Surveys conducted in Vietnam show that 79% of consumers prefer cards and mobile apps to cash, while 43% of consumers said they have ordered food online more regularly since the epidemic outbreak.
In the context of Covid-19, consumers and businesses in Asia-Pacific have resorted to digital payments through contactless payment solutions on mobile applications. Visa's recent survey shows that the majority of Asia-Pacific consumers (55%) are likely to use contactless payments by phone, although these methods are not yet widely available in the region.
Meanwhile, Vietnam has seen an increase in the use of e-wallets and payment applications in recent years, with more than 85% of Vietnamese consumers having at least one e-wallet or payment application on their phone, and more than 42% of consumers use contactless payments with a mobile device.
With 129.5 million mobile subscribers and about half of them using 3G and 4G, Vietnam is particularly well-adapted to the use of contactless mobile payments, and is already far ahead of many developed economies when it comes to mobile payments.
"The country's high rate of mobile phone usage shows that consumers are ready for digital payment methods on their phones. 84% of Vietnamese consumers feel safe when making mobile payments, which indicates the potential of mobile payments in enhancing national user confidence in digital payments in general” said Dang Tuyet Dung, Country Director of Visa in Vietnam and Laos.
For consumers in the Asia-Pacific region, user friendly is arguably the top reason for them to use contactless payments by phone (52%). Following is the fact that this method helps users save time (51%) and reduce dependence on cash (50%).
43% of respondents say security is what drives them to use contactless mobile payments. Visa believes that payments companies need to work closely to help consumers understand security features. Leaking of personal or financial information is considered the primary concern in using contactless payments.
In addition, Visa's survey also pointed out places where consumers are likely to use contactless payments by phone. Accordingly, 59% of consuSurveys conducted in Vietnam show that 79% of consumers prefer cards and mobile apps to cash, while 43% of consumers said they have ordered food online more regularly since the epidemic outbreak.
More than half of people surveyed (56%) said that they want to pay right at their tables when dining at restaurants. Food courts, street stalls and eateries were the third most popular place with 52% of respondents.
Similar surveys conducted in Vietnam show that 79% of consumers prefer to pay with cards and mobile apps instead of cash, while 43% of consumers said they have ordered food online more often.
Ms. Dung added: “For small and super small businesses, contactless payment by phone is a safe and economical way. This is particularly necessary when social distancing during Covid-19 outbreak makes limiting exposure a priority".
With 71% of users using e-wallets or payment apps at least once a week, consumer demand for modern payment methods and technologies is creating new opportunities for business, and strengthening contactless mobile payments is one of the solutions that will boost Vietnam's digital payment market.