Vietnam Cards and Payments - Opportunities and Risks to 2025

Vietnam Cards and Payments - Opportunities and Risks to 2025

  • March 2022 •
  • 58 pages •
  • Report ID: 5981763 •
  • Format: PDF
Vietnam Cards and Payments - Opportunities and Risks to 2025

Summary
‘Vietnam Cards and Payments - Opportunities and Risks to 2025’ report provides detailed analysis of market trends in the Vietnamese cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including cards, credit transfers, direct debits and cheques during the review-period (2017-21e).

The report also analyzes various payment card markets operating in the industry and provides detailed information on the number of cards in circulation, transaction values and volumes during the review-period and over the forecast-period (2021e-25f). It also offers information on the country’s competitive landscape, including market shares of issuers and schemes.

The report brings together research, modeling, and analysis expertise to allow banks and card issuers to identify segment dynamics and competitive advantages. The report also covers detailed regulatory policies and recent changes in regulatory structure.

The report provides top-level market analysis, information and insights into the Vietnamese cards and payments industry, including -
- Current and forecast values for each market in the Vietnamese cards and payments industry, including debit and credit cards.
- Detailed insights into payment instruments including cards, credit transfers, direct debits and cheques. It also, includes an overview of the country’s key alternative payment instruments.
- Ecommerce market analysis.
- Analysis of various market drivers and regulations governing the Vietnamese cards and payments industry.
- Detailed analysis of strategies adopted by banks and other institutions to market debit and credit cards.
- Comprehensive analysis of consumer attitudes and buying preferences for cards.
- The competitive landscape of the Vietnamese cards and payments industry.

Scope
- The Vietnamese government and State Bank of Vietnam (SBV) (the country’s central bank) have taken steps to promote digital payments. In May 2019, the Payment Department of SBV - in collaboration with Tuoi Tre Newspaper, Vietnam E-commerce Association, and NAPAS - announced that June 16 of each year will be Non-Cash Day. On this day, participants including banks, retailers, and payment services providers will offer promotions and discounts for payments made via non-cash methods. During Non-Cash Day 2020, the government focused on building awareness of cashless payments by sticking “non-cash payment” labels in multiple shopping stores in Ho Chi Minh City in order to help customers identify stores accepting cashless payments. In 2021, Visa supported Non-Cash Day by providing discounts and cashback on online purchases to its card holders.
- To further promote financial inclusion in the country, the central bank introduced regulation that came into effect in April 2020, which removed the requirement that debit card holders must be legal entities. As a result, all eligible non-legal entities operating in the country are allowed to apply for debit cards and use them. The regulation also allowed supplementary card holders aged between 15 and 18 to use debit or credit cards without the need for written approval from their legal representative.
- Visa is taking various initiatives in collaboration with banks and payment companies to enhance the growth of cashless payments in Vietnam. In February 2022, Visa and payment services provider VNPAY announced a partnership to roll out a range of electronic payment solutions including a solution to accept contactless payments via mobile phones (Tap to Phone), Visa prepaid virtual cards, Visa Direct money transfer and receipt services, and the Visa Installment Solution for in-store payments. Meanwhile, in January 2022, Visa partnered with Public Bank Vietnam to offer a range of debit and credit cards. Premium credit card holders receive cashback, an interest-free period of up to 51 days, and comprehensive travel insurance cover.

Reasons to Buy
The report provides top-level market analysis, information and insights into the Vietnamese cards and payments industry, including -
- Make strategic business decisions, using top-level historic and forecast market data, related to the Vietnamese cards and payments industry and each market within it.
- Understand the key market trends and growth opportunities in the Vietnamese cards and payments industry.
- Assess the competitive dynamics in the Vietnamese cards and payments industry.
- Gain insights into marketing strategies used for various card types in Vietnam.
- Gain insights into key regulations governing the Vietnamese cards and payments industry.
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