More Vietnamese consumers are preferring cashless and contactless payments to make the process faster, according to Visa.

The number of contactless transactions has been growing at 44 per cent per month since July last year. The total value of purchases made using Visa contactless cards increased by 43 per cent a month in the same period.

Sean Preston, Visa’s country manager for Viet Nam, Cambodia and Laos, said: “Vietnamese consumers, retailers and financial institutions are embracing the concept of going cashless. We’re seeing very positive growth in the usage of Visa contactless payments as more consumers understand the benefits of speed, security and convenience that contactless payments can bring to their everyday purchases.”

According to the Visa Consumer Payment Attitudes Report, which polled 4,000 consumers in Indonesia, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Viet Nam in July 2017, more than half of consumers in Viet Nam were aware of contactless payments.

Around 30 per cent have used contactless payments and two thirds are interested in trying it.

Fashion and beauty products are the main items purchased using contactless payments.

Contactless technology is shifting the in-store payment landscape, opening up space for consumer-centric innovation. Contactless payment provides a safer and more convenient purchasing experience for customers and a more effective solution for issuers’ sales and customer satisfaction, and improves checkout productivity for merchants. — VNS