RNCOS: Plastic card market to grow at 18.5%
VGP – Việt Nam’s plastic card market will surge at a compound annual growth rate (CAGR) of 18.5% during 2011-2014, according to a report released by India-based research firm RNCOS.
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The market, which includes credit and debit card, has been witnessing tremendous growth for the past few years. With continuous rise in young population, technological developments, and emerging trends of e-commerce will further propel the industry momentum in the coming years.
RNCOS said that 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. This huge demand for payment cards is providing tremendous growth opportunities for card issuers, suppliers, and manufacturers.
Moreover, the payment card market in Việt Nam is largely concentrated and is dominated by the four state-owned commercial banks: Vietinbank, Vietcombank, Agribank, and BIDV. Hence, there is a lot of potential for other banks also to enter into the cards business. Therefore, the market is full of future growth potential.
The research report also indicates that, Việt Nam is still dominated by cash payments. However, continuous government support and rapidly rising population have significantly contributed in decreasing cash payments in the country and have encouraged people to use non-cash modes of payment.
(Sbwire.com)
