Most consumers in Viet Nam are managing personal finances digitally

Friday, Sep 23, 2022 15:06

Benefits like speed, convenience, and transparency contribute to the shift in how Vietnamese consumers manage their personal finances. — Infographic by Mastercard

Most Vietnamese consumers have now gone digital when it comes to managing a range of personal financial matters, including paying bills, banking, opening new bank accounts, and financial planning.

According to Mastercard’s New Payments Index 2022, 89 per cent of consumers in Viet Nam have used digital tools for at least one financial task in the last year, with paying bills (85 per cent), banking (80 per cent) and starting a savings habit (73 per cent) forming the top three.

The latest data on payment habits, attitudes and preferences was published in Mastercard’s second annual New Payments Index: a global consumer survey spanning 40 markets across five regions, including seven in APAC: Australia, China, India, Japan, New Zealand, Thailand and Viet Nam.

The survey also found that Vietnamese consumers were typically more enthusiastic about using digital forms of payments than the regional average. This same enthusiasm is seen with Vietnamese consumers’ broader use of payments, with 94 per cent having used at least one digital payment method such as digital wallets, QR codes, Buy Now Pay Later (BNPL), biometrics and other forms of digital payments in the last year, compared to the APAC regional average of 88 per cent. What’s more, 78 per cent of Vietnamese consumers increased their usage of at least one digital payment method during the same period, demonstrating momentum.

“Vietnamese consumers have shown a real openness and enthusiasm for emerging payment technologies, and this is evident both in how they make purchases, as well as how they’re managing their finances. As the Vietnamese government continues its drive towards a more cashless economy, the findings of this report show that significant progress is being made here,” said Winnie Wong, Country Manager, Vietnam, Cambodia, and Laos, Mastercard.

When asked about their reasoning for using digital methods to pay bills, convenience was the top response (78 per cent), followed by the fact that it was seen as more secure/safe (60 per cent), and that it enabled consumers to avoid missed or late payments (58 per cent). Despite this, broader overarching concerns linger about security, indicating an opportunity for service providers to offer consumers additional education and reassurance.

Vietnamese consumers are also among the most enthusiastic in the region about using new payment technologies, with tappable smartphone mobile wallets being the leading digital technology (60 per cent), followed by account-to-account payments (59 per cent), and QR codes (54 per cent), according to the survey. — VNS

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