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Vietnam Cards & Payments: Opportunities and Risks to 2023

Vietnam Cards & Payments: Opportunities and Risks to 2023

  • September 2019
  • 49 pages
  • ID: 5816787
  • Format: PDF
  • By GlobalData

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Vietnam Cards & Payments: Opportunities and Risks to 2023

Summary
’Vietnam Cards & Payments: Opportunities and Risks to 2023’ 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 (2015-19e).

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 (2019e-23f). 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.

’Vietnam Cards & Payments: Opportunities and Risks to 2023’ 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 credit transfers, direct debits, cards, and cheques. It also, includes an overview of the country’s key alternative payment instruments.
- E-commerce market analysis and payment methods.
- 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.

Scope
- Digital banks made inroads into Vietnam during the review period, tapping into the tech-savvy millennial customer base. Digital-only bank YOLO was launched in the country in September 2018 by VPBank. The bank offers a digital account and a Mastercard debit card. Previously, digital-only bank Timo launched in Vietnam in 2016. Account holders are offered banking services including a payment account, a savings account, a debit card, a Mastercard Platinum credit card, loans, and money transfers.
- To accelerate the adoption and usage of electronic payments, in May 2019 SBV collaborated with Tuoi Tre Newspaper, Vietnam E-commerce Association, and National Payment Corporation of Vietnam (NAPAS) to declare June 16 of each year as Cashless Day. In response to the initiative, banks conducted various campaigns to encourage the use of non-cash payment methods. Agribank offered a travel vacation voucher worth VND25m ($1,079.86) for the highest debit card spenders during June 16, 2019 to June 30, 2019. Similar campaigns were conducted by BIDV, VIB, BaoViet Bank, and Sacombank.
- In order to improve the security of card transactions and increase consumer confidence in card-based payments, the SBV passed a new circular in 2018 on the migration of magnetic stripe cards to EMV chip cards. The circular stipulates that banks must switch 30% of their cards to EMV cards by the end of 2019 and 100% by 2021. The new regulation also mandates that banks must enable 35% of their ATMs and 50% of POS machines to accept chip cards by the end of 2019 and 100% by 2020.

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.

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