Visa contactless payments increase 44 percent per month in Vietnam

Fashion and beauty products were the main product categories purchased using this form of payment, Visa said.

A recent Visa study highlighted the remarkable growth of contactless payments in the Vietnamese market, saying local consumers were tending to limit cash payments and choosing alternative forms for convenience and time-saving.

The Visa Consumer Payment Attitudes Report indicated that more than half of local consumers understood contactless payment. Of these, 30 percent used it and two-thirds were willing to try it.

Sean Preston, Visa country manager for Vietnam, Cambodia and Laos, said that Vietnamese consumers, retailers and financial institutions have acknowledged the trend of non-cash payments.

Visa sees positive signals in the development of Visa contactless payments while many consumers notice the benefits, security, and convenience contactless payments can bring, he added.

Visa has teamed up with three commercial banks in Vietnam, allowing local users to make contactless payments for services in restaurants, supermarkets, and retail stores like KFC, Saigon Coop, BigC and Nguyen Kim.

Making it easier for consumers to shop also helps increase sales, the report said.

Contactless payment systems are credit cards and debit cards, key fobs, smart cards or other devices including smartphones and other mobile devices.