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Vietnam Cards and Payments Opportunities and Risks to 2024

Vietnam Cards and Payments Opportunities and Risks to 2024

  • October 2020
  • 55 pages
  • ID: 5981763
  • Format: PDF
  • GlobalData

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Vietnam Cards and Payments Opportunities and Risks to 2024

Summary
’Vietnam Cards and Payments - Opportunities and Risks to 2024’ report provides detailed analysis of market trends in Vietnam’s 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 (2016-20e).

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 (2020e-24f). 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.

This report provides top-level market analysis, information and insights into Vietnam’s cards and payments industry, including -
- Current and forecast values for each market in Vietnam’s 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.
- E-commerce market analysis.
- Analysis of various market drivers and regulations governing Vietnam’s cards and payments industry.
- Detailed analysis of strategies adopted by banks and other institutions to market debit and credit cards.

Scope
- The government and the central bank have taken steps to promote digital payments in the country. In May 2019, the Payment Department of the State Bank of Vietnam (SBV) - in collaboration with Tuoi Tre Newspaper, Vietnam E-commerce Association, and the National Payment Corporation of Vietnam (NAPAS) - announced that June 16 of each year will be Non-Cash Day. On this day, participants including banks, retailers, and payment service 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.
- Digital transport payments are gaining popularity in Vietnam. In May 2020, Vietbank partnered with NAPAS to implement a contactless transport payment system in Ho Chi Minh City. Vietbank will issue smart payment cards that incorporate contactless technology, enabling them to be used for contactless payments on public transport. Previously, Ho Chi Minh City Department of Transportation and Public Works partnered with Vietbank in March 2019 to launch a pilot program for cashless payments on public buses. This enabled travelers to purchase bus tickets using a smart bus UniPass card or by scanning a QR code using the ZaloPay mobile wallet.
- To further promote financial inclusion the central bank introduced regulation that came into effect in April 2020, ensuring that all organizations eligible to open payment accounts are also eligible to apply for debit cards. 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.

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

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