Vietnam plastic cards market continues to thrive
Despite being a relatively small country, Vietnam is currently a thriving market for plastic cards, including the payment sector. According to a recent report by RNCOS, the amount of plastic cards throughout the country is expected to increase at a compound annual growth rate of 18.5 percent from 2011 to 2014.
There are several factors leading to the increased activity in Vietnam, including a rise in its younger population, developments in technology and greater demand for ecommerce throughout the country.
Despite cash payments being the No. 1 form of payment, RNCOS stated that government support and its population boom are creating a new environment in which plastic cards can provide benefits.
"Our ongoing research found that, in the present scenario, Vietnamese people are increasingly using these payment cards in shopping malls and various on-line portals that carry luxury or world-class brands of consumer goods," the company said in a statement.
The market for plastic cards is expected to continue increasing. According to a report by MarketsandMarkets, the market for plastic cards is expected to reach $6.6 billion by 2015, due to increased security demands for governments.
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