With a significant pool of young population, changing spending pattern, advancement in e-banking services, and emerging trend of online shopping, Vietnam seems to be one of the fastest growing bank card markets. However, only 20% of the total population in the country has bank accounts, leaving a vast pool of population untapped. Moreover, non-cash transactions have also been rising in the country over the past few years as Vietnamese young population are shifting towards bank card payment patterns due to its various advantages over cash payment methods.
In Vietnam, there exists an ever-increasing demand for bank cards including credit, prepaid, and debit cards that are widely used in shopping. This is mainly due to the advancement of technology in bank card industry, which is bringing transparency, ease, and security in the use of these cards. In the last three years, it has been found that bank cards issuance have doubled with rising disposable income driven by economic growth. In future, with increasing trend of online shopping and other benefits, like reward points and discounts, offered by merchants as well as bankers to attract customers, the number of bank cards are expected to grow significantly.
Further, as per our new research report, “Vietnam Plastic Card Market Forecast to 2015”, the number of bank cards in Vietnam is anticipated to grow at a CAGR of around 13.5% during 2012-2015. In terms of card expenditure analysis in our report, travel expenses related to online bookings, tour package expenses, etc account for major share in total card expenditure. In addition, it has been found that debit card spending is high in food and beverage category compared to pre-paid and credit cards. We have also conducted an in-depth analysis on card expenditure in various categories like food & beverages, apparel & footwear, household goods & services, leisure & entertainment, travel & tourism. We have also studied debit, credit and prepaid cards spending in all the categories mentioned above.
The report also presents the future outlook of the Vietnam plastic card industry after analyzing the macroeconomic factors as well. We have covered detail analysis of bank card market including debit, credit and prepaid card segments along with their forecast. The detailed analysis of the current developments, emerging market trends and drivers has been highlighted to understand the market situation and its progress in the coming years.
Thorough analysis has been conducted on the key strategies of various national and international banks along with key highlights that will help the client to have an understanding of the competitors in the Vietnam plastic card industry.