Visa, a digital payment company, reveals a surge in contactless payments across the Asia-Pacific (AP) region, with Vietnam leading the charge based on a recent survey commissioned by Visa and done by YouGov.
VisaNet data analyzed by the Visa Consulting & Analytics (VCA) shows a significant shift in payment behavior, with nearly one in five transactions processed on the Visa network being contactless in September 2024.
Survey results reveal that in the AP region, in-app mobile wallets (69 percent) and tap-to-pay (68 percent) are the preferred payment methods. In Vietnam, mobile wallets are favored payment method by 80 percent of consumers surveyed, while 68 percent utilize tap-to-pay.
About 39 percent of Vietnamese consumers trust smartphones for high-value transactions, demonstrating their confidence in mobile payment security and comfort with mobile-first solutions.
It said that at the end of November 2024, contactless payments have become universal in Vietnam, with over 75 percent of face-to-face transactions on Visa cards being contactless.
The introduction of mobile wallets such as Apple Pay , Garmin Pay , Google Pay and Samsung Pay has significantly driven this trend, reflecting growing consumer confidence and a rising demand for SMBs to offer these seamless payment options.
Visa said is actively collaborating with banks and merchants to develop a comprehensive contactless ecosystem through the “ Small Business, Big Future “ initiative and an online toolkit supporting SMBs in their digital transformation journey.
“We envision a future where digital payments are seamless, secure, and accessible to all Vietnamese businesses. By collaborating with partners across the payment ecosystem, we strive to help SMBs unlock new opportunities for growth and efficiency, ultimately contributing to Vietnam’s economic progress,” said Dung Dang, Visa country manager for Vietnam and Laos.
