Vietnam strides towards cashless society with e-wallets boom
By Elaine Huang
Home to more than 96 million people, Vietnam is on the cusp of a mobile payment revolution, fuelled by an amalgam of factors, including a high smartphone penetration, and government’s vision of a cashless society.
Its people are young – 70% of Vietnam’s population are under the age of 35 – and tech-savvy, excited about a digitising society. In first-tier cities like Hanoi and Ho Chi Minh City, increasingly, consumers are becoming receptive to the idea of a digitalised society and lifestyle, thanks to the growth of e-commerce and mobile payment services.
According to the Deputy Prime Minister of Vietnam Vuong Dinh Hue in October 2018, there are “78 credit organisations” providing “cashless payment services” as well as “28 others” e-wallet companies in the country.
Photo courtesy of Pixabay.