More Vietnamese use digital banking for small ticket spending: survey

By Vien Thong   August 26, 2021 | 05:28 pm PT
More Vietnamese use digital banking for small ticket spending: survey
A customer making online payment via QR code. Photo by VnExpress/Quynh Trang
Around 77 percent of Vietnamese consumers know about digital banking services and nearly a third use them, a Visa study has found.

The consumers like the convenience of being able to carry out transactions at any time without having to go to a bank, with the highest number of people using them to pay bills (72 percent) and transfer money to family and friends (67 percent), according to the survey conducted among 1,000 people in August and September 2020.

According to Dang Tuyet Dung, country manager for Visa Vietnam and Laos, the study has shown that Vietnamese consumers are increasingly willing to trust new payment services provided by prestigious firms.

"Besides the safety and security these payment methods provide, they are also highly appreciated for the increased control and oversight over personal finance."

More and more people are interested in new payment methods, with 83 percent saying they were aware of biometric systems such as fingerprint and retina scan and voice and facial recognition.

Sixty two percent were aware of numberless cards, with 77 percent saying they would use them in future.

Dung said: "The Covid-19 pandemic has strongly pushed the shift toward cashless payments for small ticket spending."

Generation Z consumers show remarkable trust in and excitement about new payment services and consumption channels like social commerce, she said.

They are the driving force behind social commerce, with 85 percent knowing about it, and 68 percent using social media to view at least three reviews of products before making a first-time purchase.

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