Card payment company Visa reports a surge in contactless payments across the Asia Pacific region, with Vietnam leading the charge.
The finding is based on a recent Visa-commissioned survey. An analysis of the results shows a significant shift in payment behaviour, with nearly one in five transactions processed on the Visa network being contactless in September 2024.
Survey results reveal that in the Asia Pacific region, in-app mobile wallets (69%) and tap-to-pay (68%) are the preferred payment methods. In Vietnam, mobile wallets are favoured payment method by 80% of surveyed consumers, while 68% utilize tap-to-pay.
Additionally, 39% of Vietnamese consumers trust smartphones for high-value transactions, demonstrating their confidence in mobile payment security and comfort with mobile-first solutions.
At the end of November 2024, contactless payments have become universal in Vietnam, with over 75% 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 small and medium businesses to offer these seamless payment options.
Visa 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 small and medium businesses in their digital transformation journey.
“We envision a future where digital payments are seamless, secure, and accessible to all Vietnamese businesses,” said Visa Country Manager Dung Dang. “By collaborating with partners across the payment ecosystem, we strive to help small and medium businesses unlock new opportunities for growth and efficiency, ultimately contributing to Vietnam’s economic progress.”
While contactless payments offer convenience, transaction security is crucial for establishing consumer trust and promoting widespread adoption. With 51% of respondents across Asia Pacific expressing confidence in tapping their card as a secure payment method, the Asia Pacific digital economy experienced an uplift of more than USD2 billion with the implementation of the Visa Token Service. This underscores the importance of promoting secure, contactless payment solutions throughout the region.
Additionally, by collaborating with QR payment providers in Asia Pacific, Visa facilitates easy cross-border transactions, opening new opportunities for Vietnamese businesses in international commerce. This is further reinforced by the growing preference for QR code payments in Vietnam, with 98% of mobile payment users scanning QR codes at point-of-sale for their convenience, wider acceptance, reliability, and security.
The Visa AP Mobile Research was conducted online with 9,000 consumers across 5 Asia Pacific countries, including Australia, India, Singapore, Vietnam (1,500 respondents), and Japan, aged 18-60 years.
