|Truong Minh Ha, head of client relationship management at Visa Vietnam and Laos
In addition, figures released by the network show strong growth in ecommerce spending, with transactions increasing by 44%.
Truong Minh Ha, head of client relationship management at Visa Vietnam and Laos, shared the information at a digital payments seminar in HCMC on September 19.
According to the company, Vietnam is going through a period of strong economic change, with the country’s businesses and citizens becoming more involved in the global economy. Electronic payments will play a major role in facilitating this evolution, by allowing businesses to receive funds from cardholders from all over the world and enabling consumers to shop online, access their funds while traveling and manage their money in more convenient, secure ways.
The last 12 months have seen VISA undertaking a range of initiatives to help expand the use of electronic payments in Vietnam, including launching contactless payments, which allow cardholders to simply tap their VISA card against a terminal to make purchases. One year after the contactless technology was first launched in July 2017, VISA has teamed up with four issuers to offer contactless payments to more cardholders.
As Vietnam’s middle class continues to expand and more households gain discretionary funds for spending, VISA expects to see greater spending on leisure and luxuries. With contactless payments, consumers will be able to pay for purchases more efficiently than ever, allowing them to spend more time enjoying the things that really matter, according to the company.
The launch of contactless payments forms part of the company’s strategy to make paying by card a more seamless part of day-to-day life, whether it is used for big ticket items such as new furniture or vehicles or for everyday items such as fuel or groceries. VISA aims to continue driving growth in electronic payments in Vietnam with other new, innovative technologies that make life easier for Vietnamese consumers.