HCMC - A recent study released by Visa on Vietnamese consumers’ attitude toward payment methods revealed that 79% of cardholders said they want to boost the use of electronic payments and reduce reliance on cash payments.
Sean Preston, Visa country manager for Vietnam, Laos and Cambodia, shared the survey findings as well as security for online payments at a meeting with reporters in HCMC on September 21.
The survey was conducted with 3,000 consumers in the Southeast Asian markets of Singapore, Malaysia, Thailand, Indonesia, the Philippines and Vietnam. 500 Vietnamese people took part in the survey with each having at least one type of card for payment.
According to the survey, more than half of respondents have made more payments by card than five years ago and 90% of them frequently do online purchases. Seven out of 10 people said they shop online at least once a month.
Preston said payment methods are changing and new initiatives continue to be launched to improve payment experiences for consumers as well as ensure security and safety of payments as they are key to the development of e-commerce services.
The research showed that payment risks in Vietnam are lower than in the world’s average. Specifically, the rate of card fraud recorded by the Visa payment system in Vietnam is less than 0.06%. Fraud cases in 2016 have fallen by two-thirds compared with a decade ago though transactions have jumped over 50 times.
However, when Vietnam expands electronic payments across the nation, the State and payment service providers should join forces to ensure safe and convenient transactions.