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Vietnamese people’s payment habits change after Covid

Visa’s latest survey shows an amazing change as cash gradually ceases to be an essential means of payment as digital payments boom after Covid.

Survey shows that up to 65% of Vietnamese users are limiting the use of cash when going out. Even, 32% of respondents confirmed that they would stop using cash after the pandemic.

In fact, consumers have gradually become familiar with the form of cashless payment. Specifically, nearly 76% of users currently use e-wallets while the percentage of people using bank cards is up to 82%.

Sharing, Ms. Dang Tuyet Dung, Visa Director for Vietnam and Laos, said, “The impact of the Covid-19 pandemic is inevitable, both in the short and long term. These impacts lead to a lasting change in the way consumers shop and pay. The success of digital payment merchants and businesses depends on their ability to innovate and transform to adapt to these changes.”

Online shopping took the throne and a series of e-wallets were born after the pandemic. Of these, two-thirds of Vietnamese have tried online shopping during the pandemic, and half of Vietnamese have experienced buying through a social media platform for the first time.

Notably, 9 out of 10 consumers now use home delivery services and almost all of them use them more often than in the pre-epidemic period.

Convenience has always been a top consumer criterion for digital payment methods. In parallel, the issue of public health and safety, transaction security is also an aspect that receives much attention.

The Covid-19 epidemic has had a great impact on payment habits in Vietnam when currently, up to 80% of users use cards, QR payments, and e-wallets at least once a week, about half of the respondents said know have started using the card more often.

Source: Zing