of public assets raises efficiency of use and management of country

General inventory of public assets raises efficiency of use and management of country's resources

VCN – The implementation of the General Inventory Project by the Ministry of Finance, ministries, central and local agencies has ensured progress according to Project 213 and the plan issued by the Ministry of Finance. This is the information provided by a representative of the Department of Public Asset Management (Ministry of Finance) at the press conference on the implementation of the General Inventory Project of public assets organized by the Ministry of Finance on the afternoon of December 18.
Publicizes progress of public investment disbursement for important national projects

Publicizes progress of public investment disbursement for important national projects

VCN – Important national projects, inter-regional transport projects, riverbank and coastal erosion treatment projects all have disbursement rates lower than the estimated average disbursement rate of the whole country, the Ministry of Finance said.
Six SOEs to be transferred back to industry ministry

Six SOEs to be transferred back to industry ministry

Six State–owned enterprises (SOEs) with a total State stake of 800 trillion VND (31.5 billion USD) will be transferred back to the Ministry of Industry and Trade (MoIT) after six years under the management of the Commission for the Management of State Capital at Enterprises (CMSC).
Read More

Your care

Latest Most read
Ensuring financial capacity of bonds issuers

Ensuring financial capacity of bonds issuers

VCN - The Ministry of Finance is finalizing the draft Decree amending and supplementing Decree No. 155/2020/ND-CP detailing the implementation of a number of articles of the Securities Law. The amendment aims to continue to perfect the legal framework and
Finance ministry announces five credit rating enterprises

Finance ministry announces five credit rating enterprises

One more company has been granted the certificate of eligibility since August.
The capital market will see positive change

The capital market will see positive change

VCN - The capital market is an important component of the financial market that provides medium-and long-term capital, contributing to effectively mobilizing and allocating resources and creating an essential material foundation for the grow of national e
Corporate bond issuance value rises by 60 per cent

Corporate bond issuance value rises by 60 per cent

In the first 11 months of 2024, the total value of corporate bond issuances reached nearly VNĐ403 trillion, a 60 per cent increase year-on-year.
Slower mobilization than credit may put pressure on interest rates

Slower mobilization than credit may put pressure on interest rates

According to the latest data from the State Bank of Vietnam (SBV), deposits in the banking system as of the end of September 2024 reached more than 14 million billion VND
Mobile Version