Optimism and Opportunities Surrounding the Vietnam Card and Payment Industry: Ken Research
In Vietnam, with more than 90% of payments being made through cash, the cash payment dominates the payment industry. But, with changing consumer preferences and introduction card payment encouraging policies by government and banks, the scenario has changed with the share of cash transactions (in terms of overall card payments channel) decreased from 3.4% in 2009 to 2.7% in 2013, while the share of card transactions doubled to increase from 1.5% in 2009 to 3.1% in 2013. Various macroeconomic, demographic, economic, infrastructural and business have played a role in it. Govt. conducting schemes like Online Black Friday and lifting the cap on foreign investment is expected to make the market more efficient and grow in both volume and value terms.
Also, with the increase in number of domestic as well as foreign players in the market, technology has become a tool to the hands of market players to survive in this competition and grow.Banks are launching mobile based financial services app and also up taking point of sale (POS) solutions among small and medium-sized enterprises (SMEs). Also, the introduction of mobile POS solutions is anticipated to encourage SMEs to accept card-based payments, further driving payment card transaction volumes and values.The banks also focus on the security and utility of card by using EMV chip and integrating multi-utility into a card like NFC technology or QR code-based payment services. Card issuers have been concentrating on attaining customer loyalty. Many are collaborating with various merchants across various sectors to provide their clients with loyalty or co-branded cards.
Global Card & Payment Industry
Over the years, the Cards and Payments Industry has evolved and has shown significant and steady growth both in terms of volume and value of transactions, mostly because of the strong growth in developing economies such as Latin America and Asia. In emerging markets, due to the growth of the middle class and expanded consumer purchasesprovides for vast untapped pools for payments companies, particularly involving mobile money applications, because cellular penetration in these regions tends to be high. In more established economic zones, however, like North America, the landscape is more challenging than in the developing world due to new capitalization restrictions and increased regulation.
Some of the prominent trends in the global Cards & Payments Industry include:
Emerging economies having higher growth rates than the mature economies.
Rising competition in the market affecting profit margin of the players.
Emergence of mobile wallets which has converted consumers’ phone into a smart card.
Challenges in the form of-
Increasing amount of both online and offline fraud, including the creation of fake websites as well as,
Increased competition leading to decline in profit margins need to be tackled.
Key Topics Covered in the Report:
Detailed analysis of Vietnam Cards & Payments Industry
Current and forecast values for each market in Vietnam's cards and payments industry
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
Comprehensive analysis of consumer attitudes and buying preferences for cards
The competitive landscape in Vietnam's cards and payments industry
To know more on coverage, click on the link below:
United States Retail Banking-Competitive Dynamics
Vietnams Retail Banking-Competitive Dynamics
Ankur Gupta, Head Marketing & Communications
• Though cash payment continues to dominate the Vietnam Payment Industry; the share of Cards & Payments Industry is expected to increase its share on account of economic growth and supporting govt. and bank policies.
Ankur Gupta, Head Marketing & Communications
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