Vietnam leads the way in digital payment transformation in Southeast Asia

A recent study conducted by Visa on consumer payment attitudes in 2023 reveals that Vietnam is at the forefront of the digital payment transformation in Southeast Asia, primarily through two main methods: e-wallets and QR payments.

According to market research firm Statista, Vietnam's e-commerce market is rapidly expanding. This growth is in line with the quick advancements across various digital fronts, including digital payments.

Instead of cash, mobile wallets, cards, and QR codes have become the preferred payment methods for many in Vietnam today. In 2023, the estimated value of digital payment transactions in Vietnam reached nearly $24 billion, making it the fourth highest in Southeast Asia, surpassing Singapore and Malaysia.

The Visa study on Vietnamese consumer payment attitudes, released on March 19, 2023, highlights three noteworthy trends in the country's shift towards cashless payments.

1. Firstly, e-wallets are reigning supreme.?

Vietnam is among the top countries in Southeast Asia in terms of the adoption of e-wallets as a favored payment method, significantly contributing to the growth of digital finance. The study shows that 62% of respondents use QR codes for transactions, 58% utilize online wallets, and on average, more than 16 transactions per month involve QR scanning.

2. Secondly, the trend towards real-time payments (RTP) is on the rise, showcasing both efficiency and convenience, and positively influencing the digitalization of the economy.

In Vietnam, RTP is becoming increasingly popular, with at least two out of five consumers reporting having used this solution. The most common RTP transactions include real-time cross-border payments; payments and transfers to family members, friends, and payments to merchants and retailers.

3. Thirdly, the Buy Now Pay Later (BNPL) scheme is becoming more widely accepted and attracting the interest of many Vietnamese users, thanks to its flexible payment options.

Ms. ??ng Tuy?t Dung, Country Manager for Visa in Vietnam and Laos, shares that Vietnam leads Southeast Asia in the number of new BNPL users. This surge is driven by four main factors: user-friendly applications, free discount codes, reward programs, and the ability to easily track payments. These incentives are significantly boosting the use of BNPL services.

The most popular items among Vietnamese consumers using the BNPL method include electronics, home appliances, fashion and accessories, health and beauty products, and home and living goods.

For more information, visit: https://9pay.vn/en/aio-payment