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| Apple Pay has been rolled out across Việt Nam. — Photo AFP/VNA |
Seán Nolan
After intense speculation and online leaks, the rumours proved true and Apple Pay has begun to be rolled out across the country. Now that the news is official, seeing how this popular form of payment fares in Việt Nam will be interesting, given the popularity of existing digital payment systems such as QR-code scanning and direct bank transfers.
On the shiny side of the digital coin, the introduction of Apple Pay is the latest addition to an ever-expanding era of convenience for Vietnamese consumers. Swift and secure payments can be made with a flash of a phone or smartwatch, and the continuous march towards a cashless society continues, fostering innovation and efficiency.
However, let’s not be entirely enchanted by the siren song of convenience alone. Concerns linger about the suitability of digital currency for Việt Nam, and the spectre of exclusion looms large over those who lack access to smartphones or the Internet.
In a country with such a gaping digital divide, embracing a fully digital currency still seems far away.
However, the most omnipotent and universal concerns regarding digital payments centre around privacy and security. Even if the company responsible for the system laudably safeguard users’ data, the potential for data breaches or unauthorised access remains, as even the most enthusiastic digital converts will admit.
Economically, the picture is similarly complex. On the one hand, the transition to digital payments could streamline transactions, boost efficiency, and curb corruption. Transparency in financial transactions is the hand that throws open the curtains to bring sunshine to shadowy financial corners. On the other hand, as with any change there will be a cost to pay as more and more jobs are automated and streamlined.
Việt Nam must navigate these waters carefully, balancing modernity with inclusivity, educating citizens about the benefits and risks of digital currency while ensuring that no one is left behind must be a top priority.
Ultimately, Apple Pay’s arrival in Việt Nam only scratches the surface of the issues and advantages of digital currency and its sheer transformative power.
As digital currency becomes the status quo in the next few years, as many experts predict, it’s vital to ensure everyone is brought along for the ride. This means everyone in Việt Nam, across all social-economic demography, has equal access to these transformative products.
Although I would like to be a fly on the wall when an old lady selling trà đá by the side of the road is shown that a swipe of a wristwatch can lead to money in her account. — VNS
Read original story on Vietnam News