Vietnam leads APAC in contactless payments, with mobile wallets & tap-to-pay

By Gloria Methri

The Asia-Pacific (APAC) region is witnessing a rapid shift in payment habits, with contactless payments gaining unprecedented traction, especially in Vietnam. A recent survey commissioned by Visa and conducted by YouGov highlights this trend, revealing that nearly one in five transactions on the Visa network were contactless as of September 2024.

VisaNet data confirms this behavioural shift, with contactless payments becoming increasingly popular across the region. In Vietnam, the adoption of digital payment solutions has soared, with 75% of face-to-face transactions made using Visa cards being contactless by the end of November 2024.

The growing use of mobile wallets such as Apple Pay, Garmin Pay, Google Pay, and Samsung Pay mainly drives this surge. These services have significantly contributed to heightened consumer confidence and demand for seamless, mobile-first payment solutions.

Mobile wallets & tap-to-pay solutions soar

Survey findings reveal that in-app mobile wallets (69%) and tap-to-pay methods (68%) dominate the region’s preferred payment methods. In Vietnam, mobile wallets are the payment choice for 80% of consumers, while 68% opt for tap-to-pay. This trend is particularly noteworthy as 39% of Vietnamese consumers express a high level of trust in smartphones for processing high-value transactions, signalling an evolving confidence in mobile payment security.

Visa’s ongoing efforts to foster the adoption of contactless payments are underscored by its “Small Business, Big Future” initiative. Through partnerships with banks and merchants, Visa is working to build a comprehensive contactless payment ecosystem that enables small and medium-sized businesses (SMBs) to embrace digital transformation.

As Dung Dang, Visa’s Country Manager for Vietnam and Laos, states, “We envision a future where digital payments are seamless, secure, and accessible to all Vietnamese businesses.” By supporting SMBs, Visa aims to empower businesses to drive growth and efficiency while contributing to Vietnam’s broader economic progress.

While the convenience of contactless payments is precise, ensuring transaction security remains critical for widespread adoption. According to the survey, 51% of respondents in the APAC region trust contactless payments as a secure method for transactions.

In addition to contactless payments, QR code payments have gained significant traction in Vietnam, with 98% of mobile payment users regularly scanning QR codes at point-of-sale. The preference for QR code payments reflects their convenience, reliability, and secure nature, further enhancing the growth of Vietnam’s digital payment landscape.

Visa’s collaborations with QR payment providers in the region are helping facilitate seamless cross-border transactions, offering new opportunities for Vietnamese businesses in global markets. With increasing mobile payment adoption and a growing focus on security, Vietnam is setting the pace for digital payments in the Asia-Pacific region, positioning itself as a leader in the global digital economy.