Visa emphasized the importance of e-commerce transformation to many retail systems and trading businesses
Visa emphasized the importance of e-commerce transformation to many retail systems and trading businesses
Vietnamese people make on average 30 million online purchases on a daily basis amid the novel coronavirus disease (COVID-19) pandemic, according to a report by financial services corporation Visa.
In the recent report, Visa, the world’s leader in digital payments, emphasized the importance of e-commerce transformation to many retail systems and trading businesses.
As consumers have gradually transitioned to electronic payment methods, retailers need to quickly seize the opportunity to meet the demand for online payment, the report noted.
While online trading is considered the key to stimulating growth and attracting more potential customers, small and medium-sized enterprises (SMEs) face challenges in making their names known.
Therefore, a program called ‘Where You Shop Matters’ has been kicked off by Visa as a part of its strategy to support SMEs.
The program will help connect customers with businesses across the country, allowing SMEs to quickly access new customers, capture e-commerce trends, and maximize the profitability of the business during this difficult period, said Dang Tuyet Dung, Visa country manager for Vietnam and Laos.
Besides, by being a partner of giant online platforms such as Shopee and NowFood, Visa helps facilitate advertisement and brand value among newly registered businesses.
The statistics released by the Payment Department under the State Bank of Vietnam show that in the previous COVID-19 wave, the country saw a boom in internet banking and mobile banking users.
Particularly, there were on average 15 million monthly users of internet banking and mobile banking while approximately 30 million online payments were being made every day.
According to a master plan for national e-commerce development for the 2021-25 period, which was approved in May, 55 percent of the population is expected to go for online shopping by 2025, with average online consumer spending rising to US$600 per person per year.
With all these favorable conditions, the e-commerce sector in Vietnam is expected to flourish in the years to come.
