VN's older shoppers are discovering convenience of digital payment: report
There is increased adoption of digital payments by older users, according to a new report released by online shopping platform, Shopee.
A cusotmer uses Shopee online shopping platform.— Photo Courtesy Shopee Vietnam
It said 80 per cent of purchases made using digital payment modes are by users between the ages of 18 to 34, but older shoppers are also going digital.
“A 15 per cent increase in the number of AirPay transactions was observed on Shopee among users over the age of 50.
“Given older users typically find it harder to adapt to digital payments, this heartening trend illustrates the ease of use of AirPay and the trust it has built among users.”
There is an increase in the number of digital payments made on the platform since the beginning of the pandemic, with more people using options such as credit cards, bank transfers and AirPay, it said.
Boston Consulting Group said in a report this trend is set to continue as “the Covid-19 outbreak and its aftermath are expected to prompt many more Southeast Asian households to embrace digital payments.”
Tran Tuan Anh, managing director, Shopee Vietnam, said, “2020 has brought about significant shifts in the way we live, work and shop online.
“Among these shifts is the accelerated move towards a cashless society across the region. In line with social distancing efforts, we see consumers embracing digital payments for greater convenience and security. Local governments are also stepping up their efforts to encourage this move.
“Similarly, Shopee continues to offer a wide range of digital payment options to cater to evolving needs, including AirPay, our mobile wallet.”
Women’s adoption of digital payments is higher than men’s, with the difference being 30 per cent over the past year, it said.
Digital payments are more popular in urban areas.
“Cities like Ha Noi and Da Nang and Thua Thien Hue Province have the highest adoption of digital payments. Larger cities, which are key drivers of Vietnam’s economic growth, have better connectivity and a more developed IT infrastructure. Individuals in these cities also have better accessibility to smart phones, which contributes to the adoption of digital payments.”
Shopee is the leading e-commerce platform in Southeast Asia and Taiwan with a presence in seven markets. — VNS
“Covid-19 has given e-commerce a push,” said Nguyen Thuy Anh from the Department of E-commerce and Digital Economy.
After Tiki and Sendo complete their merger, the e-commerce market will be controlled by three big players – Tiki-Sendo, Lazada and Shopee.