THURSDAY, March 28, 2024
nationthailand

Vietnam sees boom in online payment

Vietnam sees boom in online payment

HANOI - A Moody’s report entitled “The Impact of Electronic Payments on Economic Growth” said that more products including credit, debit and prepaid cards were increasingly being used, helping to create an average 75,000 jobs annually during the five-year

Conducted in 70 countries over four years, the report looked at how electronic payments affected economies.

Globally, it said that increased usage of electronic payments created on average 2.6 million new jobs per year and added $298 billion to GDP, while raising household consumption of goods and service by an average of 0.18 per cent per year.
Of the countries in Asean featured in the report, Vietnam experienced the second highest rate of GDP growth due to increased use of electronic payments. Singapore was third and Thailand first.
The research report found that the electronification of payments benefited governments and contributed to a more stable and open business environment.
Electronic payments are developing strongly in Vietnam, including big card providers such as MasterCard and Visa.
For Visa, the total number of transactions grew by 34 per cent last year. The company’s point of sale (POS) transactions, meanwhile, rose by 38 per cent.
Online shopping using Visa cards also experienced significant growth at 47 per cent. More than 45 million people in Vietnam are currently connected to the internet. 

 

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