Leading e-commerce payment methods in Vietnam 2022
According to a survey conducted in 2022, approximately 70 percent of respondents in Vietnam indicated that cash on delivery ranked as the most favored payment method for online shopping. Bank transfer was identified as the second most popular payment option, with 67 percent of respondents choosing it as their preferred method among other payment alternatives.
The rise of digital payment in Vietnam
Formerly one of the most cash-dependent countries in Southeast Asia, Vietnam has experienced substantial growth in cashless payment usage among its population in recent years. Anticipated for robust growth in 2023, the value of digital payment transactions in Vietnam is set to secure a prominent position in Southeast Asia, surpassing that in both Singapore and Malaysia. Popular digital payment methods in the country include mobile wallets, cards, bank transfers, and QR codes.
The adoption of mobile banking in Vietnam
The adoption of banking apps for transactions has become a preferred method of digital payment in Vietnam. In the first quarter of 2023, there was a noticeable increase in the volume of transactions conducted through mobile banking in the country. Moreover, the number of mobile payment users is expected to exhibit positive growth until 2026. Despite this, Vietnamese consumers still favor traditional banks as their primary banking institutions over digital ones.
