Vietnam sees ebullient growth in digital banking, payment channel: UOB report
There is an increasing preference for digital banking and new payment modes such as mobile banking apps, e-wallets, QR code-based payments, e-commerce payment platforms and mobile wallet debit or credit cards among Vietnamese consumers, the United Overseas Bank (UOB) said in its report “ASEAN Consumer Sentiment Study" (ACSS) which was launched on November 1.
At the event to launch the “ASEAN Consumer Sentiment Study" on November 1.
HCM City (VNA) – There is an increasing preference for digitalbanking and new payment modes such as mobile banking apps, e-wallets, QRcode-based payments, e-commerce payment platforms and mobile wallet debit orcredit cards among Vietnamese consumers, the United Overseas Bank (UOB) said inits report “ASEAN Consumer Sentiment Study" (ACSS) which was launched onNovember 1.
Paul Kim, Head of Personal Financial Services at the bank, stressed that as theVietnamese consumers become more digitally proficient, there is a surge in theuse of mobile apps; however, when it comes to complicated transactions such ashigh-value transactions, restructuring of bank loans and insurance purchase, they prefer offline channels.
Every four among five consumers use e-wallet at least once a week and introducethe wallet to others. Momo was the most used e-wallet by Vietnamese, followedby ZaloPay and VNPay.
There is an increasing preference for digital banking and new payment modes such as mobile banking apps, e-wallets and QR code-based payments among Vietnamese consumers. (Photo: VNA)
Regarding the sentiment of the Vietnamese consumers, Paul Kim said strongeconomic growth has made them feel more upbeat about the current and future economicsituation in the country.
Although rising inflation and increased expenses have fueled fears of an economicdownturn across ASEAN, consumers in the region have given a warm welcome for anew era of digitalisation.
The UOB expert said Vietnamese consumers are more upbeat about the financialfuture than those in other countries. Some 76% of the respondents expect to bebetter off in June next year, while the figures in Indonesia and Thailand are74% and 68%.
The report also said that eight out of 10 Vietnamese consumers are concernedabout their finances. They are most worried about not being able to save,afford essential items, maintain their current lifestyle, and take care oftheir parents’ financial and healthcare needs. Therefore, they are morecautious about their investment.
Meanwhile, II Dong Kwon, the Vietnam lead at Boston Consulting Group,highlighted that with the boom of the Internet, Vietnam has posted a dramaticincrease in online shopping and e-commerce which experience an annual growth of41% in the past three years.
Online payment has surged as a result, he said, adding the trend will maintainand grow stronger in the time ahead./.
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At the event to launch the “ASEAN Consumer Sentiment Study" on November 1. 
There is an increasing preference for digital banking and new payment modes such as mobile banking apps, e-wallets and QR code-based payments among Vietnamese consumers. (Photo: VNA) 
