Vietnam is likely to emerge as a significant consumer-driven market, placing it in the Asian consuming class of Indonesia and the Philippines with a gross domestic product (GDP) per capita between $2,800-$3,500 by 2020, in which mass automobile ownership takes off.
October 18, 2019 | Chris Kapfer- The industry is shifting from traditional payment channels to mobile point of sales (mPOS), QR code payments and e-commerce albeit at a still immaterial stage compared to more traditional payments
- Number of e-wallets expected to reach 20 million registerd accounts by 2020
- Overall, POS devices grew to 306,158 in 2017 and will likely pass 345,000 in 2018, yet cash withdrawals on ATMs are still about seven times higher than the payment volume on POS
The Asian Banker expects access to financial services in Vietnam rising from 17 million financial accounts in 2011 to an estimated 30 to 32 million formal account relationships by 2020, making up 38% of the adult working population.
Vietnam is likely to emerge as a significant consumer-driven market, placing it in the Asian consuming class of Indonesia and the Philippines with a gross domestic product (GDP) per capita between $2,800-$3,500 by 2020, in which mass automobile ownership takes off. Vietnams’ GDP per capita rose from $1,310 in 2010 to $2,300 in 2017 according to the World Bank.
This means that Vietnam will add approximately 1.8 million people to the formal banking class every year. In over a decade, from 2020-2030, it is expected to double again, from 32 million to over 60 million people having a formal account in a financial institution. In this context, banks, finance companies, card issuers and fintech are keen to tap into one of the most powerful middle-class income formation dynamics in Asia.
Vietnam’s developing financial services landscape
According to the Vietnam Card Association, online e-commerce transaction value showed reasonable growth rates bu...
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Vietnam is likely to emerge as a significant consumer-driven market, placing it in the Asian consuming class of Indonesia and the Philippines with a gross domestic product (GDP) per capita between $2,800-$3,500 by 2020, in which mass automobile ownership takes off.
October 18, 2019 | Chris Kapfer- The industry is shifting from traditional payment channels to mobile point of sales (mPOS), QR code payments and e-commerce albeit at a still immaterial stage compared to more traditional payments
- Number of e-wallets expected to reach 20 million registerd accounts by 2020
- Overall, POS devices grew to 306,158 in 2017 and will likely pass 345,000 in 2018, yet cash withdrawals on ATMs are still about seven times higher than the payment volume on POS
The Asian Banker expects access to financial services in Vietnam rising from 17 million financial accounts in 2011 to an estimated 30 to 32 million formal account relationships by 2020, making up 38% of the adult working population.
Vietnam is likely to emerge as a significant consumer-driven market, placing it in the Asian consuming class of Indonesia and the Philippines with a gross domestic product (GDP) per capita between $2,800-$3,500 by 2020, in which mass automobile ownership takes off. Vietnams’ GDP per capita rose from $1,310 in 2010 to $2,300 in 2017 according to the World Bank.
This means that Vietnam will add approximately 1.8 million people to the formal banking class every year. In over a decade, from 2020-2030, it is expected to double again, from 32 million to over 60 million people having a formal account in a financial institution. In this context, banks, finance companies, card issuers and fintech are keen to tap into one of the most powerful middle-class income formation dynamics in Asia.
Vietnam’s developing financial services landscape
According to the Vietnam Card Association, online e-commerce transaction value showed reasonable growth rates bu...
Categories: Keywords:
