Vietnamese Consumers Embrace Digital Banking and New Payment Modes, Reports UOB

A report by the United Overseas Bank (UOB) has highlighted a growing preference for digital banking and emerging payment methods among Vietnamese consumers. The study reveals that e-wallets and mobile banking apps, particularly Momo, are gaining popularity, with four in five consumers in Vietnam using e-wallets weekly, and 54% increasing their use of mobile banking apps in the past year.

4 November 2023 – Vietnamese consumers are increasingly turning to digital banking and innovative payment methods, according to a recent report by the United Overseas Bank (UOB), as cited by the Vietnam News Agency. The adoption of digital banking and modern payment modes, including mobile banking apps, e-wallets, QR code-based payments, e-commerce platforms, and mobile wallet debit/credit cards, is on the rise.

The UOB’s ASEAN Consumer Sentiment Study revealed that four out of five consumers in Vietnam use e-wallets at least once a week and frequently recommend them to others. The most popular e-wallet in Vietnam is Momo, followed by ZaloPay and VNPay.

The usage of mobile banking apps has also witnessed a substantial increase, with 54% of survey respondents reporting a higher utilization of this channel over the past year. Additionally, more than half of the respondents favored online tools for tasks such as transferring money abroad and checking the status of rewards.

Paul Kim, Head of Personal Financial Services at UOB, noted that as Vietnamese consumers become more digitally savvy, there has been a surge in the use of mobile apps. However, for complex transactions like high-value transfers, bank loan restructuring, and insurance purchases, consumers still prefer offline channels.

The UOB’s Asean Consumer Sentiment Study is a regional analysis of consumer trends and sentiments in countries including Singapore, Malaysia, Thailand, Indonesia, and Vietnam. This year’s study, conducted from June 1 to June 26, included 3,400 online respondents across the five countries, with 600 participants from Vietnam. – ref: Xinhua

Author: Terry KS

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