E-payment continues to go mainstream in globalizing Vietnam
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Electronic payments are becoming more and more common in Vietnam, according to Visa.
Its data for the 12-month period until June 30 this year shows that the number of transactions on the Visa network increased by 45 percent from the previous year, the company said in a statement.
E-payment is rising thanks to strong e-commerce spending. Between September 1 last year and August 30 this year, e-commerce spending rose 44 percent in terms of transactions, it said.
The country is going through a period of “incredible economic change” and becoming more involved in the global economy, Sean Preston, Visa’s country manager for Vietnam and Laos said in the statement. “Electronic payments would play in a major part in this evolution.”
E-payments in Vietnam grew 22 percent in 2017 from the previous year to $6.14 billion, as quoted data from Statista, a local market research firm, as saying. The figure is projected to double to $12.33 billion in 2022.
According to economists, the potential for the e-payment sector is huge due to the expanding middle class and improved communications infrastructure.
More than half of Vietnam’s population of nearly 92 million people are online.
Questions & Answers
Q.What is the recent growth rate for electronic payment transactions on Visa's network in Vietnam?
What is the recent growth rate for electronic payment transactions on Visa's network in Vietnam?
Visa's data for the 12 months up to June 30 this year indicates a 45 percent increase in the number of transactions on its network compared to the previous year. This growth highlights the increasing adoption of e-payments in the region.
Q.What factors are contributing to the significant potential for e-payments in Vietnam?
What factors are contributing to the significant potential for e-payments in Vietnam?
Economists attribute the substantial potential to an expanding middle class and improvements in communications infrastructure. Also, over half of Vietnam's population of nearly 92 million people are now online, supporting this growth.
Q.What was the total value of e-payments in Vietnam for 2017 and what is its projected value for 2022?
What was the total value of e-payments in Vietnam for 2017 and what is its projected value for 2022?
E-payments in Vietnam reached $6.14 billion in 2017, growing 22 percent from the year before. This figure is projected to double to $12.33 billion by 2022, according to data from Statista.
Q.How has e-commerce spending in Vietnam increased over the last year?
How has e-commerce spending in Vietnam increased over the last year?
E-commerce spending experienced a 44 percent rise in terms of transactions between September 1 last year and August 30 this year. This strong growth is a key driver for the overall increase in e-payment usage.