Vietnam becomes a country that favors cashless payments

Cashless payments are becoming increasingly popular in Vietnam, contributing to the future of the digital economy, bringing positive impacts to consumers and businesses.

Users learn about payment services at Visa's experience booth during the Cashless Festival 2024 - Photo: PHUONG QUYEN

Visa's 2023 Consumer Payment Attitudes Study shows that cashless payments, especially e-wallet transactions, are on the rise at the point of sale.

Notably, 79% of food and beverage (F&B) businesses and 74% of retail stores and convenience stores have accepted cashless payments. As for small and medium-sized enterprises (SMBs), Visa's research also shows that more than 40% of Vietnamese SMBs have accepted card payments, affirming the key role of digital payments in business operations. The growing trend of digital payment methods helps optimize and secure consumer transactions. In order to promote digital payment acceptance in Vietnam, the world's leading payment technology company has also partnered with leading Vietnamese e-wallets such as MoMo, VNPAY and ZaloPay to enhance the easy QR payment experience for cardholders.

At the same time, Visa also introduced Apple Pay to Vietnam through cooperation with major domestic issuers, providing a seamless and secure payment method. Over the past 10 months, Visa has expanded marketing activities at points of sale and retail chains across Hanoi and Ho Chi Minh City, thereby increasing the recognition and acceptance rate of Visa cards on Apple Pay. Ms. Dang Tuyet Dung, Director of Visa Vietnam and Laos, commented: "Digital payments are shaping the future of the Vietnamese economy, bringing positive impacts to consumers and businesses". In the 6th "Cashless Day" event series recently organized by the State Bank of Vietnam and Tuoi Tre newspaper, Visa continued to support and accompany the goal of developing a digital payment ecosystem in Vietnam. “Visa is delighted to continue to support the Cashless Day 2024 program to promote cashless transactions across the country. Through this, Visa once again affirms its commitment and efforts to ensure that all stakeholders in Vietnam's payment ecosystem, including consumers, merchants and payment service providers, enjoy the benefits of digital payments,” Ms. Dung shared.

Visa launches many promotions to celebrate Cashless Day

Actively responding to this year's "Cashless Day", Visa is increasing its support for consumers and businesses with many attractive promotions to stimulate cashless payments on Gojek, Klook, Lazada, UrBox, etc. One of the highlights of the promotion program is the commitment to a long-term strategic partnership between Visa and Starbucks to encourage cashless payments at Starbucks stores and support the transition to cashless Starbucks stores, increasing the number of these stores to nearly 15% of the total number of stores this year. Other incentives include 50% off the total bill at high-end restaurants, free set menus at MICHELIN-starred restaurants and half-price room rates for 2 weekend nights at 5-star hotels. Notably, on June 27, to honor the achievements of the culinary community, Visa will cooperate with MICHELIN in the announcement ceremony of the MICHELIN Guide Hanoi, Ho Chi Minh City, Da Nang in 2024. The event will be held at the InterContinental Saigon Hotel in Ho Chi Minh City, promising to bring many interesting experiences to attendees.

In order to enhance security, ensure safety but more convenient for users to make cashless payments, Visa said it will deploy a number of new products and services by the end of 2024.

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Source : https://tuoitre.vn/viet-nam-tro-thanh-quoc-gia-chuong-thanh-toan-khong-tien-mat-20240617103044534.htm