The impact of COVID-19 in Vietnam has spurred more than ever the growth of cashless payment, including electronic purses.
E-wallets are gearing up to offer online lucky money services as the Tet (Lunar New Year) holiday approaches amid the third coronavirus outbreak in Vietnam.
The growth of e-wallets may be good news for Vietnam’s cash economy, but fierce competition among e-wallet providers may result in a ‘survival of the fittest’ situation.
More than 200 entries have been sent to Viet Solutions 2020 - a competition seeking digital transformation solutions for Vietnam - with 72 percent coming from overseas, the organising board said on August 26.
The number of transactions via e-wallets in Vietnam in the first quarter of 2020 increased highly with a total of 225 million transactions.
The obvious effects of the COVID-19 pandemic include the rapid increase in online payment services and digital banking across Southeast Asia.
The Ministry of Finance is drafting an amendment to the decree on business of betting on horse racing, greyhound racing and international football, which would allow the payment of bets via e-wallets or mobile accounts.
The popularity of contactless payments has rocketed in Vietnam over the last few years, with banks launching more options for customers to enjoy going cashless.
From morning to early afternoon Nguyen Van Chiem in HCM City’s District 1 is bustling with food vendors selling breakfast and lunch and customers coming to eat.