Vietnam leads surge in contactless payments across Asia-Pacific: Visa

By Thai Ha
Tue, December 31, 2024 | 12:04 pm GMT+7

The Asia-Pacific region has recorded a surge in contactless payments, with Vietnam leading the charge, according to a recent survey that YouGov, an international data and analytics company, did for Visa.

The survey was done from August 30 to September 6, with 16,308 respondents from 14 markets, of whom 1,038 were people in Vietnam.

A Visa debit card. Photo courtesy of the company.

A Visa debit card. Photo courtesy of the company.

Data analyzed by Visa's consultants and analysts shows a significant shift in payment behavior, with nearly one in five transactions processed on the Visa network being contactless in September 2024.

In Asia-Pacific, in-app mobile wallets (69%) and tap-to-pay (68%) are the preferred payment methods. In Vietnam, mobile wallets are the favored payment method by 80% of consumers surveyed, while 68% utilize tap-to-pay.

Up to 39% of Vietnamese consumers trust smartphones for high-value transactions, demonstrating their confidence in mobile payment security and comfort with mobile-first solutions.

Contactless payments have become universal in Vietnam, with over 75% of face-to-face transactions on Visa cards being contactless by the end of November 2024.

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 rising demand from small and medium-sized businesses (SMBs) to offer these seamless payment options, according to Visa.

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 SMBs in their digital transformation journey.

Dung Dang, Visa country manager for Vietnam and Laos, said: "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."

While contactless payments offer unparalleled 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 regional digital economy experienced an uplift of more than $2 billion with the implementation of the Visa Token Service (VTS).

This underscores the importance of promoting secure, contactless payment solutions throughout the region, Visa noted in a release on Monday.

Additionally, by collaborating with QR payment providers in Asia Pacific, Visa facilitates seamless cross-border transactions, opening new opportunities for Vietnamese businesses in international commerce, it said.

"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 (POS) for their convenience, wider acceptance, reliability, and security," it added.

A report from the State Bank of Vietnam (SBV) released at its recent conference to review 2024 and deploy tasks for 2025, shows that in the first 10 months of 2024, non-cash payment transactions increased by 57.54% in quantity and 34.54% in value compaed to the same period in 2023.

Comments (0)
  • Read More
Vingroup to develop 4,600ha coastal urban project in northern Vietnam

Vingroup to develop 4,600ha coastal urban project in northern Vietnam

A consortium of Vingroup (HoSE: VIC) and its real estate arm Vinhomes (HoSE: VHM) will develop a 4,600-hectare coastal urban complex in Ha An ward, Quang Ninh province, following local authorities’ approval of a zoning plan.

Real Estate - Fri, October 17, 2025 | 8:30 am GMT+7

Indonesia resumes int’l carbon trading after 4-year hiatus

Indonesia resumes int’l carbon trading after 4-year hiatus

Indonesian President Prabowo Subianto has issued a new decree to restart international carbon emissions trading after a four-year hiatus.

Southeast Asia - Thu, October 16, 2025 | 9:23 pm GMT+7

Investors seek 2-year delay for $2.56 bln LNG power project in northern Vietnam, citing equipment hurdles

Investors seek 2-year delay for $2.56 bln LNG power project in northern Vietnam, citing equipment hurdles

Investors of a $2.56 billion LNG-fired power plant in Hung Yen province have proposed delaying the project’s commercial operation schedule by two years due to difficulties securing key equipment.

Energy - Thu, October 16, 2025 | 9:04 pm GMT+7

Vietnam to soon raise taxpayers' personal deduction: official

Vietnam to soon raise taxpayers' personal deduction: official

The personal income tax deduction in Vietnam is "very likely" to increase to VND21.7 million ($823,940) per month, including VND15.5 million (588,530) for the taxpayer and VND6.2 million ($235,410) for each dependent.

Finance - Thu, October 16, 2025 | 6:25 pm GMT+7

Business confidence climbs as reforms gain traction amid global headwinds: EuroCham Vietnam

Business confidence climbs as reforms gain traction amid global headwinds: EuroCham Vietnam

The index climbed to 66.5, surpassing pre-tariffs level and reaching its highest in three years – showcasing resilience and adaptability amid global headwinds and evolving U.S. tariff pressures.

Economy - Thu, October 16, 2025 | 4:36 pm GMT+7

Vietnam's stock market watchdog suspends two Grant Thornton auditors

Vietnam's stock market watchdog suspends two Grant Thornton auditors

Vietnam's State Securities Commission (SSC) has suspended two auditors from Grant Thornton Vietnam after determining that the 2024 audited financial statements of Saigon Water Infrastructure Corporation (HoSE: SII) failed to meet required standards.

Finance - Thu, October 16, 2025 | 3:35 pm GMT+7

Law No. 56 a major policy breakthrough for Vietnam's stock market development

Law No. 56 a major policy breakthrough for Vietnam's stock market development

The Law No. 56, effective January 1, 2025, is one of the major legal breakthroughs in recent years that will enhance the transparency and operational efficiency of the Vietnamese stock market.

Finance - Thu, October 16, 2025 | 2:30 pm GMT+7

WHA Group breaks ground on smart technology industrial zone in central Vietnam

WHA Group breaks ground on smart technology industrial zone in central Vietnam

Thailand's WHA Group on Tuesday broke ground on a world-class, modern, and environmentally friendly industrial zone in central Vietnam, namely the WHA Smart Technology Industrial Zone-Thanh Hoa.

Real Estate - Thu, October 16, 2025 | 2:00 pm GMT+7

Vietnam a key partner in Murphy Oil’s global strategy: exec

Vietnam a key partner in Murphy Oil’s global strategy: exec

Vietnam remains a key partner in Murphy Oil’s global business strategy, said Eric Hambly, the U.S. corporation's president and CEO.

Companies - Thu, October 16, 2025 | 12:06 pm GMT+7

VNPT, Qualcomm debut Vietnam’s 1st original design-based excellence center

VNPT, Qualcomm debut Vietnam’s 1st original design-based excellence center

State-owned Vietnam Posts and Telecommunications Group (VNPT) and Qualcomm have officially launched the VNPT-Qualcomm Excellence Center (VQEC), the first facility in the country to operate under an original design co-development model using Qualcomm’s core technologies.

Companies - Thu, October 16, 2025 | 8:41 am GMT+7

Indonesia enjoys steady growth in nine months

Indonesia enjoys steady growth in nine months

Indonesia's Ministry of Finance on Tuesday announced the country’s 2025 budget performance as of September, reporting that Southeast Asia’s largest economy continued to post steady growth despite global economic uncertainties.

Southeast Asia - Wed, October 15, 2025 | 9:53 pm GMT+7

Malaysia on progressive path towards AI nation status: experts

Malaysia on progressive path towards AI nation status: experts

Malaysia is on a progressive track towards becoming an Artificial Intelligence (AI) nation by 2030, a goal seen as achievable under Budget 2026 - the Malaysian Government’s fiscal and policy framework for 2026.

Southeast Asia - Wed, October 15, 2025 | 9:44 pm GMT+7

Thailand steps up development of semiconductor industry

Thailand steps up development of semiconductor industry

Thailand’s Board of Investment (BOI) plans to propose a new national semiconductor and advanced electronics policy board to the government, which will spearhead Thailand’s semiconductor development strategy.

Southeast Asia - Wed, October 15, 2025 | 9:40 pm GMT+7

ASEAN sets ambitious energy targets

ASEAN sets ambitious energy targets

Senior energy officials from ASEAN member nations and Timor-Leste on Tuesday convened in Kuala Lumpur, Malaysia, to finalize key outcomes and policy recommendations to be submitted to the 43rd ASEAN Ministers on Energy Meeting (AMEM).

Southeast Asia - Wed, October 15, 2025 | 9:33 pm GMT+7

Sun Group gets nod for $375 mln inland waterway tourism project in central Vietnam

Sun Group gets nod for $375 mln inland waterway tourism project in central Vietnam

A subsidiary of Sun Group, one of Vietnam’s leading real estate developers, has received approval to invest VND9.88 trillion ($375 million) in an inland waterway tourism project in the central coastal city of Danang.

Industries - Wed, October 15, 2025 | 5:21 pm GMT+7

Vietnamese luxury car dealer Haxaco’s business slumps, stock nears two-year low

Vietnamese luxury car dealer Haxaco’s business slumps, stock nears two-year low

The operations of Hang Xanh Automobile Service JSC or Haxaco (HoSE: HAX), known as the largest distributor of Mercedes-Benz vehicles in Vietnam, are under pressure as consumers tighten spending and competition among car brands intensifies.

Companies - Wed, October 15, 2025 | 5:13 pm GMT+7