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Going Cashless: Vietnamese Consumers Embrace Digital Payments

Around 77% of Vietnamese consumers believe they could go cashless for three days, a survey has revealed. There was a significant increase in the number of respondents who attempted to adopt a cashless approach in 2022. Specifically, 90% made an effort to go cashless at some point during the year, compared to 77% in the previous year.

The COVID-19 pandemic had a transformative impact on consumer behaviour globally, including in Vietnam. There was a notable rise in the usage of card or mobile wallet payments among Vietnamese consumers across all categories when compared to the data from 2021.

It was found that in 2022, 66% of consumers in Vietnam utilised online card payments, while 70% made use of online or in-app mobile wallet payments. This marks a significant surge from the previous year’s figure of 32%. QR payments also experienced substantial growth in usage last year, with 61% of consumers using this method, as compared to 35% in 2021. Virtual banking has also garnered significant interest among Vietnamese consumers, with a striking 90% expressing their inclination toward digital banking services.

There is clear evidence of a gradual shift away from cash, evidenced by the fact that consumers both carried less cash in 2022 and used it for fewer payments. The study identified the two primary reasons for the decline in cash payments. Firstly, consumers expressed concerns about the potential risk of losing or having cash stolen, leading them to opt for alternative payment methods. Secondly, the increased availability and acceptance of cashless payment options by businesses.

The post-COVID era has shed light on evolving consumer behaviour, particularly in the retail sector and overall financial management. New trends have emerged, indicating shifts in consumer spending patterns and approaches to personal finances.

Consumer behaviour in Vietnam during the pandemic has showcased a widespread acceptance of home delivery services, particularly with the convenience of tech-enabled online payment methods prior to receiving the delivery. Approximately 85% of consumers tried home delivery for the first time. Looking ahead, consumers expect a significant portion of their purchases, around 8 out of 10, to be made online and delivered to their homes. As a result, businesses would benefit from offering online payment options and efficient home delivery services to meet these evolving consumer needs.

In the wake of the pandemic, new shopping habits have surfaced among Vietnamese consumers. The study indicates that 64% of consumers have increased their purchases of medicine and vitamins to prioritise their health. Additionally, the same percentage of consumers are engaging in shopping activities through large online marketplaces and supporting home-based businesses. These spending patterns align with the global post-COVID trends, where e-commerce has experienced rapid growth, and a majority of consumers are exploring and adopting new shopping behaviours.

Last month, the State Bank of Vietnam (SBV) urged banks, foreign bank branches, and intermediaries in payment services to actively support the advancement of cashless transactions and the implementation of the national digital transformation programme.

The move aims to aid the plan on developing the application of resident data and electronic identification and authentication to support the national digital transformation agenda during the period of 2022-2025, with a vision extending to 2030.

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Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

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CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.

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Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

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SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

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HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

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IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

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