Vietnam leads digital payments in the Asia-Pacific region

Vietnam is leading the digital finance trend in the region. *Photo by Nguyen Ngan*

According to a recently released Mastercard report, 70% of Vietnamese consumers prefer new digital payment methods such as biometrics, QR codes and mobile wallets.

94% have used at least one new digital payment solution in the past year, 7% higher than the global average. 74% have used additional digital payment methods in the past year, compared to 51% globally. 98% are likely to continue using these methods in the coming year, compared to 95% globally. 93% expect to use five or more payment methods, compared to 86% globally.

This trend also extends to financial management, as 93% of Vietnamese consumers want to apply AI to financial management, especially in the areas of fraud detection (82%), payment automation (81%), product personalization (79%) and financial outcome prediction (77%).

Vietnamese consumers are familiar with digital payments. *Photo: NN*

According to Mastercard, consumers are increasingly tech-savvy, looking for super-convenient ways to manage their money that fit their digital habits. They want to flexibly customize their payment methods, taking advantage of methods associated with the digital environment such as peer-to-peer payments, peer-to-merchant payments, QR codes, smart devices and social commerce sites.

81% of Vietnamese consumers already want to use an integrated app to manage all payments, purchases, and more. 39% of Asia- Pacific consumers have made purchases via chat or social media apps.

In Vietnam, more than three-quarters of consumers (77%) expressed interest in finding products from social media and celebrities they follow. 88% of Vietnamese consumers believe biometric payments are more secure than traditional methods, but 77% are concerned about access to personal data.

Also according to Mastercard, the report was surveyed from September 4 to 20, 2024. Opinions were collected from 19,302 global consumers, including 9,131 people in Asia - Pacific (including Vietnam).

Source: https://hanoimoi.vn/viet-nam-dan-dau-thanh-toan-so-khu-vuc-chau-a-thai-binh-duong-719187.html