Vietnam Cards and Payments – Opportunities and Risks to 2027

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Vietnam Cards and Payments Market Report Overview

The annual value of card transactions in the Vietnam cards and payments market was $36.3 billion in 2023. The value is expected to grow at a CAGR of more than 15% during 2023-2027. Cash continues to dominate the payment market in Vietnam owing to the country’s high unbanked population, limited financial awareness among consumers, and inadequate payment infrastructure. The government, the State Bank of Vietnam (SBV), and other regulatory authorities have introduced various initiatives to boost non-cash payments, increase financial awareness, and enhance access to banking services.

Vietnam Card Transactions Outlook, 2023-2027 ($ Billion)

Vietnam Card Transactions Outlook, 2023-2027 ($ Billion)

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The Vietnam cards and payments market research report provides a detailed analysis of market trends influencing the industry. It provides transaction values and volumes for several payment instruments for the review period. In addition, the Vietnam cards and payments market analysis offers information on the country’s competitive landscape, including market shares of issuers and schemes. The report also entails regulatory policy details and provides extensive coverage of any recent changes in the regulatory structure.

Annual Card Transactions Value (2023) $36.3 billion
CAGR (2023-2027) >15%
Forecast Period 2023-2027
Historical Period 2019-2022
Key Payment Instruments ·        Cards

·        Credit Transfers

·        Direct Debits

·        Check

Key Segments ·        Card-Based Payments

·        E-commerce Payments

·        Alternative Payments

Leading Players ·        NAPAS

·        Mastercard

·        Visa

·        Americal Express

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Vietnam Cards and Payments Market Dynamics

The introduction of banking services in remote locations, the increasing number of digital-only banks, the emergence of payment card technologies such as biometric payments, and the growth in mobile payments are the factors supporting electronic payments in Vietnam. Moreover, credit cards are slowly gaining traction in the card payment market even though debit cards are the dominating segment. Value-added benefits such as installment payment facilities, reward programs, cashback, and discounts are aiding the growing popularity of credit cards.

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Vietnam Cards and Payments Market Segmentation by Payment Instruments

Credit transfers had the highest share of payment transaction volume in 2023

The key payment instruments in the Vietnam cards and payments market are credit transfers, cards, direct debits, and checks. High-value credit transfers are processed through the national real-time gross settlement system. To further promote electronic payments, instant payments are offered in Vietnam. NAPAS offers NAPAS FastFund 247, enabling banks’ customers to transfer funds in real time.

Vietnam Cards and Payments Market Analysis by Payment Instruments (Volume Terms), 2023 (%)

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Vietnam Cards and Payments Market Segments

Napas emerged as the main player in the Vietnam debit card market

The key segments in the Vietnam cards and payments market are card-based payments, e-commerce payments, and alternative payments.

Card-Based Payments: Payment cards are gradually gaining traction in the Vietnam cards and payments market. This can be attributed to various government efforts to boost cashless payments, such as improving the regulatory and legal framework, developing modern payment infrastructure, supporting modern payment services, and promoting electronic payments across the governmental sector and public administrative services.

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Vietnam Cards and Payments Market - Competitive Landscape

A few of the leading players in the Vietnam cards and payments market are:

  • NAPAS
  • Mastercard
  • Visa
  • American Express

NAPAS: In September 2023, NAPAS collaborated with payment services provider, Bao Kim, to launch an incentive program. This program offers students discounts on their tuition fees when paying online with a NAPAS card via Bao Kim’s payment gateway. Around 16,000 students are expected to benefit from this initiative.

Vietnam Cards and Payments Market Analysis by Players, 2023

Vietnam Cards and Payments Market Analysis by Players, 2023

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Vietnam Cards and Payments Market – Latest Developments

  • In December 2023, the SBV launched a law promoting secure online transactions. To reduce risks associated with online payments, credit institutions, overseas bank branches, and payment intermediary services, providers need to implement authentication solutions for individuals to make transactions safer. Valid authentication options include one-time passcodes sent via SMS and utilizing a verified customer biometric database.
  • The National Payment Corporation of Vietnam (NAPAS) offers the NAPAS FastFund 247 instant payment service that allows 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. NAPAS FastFund 247 enables P2P, consumer-to-business, business-to-consumer, and business-to-business payments.

Segments Covered in the Report

Vietnam Cards and Payments Instruments Outlook (Value, $ Billion, 2019-2027)

  • Cards
  • Credit Transfers
  • Direct Debits
  • Check

Vietnam Cards and Payments Market Segments Outlook (Value, $ Billion, 2019-2027)

  • Card-Based Payments
  • E-commerce Payments
  • Alternative Payments

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

  • 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.

VietinBank
Agribank
BIDV
Vietcombank
DongA Bank
Sacombank
ACB
Techcombank
Eximbank
NAPAS
Mastercard
Visa
SBV
Vietnam Banks Association

Table of Contents

Market Overview

Payment Instruments

Card-Based Payments

Ecommerce Payments

Alternative Payments

Payment Innovations

Job Analysis

Payment Infrastructure and Regulation

Appendix

Frequently asked questions

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