How has the pandemic changed the way LMI people in Vietnam save?

• by MSC
• Jan 31, 2022
• 1 min

Despite remarkable progress toward digital financial inclusion, cash still accounts for 90% of transactions in Vietnam. The onset of the COVID-19 pandemic saw restricted mobility, concerns over cash exchange, and demand for digital saving instruments. This video shows a glimpse of how people embraced digital savings and payments channels during the pandemic.

The digital savings and payments channels carry the immense potential to increase access to basic banking services. The changes in the payments landscape due to the pandemic have altered people’s outlook in Vietnam. Digital payments solutions, such as mobile, QR, and card payments, saw an upward trend in Vietnam as people preferred the convenience of saving and paying digitally.

The “Innovate, Implement, Impact” or “i3” program, supported by the MetLife Foundation, uses digital technology to provide better opportunities for people to plan, save, borrow, and spend safely. Further, the video explores the digital journey of Vietnam during the pandemic.