Vietnam Cards and Payments Opportunities and Risks to 2027

Vietnam Cards and Payments Opportunities and Risks to 2027

Summary

GlobalData’s ‘Vietnam Cards and Payments: Opportunities and Risks to 2027' 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 credit transfers, cards, direct debits and cheques during the review-period (2019-23e).

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 (2023e-27). It also offers information on the country's competitive landscape, including market shares of issuers and schemes.

The report brings together GlobalData’s 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, credit cards.
• Detailed insights into payment instruments including credit transfers, cards, 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 National Payment Corporation of Vietnam (NAPAS) offers the NAPAS FastFund 247 instant payment service, allowing customers of participating providers to use cards or bank accounts to send and receive money in real-time. The service also allows payments using the recipient’s phone number or by scanning a QR code. The service is available 24 hours a day, seven days a week, 365 days a year, with a maximum transaction limit of VND500 million ($21,172.17). NAPAS FastFund 247 enables P2P, consumer-to-business, business-to-consumer, and business-to-business payments. At the time of writing, 62 providers have signed up to the service, including banks and telecommunication companies.

Service providers are launching new digital payment innovations to encourage contactless payments. In April 2023, Vietcombank launched VCB Tap to Phone. This solution allows merchants to convert Android smartphones into POS terminals, enabling contactless payment acceptance via debit and credit cards as well as mobile wallets. Similarly, VNPAY offers an all-in-one POS solution for SMEs. VNPAY-POS can be installed on any Android-enabled device, enabling merchants to accept all types of payment cards.

Alternative payment solutions are gaining prominence, with both domestic and international options available in Vietnam. For example, Apple Pay launched in the country in August 2023. The solution allows consumers to add their cards to the wallet and make in-store, in-app, and online payments using their Apple device. Apple offers a secure payment gateway to users. When adding a credit or debit card to Apple Pay, the actual card number is not stored on either the device or Apple’s server; instead, a unique device account number is assigned to the customer. Banks that support Apple Pay in Vietnam include Vietcombank, Sacombank, Techcombank, VPBank, and MBBank.

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.