The report about consumers’ payment behavior showed a tendency to shift to electronic payments instead of cash, though cash payments remain more popular.

The survey conducted by Visa shows that 56 percent of polled consumers bring less money with them when going out than they did previously. The new habit shows consumers’ behavior toward using modern payment methods.

Young consumers (Gen X and Gen Y) are the pioneers in using cashless payments. At least 89 percent of polled people use digital payment methods in daily life.

The average time that consumers did not use cash was 11 days in 2023, higher than the three days in 2022.

Vietnam is leading the trend of shifting to non-cash payments in Southeast Asia, with 88 percent of surveyed consumers saying they do not use cash.

The use of non-cash payment methods, especially QR codes and e-wallets, has been growing rapidly, which can be seen especially in food and eateries, and retail and convenience stores.

Offline shopping has also witnessed changes as many retailers now use AI technology to offer new shopping experiences, which increases revenue. 

Reports show that the leading digital payment method with QR Codes, which account for 62 percent (16.2 transactions a month), while e-wallet accounts for 58 percent (15.5 transactions a month).

Payments with e-wallets are on the rise as Vietnam ranks among the top Southeast Asian markets receiving large numbers of new users as a favorite payment method. 

The report also shows that at least four out of every five Vietnamese consumers use e-wallets regularly.

A report released by Decision Lab and Mobile Marketing Association Vietnam (MMA) in mid-2023 showed that MoMo was leading the market in terms of popularity with a penetration rate of 68 percent. 

The report showed detailed information about consumers’ online habits, including the use of social networks, entertainment (music, movies and online videos), and online shopping.

MoMo, with more than 2,000 workers, is pursuing the ‘super app’ trend. With tens of millions of users, MoMo is one of a few Vietnamese unicorn startups (startups with value of $1 billion or higher).

The second position in market penetration rate is ZaloPay (53 percent), while the third position is a Vietnamese fintech – Viettel Pay (27 percent). The next three positions are ShopeePay (Airpay) (25 percent), VNpay (16 percent) and Moca (7 percent).

Le My