[Vietnam] Cashless payments surge in popularity and expats must keep up

Digital payment methods are surging in popularity in Vietnam with expats, natives and tourists embracing the change to cashless transactions, VietNamNet reports.

The advantages of going cashless include secure encryption and biometric authentication, lowering the risk of theft. Many expats see these payment options as a safer alternative to carrying cash.

Even for those unlucky enough to fall victim to a pickpocket, there is the reassurance that their money is not accessible. Cashless payments reportedly reduce the risk of being short-changed, scammed or robbed.

In addition, competition among payment providers has increased and companies are now vying to provide the most convenient and secure digital payment options to attract customers, including expats living in Vietnam.

A number of banks now reportedly offer internet banking to foreigners and have fully-fledged English-language versions of their mobile applications to simplify the process.

Navigating the local banking system and ensuring paperwork is in order and compliant can still pose challenges for expats. But, despite these hurdles, the shift towards a cashless society in Vietnam is inevitable, as trends worldwide demonstrate.

In the UK, restaurant chains such as Prezzo and Pizza Hut no longer accept cash and, according to a 2019 survey, in South Korea just 17 per cent of total transactions involved cash.

For Vietnam to become a fully cashless society, international cooperation will be necessary to ensure seamless transactions for expats with bank accounts outside the country. However, as competition between payment providers intensifies, expats can reportedly expect increasingly convenient and secure options in the near future.

As the world becomes increasingly digital, expats must adapt and embrace new technologies to remain ahead of the curve.

Mobile banking, e-wallets and other digital payment methods are all tools that make transactions easier and more secure for everyone. Cashless payments are here to stay and their ascendancy will forever alter the way we transact and manage our finances.

For expats living in Vietnam, this shift towards digital payments offers a wealth of opportunities and these should be embraced to keep pace with an increasingly digital, and cashless, world. 

Source: VietNamNet

Digital payment methods are surging in popularity in Vietnam with expats, natives and tourists embracing the change to cashless transactions, VietNamNet reports.

The advantages of going cashless include secure encryption and biometric authentication, lowering the risk of theft. Many expats see these payment options as a safer alternative to carrying cash.

Even for those unlucky enough to fall victim to a pickpocket, there is the reassurance that their money is not accessible. Cashless payments reportedly reduce the risk of being short-changed, scammed or robbed.

In addition, competition among payment providers has increased and companies are now vying to provide the most convenient and secure digital payment options to attract customers, including expats living in Vietnam.

A number of banks now reportedly offer internet banking to foreigners and have fully-fledged English-language versions of their mobile applications to simplify the process.

Navigating the local banking system and ensuring paperwork is in order and compliant can still pose challenges for expats. But, despite these hurdles, the shift towards a cashless society in Vietnam is inevitable, as trends worldwide demonstrate.

In the UK, restaurant chains such as Prezzo and Pizza Hut no longer accept cash and, according to a 2019 survey, in South Korea just 17 per cent of total transactions involved cash.

For Vietnam to become a fully cashless society, international cooperation will be necessary to ensure seamless transactions for expats with bank accounts outside the country. However, as competition between payment providers intensifies, expats can reportedly expect increasingly convenient and secure options in the near future.

As the world becomes increasingly digital, expats must adapt and embrace new technologies to remain ahead of the curve.

Mobile banking, e-wallets and other digital payment methods are all tools that make transactions easier and more secure for everyone. Cashless payments are here to stay and their ascendancy will forever alter the way we transact and manage our finances.

For expats living in Vietnam, this shift towards digital payments offers a wealth of opportunities and these should be embraced to keep pace with an increasingly digital, and cashless, world. 

Source: VietNamNet