PwC has just released its Global Consumer Insights Survey 2019, which shows that Vietnam is the fastest growing market in the world in terms of the number of Vietnamese people making mobile payments in stores. The report surveyed 21,000 online consumers in 27 different countries in order to arrive at its results.
The report found 37% of the Vietnamese respondents had made mobile payments in 2018, but that it has already risen to 61% this year. The countries with the highest percentages of people making mobile payments are China at 86%, Thailand at 67%, Hong Kong at 64%, and Vietnam at 61%.
Nghiem Thanh Son, Deputy Director, Department of Payments at the State Bank of Vietnam (SBV) discussed the growth of digital payments in Vietnam and said: "Mobile payment is becoming a new trend with the rise of technologies such as QR codes, contactless payments, and the tokenization of card information."
The Vietnamese government wants to accelerate the use of cashless transactions and in January a resolution as sent to the State Bank of Vietnam to come up with solutions to promote the use of e-wallets. E-wallets allow users to deposit cash into their e-wallets and make digital payments without the need for a bank account.
Vietnam is still far away from becoming a cashless society, given both the lack of a cashless ecosystem and low financial literacy. However, government officials and business leaders believe that Vietnamese citizens will embrace digital payment systems and that there will be strong growth in this area during the next three years.