Financial cards and payments in 2024: The big picture
In 2024, Vietnam is poised to see sustained growth in terms of the number of financial cards in circulation, alongside expanding adoption of cashless transactions. This trend reflects a growing consumer awareness of the benefits of digital payments, such as enhanced convenience, improved security, simplified record-keeping, and easier online shopping experiences.
2024 key trends
Competition heats up in digital banking as players launch innovative solutions
In 2024, banks in Vietnam are intensifying their digital banking efforts to improve customer convenience and streamline operations. Credit institutions and payment intermediaries are adopting advanced technologies to enhance business processes, operational efficiency, and the overall customer transaction experience.
Government regulations seek to strengthen security and streamline banking processes
The Vietnamese government has introduced several key regulations in 2024, aimed at enhancing security and efficiency in the banking industry. These include new rules governing cashless payments, 24/7 complaint services for payment-related issues, and a daily transaction limit of VND20 million for payment agents.
Competitive landscape
In 2024, banks in Vietnam have been actively launching a wide range of new products to cater to a diverse customer base, from tech-savvy Gen Z consumers to high-net-worth individuals. These products are designed to offer a variety of attractive benefits, such as cashback incentives, travel discounts, access to exclusive private lounges at airports, and special privileges at luxury establishments like golf courses and high-end hotels.
What next for financial cards and payments?
The future of financial cards in Vietnam is being shaped by the rise of digital payment methods, especially with the growing adoption of QR codes and mobile-based transactions. With the expansion of smartphone use and cashless payment systems, financial cards are likely to see continued transformation.
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Overview:
Understand the latest market trends and future growth opportunities for the Financial Cards and Payments industry in Vietnam with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
If you're in the Financial Cards and Payments industry in Vietnam, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
The Financial Cards and Payments in Vietnam report includes:
- Analysis of key supply-side and demand trends
- Detailed segmentation of international and local products
- Historic volume and value sizes, company and brand market shares
- Five year forecasts of market trends and market growth
- Robust and transparent research methodology, conducted in-country
This report answers:
- What is the market size of Financial Cards and Payments in Vietnam?
- What are the major trends key to understanding Financial Cards and Payments in Vietnam?
- How has COVID-19, recession and macroeconomic volatility impacted the market?
- How long will the market take to recover? What are the opportunities now?
- How will political context and shifting cultural values shape future growth?
- Where is future growth expected to be most dynamic?
Financial Cards and Payments in Vietnam - Industry Overview
Financial cards and payments in 2024: The big picture
2024 key trends
Competition heats up in digital banking as players launch innovative solutions
Government regulations seek to strengthen security and streamline banking processes
Competitive landscape
What next for financial cards and payments?
DISCLAIMER
Charge Cards in Vietnam - Category analysis
Credit Cards in Vietnam - Category analysis
KEY DATA FINDINGS
Credit cards attract businesses and tech-savvy young consumers
Regulatory changes impact credit card market
Banks launch personalised credit cards to attract distinct consumer segments
Credit cards are set for healthy growth, driven by marketing and promotions, although BNPL services will likely pose competition
Fast expansion of QR payments will have negative impact on credit cards
Domestic credit cards poised to increase their share, with NAPAS leading the way
Debit Cards in Vietnam - Category analysis
KEY DATA FINDINGS
Debit card transactions retain momentum amid shift towards digital payments
Vietnamese banks target SMEs with new commercial debit card offerings
International debit cards gain traction
Debit cards will benefit from expansion of digital payment ecosystems
Enhancement of cross-border payment accessibility for Vietnamese cardholders
Fast expansion of QR payments will challenge debit card growth
Pre-Paid Cards in Vietnam - Category analysis
KEY DATA FINDINGS
Rising adoption of credit cards and QR payments leads to decline in pre-paid card usage
New regulations impact pre-paid cards in Vietnam
Closed pre-paid card enter the transportation industry
Surge in electronic payments expected to impact pre-paid card usage
Investment in one-touch payment systems for public transportation services will boost demand for open-loop cards
Expected growth in share of domestic pre-paid cards, driven by NAPAS network and lower fees
The following categories and subcategories are included:
Financial Cards and Payments
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- ATM Cards
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- Commercial Charge Cards
- Personal Charge Cards
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- Commercial Credit Cards
- Personal Credit Cards
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- Commercial Debit Cards
- Personal Debit Cards
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- Closed Loop Pre-Paid Cards
- Open Loop Pre-Paid Cards
- Store Cards
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- ATM Transactions
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- Commercial Charge Card Transactions
- Personal Charge Card Transactions
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- Commercial Credit Card Transactions
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- Average Personal Credit Card Balance
- Average Personal Credit Card Limit
- Personal Credit Card Utilisation
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- Commercial Debit Card Transactions
- Personal Debit Card Transactions
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- Closed Loop Pre-Paid Card Transactions
- Open Loop Pre-Paid Card Transactions
- Store Card Transactions
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- Commercial Card Payment Transactions
- Commercial Electronic Direct/ACH Transactions
- Commercial Paper Payment Transactions
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- Personal Card Payment Transactions
- Personal Electronic Direct/ACH Transactions
- Personal Paper Payment Transactions
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- Commercial Electronic Direct/ACH Transactions
- Personal Electronic Direct/ACH Transactions
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- Commercial Cash Transactions
- Commercial Other Paper Transactions
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- Personal Cash Transactions
- Personal Other Paper Transactions
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- Mobile Proximity Payments
- Mobile Remote Payments
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Financial Cards and Payments
Payments are tracked based on the country of residence / account issuance and include outbound spend while excluding inbound spend.
See all of our definitionsWhy buy this report?
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This report originates from Passport, our Financial Cards and Payments research and analysis database.
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