Women-owned SMEs in Vietnam increase revenue by accepting digital payments

According to the survey, 62% of women-owned SMEs in Vietnam recorded increased revenue when accepting digital payments.

A recent survey of small and medium-sized enterprises (SMBs) in Vietnam conducted by Visa, the world's leading digital payments technology company, found that 62% of women-owned micro, small and medium-sized enterprises (MSMEs) (350 SMBs - mainly MSMEs and women-owned SMBs in Vietnam - were surveyed on the impact of using digital payments on their revenue, business management and social impact, from September to October 2023) confirmed increased sales after accepting digital payments.

In the context of the Asian community - where women make up more than half of the population and SMBs are becoming the lifeblood of Vietnam's economic development, women in business leadership roles, fully equipped with opportunities and potential, can contribute to an additional $89 billion in profits each year for the Asia-Pacific region.

Currently accounting for 96% of all businesses and creating jobs for 47% of the national workforce, SMBs are playing a core role in the economic development process in Vietnam. The research results also show that implementing digital payment acceptance also makes business management easier for 73% of domestic small and medium enterprises. Nearly three-quarters of businesses participating in the survey said they have accepted digital payment methods, of which 42% allow card payments. This also shows that many decisive factors are opening up the digital transformation trend in the SMBs community, including convenience in management, sales growth and high security compared to bank transfers.

Notably, two-thirds of the SMBs surveyed said they have been and are cooperating with many payment service providers. For businesses that have been and are implementing digital payment methods, the growth rate in sales of units accepting card payments reached the highest level (79%), compared to those that do not accept card payments (46%). With outstanding advantages, digital payments allow businesses to record revenue immediately and conduct daily transactions without using cash, thereby significantly improving the consumer experience.

Ms. Nguyen Minh Tram, CEO & Founder of a Beauty & Spa brand, shared: "Applying digital payment methods has created unexpected growth for our business. Personally, I appreciate the convenience, transaction speed and the ability to track payments easily. This method also enhances the payment experience for customers. With the expectation of expanding the market abroad, digital payment has really created conditions for us to promote cross-border business, thereby significantly expanding the customer base."

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