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, Nikkei Asian Review 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.