Finextra's website publishes an article highlighting the emerging trends shaping the digital payment landscape in Vietnam.
The Rise of E-Wallets: This is one of the most significant trends in Vietnam's digital payment sector. Leading e-wallet platforms such as MoMo have become increasingly popular. These e-wallets offer a range of services, from bill payments and mobile top-ups to online shopping and even ride-hailing services.
Consumers are drawn to the convenience and security of these e-wallets, which can be easily accessed through mobile apps. As a result, e-wallet transactions have surged, leading to a decline in cash transactions.
QR Code Payments Become Widespread, widely used in restaurants, retail stores, and even street vendors. QR codes have made transactions efficient and contactless, particularly in the context of the COVID-19 pandemic. Customers appreciate the speed and simplicity of transactions made by quickly scanning QR codes.
Government Initiatives: The Vietnamese government plays a crucial role in promoting digital payments. Initiatives such as the National Payment Corporation of Vietnam (NAPAS) have become standardization tools for the payment system and facilitated interaction between service providers.
These efforts aim to reduce dependence on cash and enhance financial integration. The government encourages businesses to provide cashless payment solutions to customers.
Peer-to-Peer (P2P) Transfers are popular, allowing individuals to easily transfer money to friends, family, and even businesses. P2P transfers are used for various purposes, such as splitting bills, sharing expenses, and sending remittances. Due to their convenience, these platforms have become the preferred choice for a range of financial transactions.
Cross-Border Payments have become essential, given Vietnam's growing international trade. Financial technology (Fintech) companies and traditional banks provide solutions for businesses and individuals to send and receive international payments. These services not only offer convenience but also save costs, enabling Vietnamese businesses to participate more easily in global trade.
The article concludes that Vietnam's digital payment revolution is marked by a shift from cash transactions to convenient, secure, and efficient digital payment methods.
E-wallets, QR code payments, contactless cards, and innovative fintech solutions have played a crucial role in shaping Vietnam's payment landscape.
With government support and a tech-savvy population, Vietnam is well-positioned to continue its journey towards a cashless society, opening up new opportunities for both businesses and consumers.
