Vietnam Leads Surge in Contactless Payments Across Asia-Pacific: Visa survey data
- Written by: Telegraph Magazine
VisaNet data analyzed by the Visa Consulting & Analytics (VCA) shows a significant shift in payment behavior, with nearly one in five transactions processed on the Visa network being contactless in September 2024.
Survey results reveal that in the AP region, in-app mobile wallets (69%) and tap-to-pay (68%) are the preferred payment methods. In Vietnam, mobile wallets are favored payment method by 80% of consumers surveyed, while 68% utilize tap-to-pay. Additionally, 39% of Vietnamese consumers trust smartphones for high-value transactions, demonstrating their confidence in mobile payment security and comfort with mobile-first solutions.
At the end of November 2024, contactless payments have become universal in Vietnam, with over 75%1 of face-to-face transactions on Visa cards being contactless. The introduction of mobile wallets such as Apple Pay, Garmin Pay, Google Pay, and Samsung Pay has significantly driven this trend, reflecting growing consumer confidence and a rising demand for SMBs to offer these seamless payment options. Visa is actively collaborating with banks and merchants to develop a comprehensive contactless ecosystem through the "Small Business, Big Future" initiative and an online toolkit supporting SMBs in their digital transformation journey.
Ms. Dung Dang, Visa Country Manager for Vietnam and Laos, said: "We envision a future where digital payments are seamless, secure, and accessible to all Vietnamese businesses. By collaborating with partners across the payment ecosystem, we strive to help SMBs unlock new opportunities for growth and efficiency, ultimately contributing to Vietnam's economic progress."
While contactless payments offer unparalleled convenience, transaction security is crucial for establishing consumer trust and promoting widespread adoption. With 51% of respondents across AP expressing confidence in tapping their card as a secure payment method, the AP digital economy experienced an uplift of more than USD 2 billion with the implementation of the Visa Token Service (VTS). This underscores the importance of promoting secure, contactless payment solutions throughout the region.
Additionally, by collaborating with QR payment providers in Asia Pacific, Visa facilitates seamless cross-border transactions, opening new opportunities for Vietnamese businesses in international commerce. This is further reinforced by the growing preference for QR code payments in Vietnam, with 98% of mobile payment users scanning QR codes at point-of-sale (POS) for their convenience, wider acceptance, reliability, and security[2].
https://www.visa.com.vn/en_VN/about-visa/newsroom.html
https://www.linkedin.com/company/visa
https://www.facebook.com/visavn
The issuer is solely responsible for the content of this announcement.
About Visa
Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.com.
