30th December 2024, Kathmandu
Visa, the global leader in digital payments, reveals a surge in contactless payments across the Asia-Pacific (AP) region, with Vietnam leading the charge based on a recent survey commissioned by Visa done by YouGov.
Vietnam Surge in Contactless Payments
VisaNet data analyzed by 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 a 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 rising demand for SMBs to offer these seamless payment options.
Visa collaborates 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 convenience, wider acceptance, reliability, and security.
VisaNet data, and all other data unless otherwise stated is from the AP Consumer Payment Preferences Survey commissioned by Visa done by YouGov – The total sample size was 16,308 respondents (14 markets in total) and fieldwork was undertaken between 30th August – and 6th September 2024 with 1,038 respondents in Vietnam.
The Visa AP Mobile Research was conducted online with 9,000 consumers across 5 Asia Pacific countries including Australia, India, Singapore, Vietnam (1,500 respondents), and Japan, aged 18-60 years (IN, SG, VN) / 18-70 years (AU, JP), in Nov 2024.
About Visa
Visa 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 payment 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.
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