Digital payments are growing in popularity among consumers in Vietnam, with wider use of online cards, mobile wallets, and QR payments last year compared to 2021, a Visa study has found.
With 53 million digital consumers and seven out of ten consumers having digital access, Vietnam is among the fastest-growing market in Southeast Asia. The total value of e-commerce purchases is expected to reach $56 billion by 2026, an increase of 4.5-fold compared to 2021. The e-commerce sector grew 53 per cent last year.
VNPAY and Visa announced on February 23 the signing of a strategic cooperation agreement that will accelerate the process of digital transformation and cashless payments in Vietnam. VNPAY currently has a network of 200,000 payment acceptance points nationwide. In particular, VNPAY-QR solutions have been applied at 33 banks and in eight e-wallets, with more than 25 million users.
