More Vietnamese are highly aware of digital trends. — Photo courtesy Visa Vietnam

Vietnamese consumers are highly aware of digital trends and are actively embracing those that are readily available, reported the Visa’s latest Consumer Payment Attitudes Study.

According to the study, 90 per cent of Vietnamese consumers are interested in virtual banking, signaling a widespread desire for alternatives to traditional in-person banking.

At least seven in 10 consumers in the country are aware of the concept of open banking, the study reported.

Open banking allows consumers and businesses to enable third-party apps to access financial data instantly and securely.

Additionally, the Gen X and Gen Z segments have the highest awareness of open banking, and are most willing to share their contact information and personal details.

“It is clear that Vietnamese consumers will continue to embrace digital retail methods and trends moving forward for their convenience and novelty,” said Dung Đặng, Visa country manager of Vietnam and Laos.

Beyond digital banking, digital retailing has seen particularly strong growth continue post-pandemic, the study said.

This makes it clear that trends in this sector will remain popular among Vietnamese consumers moving forward.

Such trends include augmented reality (AR), which allows for virtual shopping so consumers can try on, personalise, or visualise products through the camera on their phone.

The study found that four out of five Vietnamese are aware of the concept of using AR for retail shopping, and three in 10 have used it.

The Gen Z and Gen X segments have the highest AR usage rates. While AR use isn’t widespread yet, consumers see it as an increasingly important feature, especially when deciding whether to buy a big-ticket product.

Another digital retail trend in its early stages is smart checkout, which lets consumers scan items as they select them, creating a digital basket for payment without needing to scan goods at the end of a shopping trip.

Nearly half of Vietnamese consumers have tried smart checkout, mostly from the Gen Z segment.

The study informed that there is high interest in trying smart checkout from most segments, and key motivators include speed and convenience, the novelty of this method, and help with budgeting since consumers can see their total bill before checkout.

The study also found that Vietnamese consumers expect nearly eight out of 10 future orders to be delivered at home.

There is also strong interest among Vietnamese consumers in several key digital trends that are expected to grow in popularity in the future.

For example, roughly 70 per cent of Vietnamese consumers who participated in the study are interested in emerging digital trends such as cryptocurrency, non-fungible tokens (NFTs) and the Metaverse.

Among consumers who have purchased an NFT, music, videos, and paintings are the three most popular types.

Finally, seven in 10 Vietnamese consumers are interested in knowing more about the Metaverse or how to experience it. — VNS