Cash is still a popular means of payment but payment cards are becoming more widely used.
According to a report by HSBC - Visa, spending on food and drink is a top priority for consumers in Asia, with restaurant and food-related expenses among the top three spending categories in 7 out of 8 markets where they are present.
According to the report, in Vietnam, cash is still a popular means of payment, but payment cards are becoming more widely used. specifically, card payments increased from 304.8 million transactions in 2019 to 797.9 million transactions in 2023, an increase of more than 261%. This strong growth is due to convenience, increased security, and many initiatives to encourage cashless payments.
Cashless payment by bank card is increasingly "on the rise".
Cashless payments by bank cards are increasingly popular.
The number of card transactions is expected to increase to 1.7 billion by 2027. The credit card market shows great growth potential with a rate of 27 cards per 100 people in 2023, according to a report by HSBC - Visa. As for domestic chip cards, data from NAPAS shows that by the end of the first quarter of 2024, the total number of cards on the market will reach more than 58 million.
In that context, with the middle class and emerging affluent customer segments spending more thanks to improved economic conditions, HSBC - Visa has just launched the Live+ credit card product. Vietnam is one of the first markets to launch the HSBC Live+ credit card, which will continue to be introduced in many other markets around the world in the future.
HSBC said the Live+ credit card offers a range of benefits to suit your lifestyle and reflects the bank's focus on providing innovative solutions. A joint product between HSBC and Visa, the Live+ credit card offers cardholders a range of dining privileges across Asia, including 15% off at select restaurants and 1% cashback (upgradable to 8%) on dining, shopping and entertainment spend.
Regarding domestic chip card payments, in a recent report, Payoo stated: Contactless card payments are increasingly asserting their important role in the digital economy, bringing consumers convenience, security and fast transaction speed. Currently, contactless chip card technology has been widely applied in the world, especially in developed countries.
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"The sales of contactless payment transactions of banks are showing a positive growth trend, showing that consumers are interested in and choosing this payment method. One of the important factors comes from incentive programs specifically for contactless payment," Payoo said.
For example, this year, NAPAS cooperated with Mastercard to expand the scale and implementation time with a total program budget of up to 15 billion VND with the participation of nearly 40 major partners in fields such as food services, retail technology, cosmetics, entertainment, pharmaceuticals, education, etc. through a system of more than 6,000 points of sale of brands in the Payoo payment acceptance network.
