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Payments Landscape in Vietnam: Opportunities and Risks to 2022

Payments Landscape in Vietnam: Opportunities and Risks to 2022

  • July 2018
  • 49 pages
  • ID: 5473919
In this report:
These initiatives are expected to reduce consumers' dependence on cash and promote electronic payments.
Prepaid card transaction value increased from VND##.##tn ($##.##m) in 2014 to VND##.##tn ($##.##m) in 2018 at a CAGR of ##.##% - a trend that is expected to continue over the next five years.
At present most transactions are cash withdrawals, but with banks imposing fees on ATM withdrawals the number of card payments registered robust growth both in terms of volume and value at respective compound annual growth rates (CAGRs) of ##.##% and ##.##%.

Summary

Table of Contents

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Payments Landscape in Vietnam: Opportunities and Risks to 2022

Brief

GlobalData's "Payments Landscape in Vietnam: Alternatives and Risks to 2022", report offers in-depth analysis of market trends in the Vietnamese cards and payments industry. It offers values and volumes for a number of top performance indicators in the industry, including payment cards, credit transfers, direct debit, and cheques during the review-period (2014-18e).

The study also analyzes different payment card markets operating in the industry and provides exhaustive information on the number of cards in circulation, transaction values and volumes during the review-period and over the forecast-period (2018e-22f). It also offers data on the country's ambitious landscape, including market shares of issuers and schemes.

The analysis offers together GlobalData's research, modeling, and analysis expertise to allow banks and card issuers to recognize segment dynamics and challenging advantages. The market research also covers in-depth regulatory policies and new changes in regulatory structure.

This industry report offers top-level market analysis, info and business 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 credit transfers, direct debits, payment cards, and cheques. It also, includes an overview of the country's main alternative payment instruments.

- E-commerce market analysis and payment methods.

- Analysis of several 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.

Overview

- To increase the scope of banking services, banks in Vietnam are going digital. In June 2017, TPBank partnered with Scale360, a UK-based fintech company, to launch digital branches branded as LiveBank across the country. Unlike a traditional bricks-and-mortar branch, LiveBank is based on mobile and video banking. Clients can open accounts, apply for loans, and perform transactions by themselves or under the guidance of an agent over video. Meanwhile digital-only bank Timo was launched in March 2016. Account holders are offered banking services containing a payment account, a savings account, a debit card, a Mastercard Platinum credit card, loans, and money transfers.

- Vietnamese banks are supporting growth in the banked population by expanding their services to remote locations. Agribank initiated the mobile van banking project. From January 2018 the bank launched a fleet of 68 mobile banking vans in 62 provinces. The vans can provide the majority of banking products and services, including account opening, debit card issuance, payments and deposits, loan processing, overseas remittances, and insurance.

- In November 2017 the State Bank of Vietnam passed additional regulations on credit cards, restricting their use for ATMs withdrawals. Cash withdrawals using credit cards were caped at VND5m ($220.16) in local currency and VND30m ($1,320.97) in foreign currency. In January 2013 the central bank passed regulation allowing card issuers to charge a fee of VND1,000 ($0.04) per ATM transaction, which rose to VND2,000 ($0.09) per transaction in 2014 and VND3,000 ($0.13) per transaction in 2015. These initiatives are anticipated to reduce consumers' dependence on cash and promote electronic payments.

Great reasons to purchase

- Make tactical business decisions, using top-level historic and forecast market data, related to the Vietnamese cards and payments industry and each market within it.

- Comprehend the top market trends and growth opportunities in the Vietnamese cards and payments industry.

- Assess the ambitious dynamics in the Vietnamese cards and payments industry.

- Gain insights into marketing strategies used for different card types in Vietnam.

- Gain insights into main regulations governing the Vietnamese cards and payments industry.

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