As digital commerce gains traction in Hong Kong and Macau, cashless payments become more ubiquitous in our everyday life. We have seen the emergence of challenger banks and fintechs, more innovation from incumbents, and advancement into open data. This is a perfect storm of innovation. What exactly do consumers think about recent developments in mobile wallets, open banking, virtual banks, and open loop payments in transit to name a few?
Given the plethora of options, how much do we know about consumers’ preferences and perceptions of digital payments? How can we best make sense of these accelerated changes?
The Consumer Payment Attitudes Study by Visa for Hong Kong and Macau as well as Taiwan aims to address key aspects of the questions above. The inaugural annual study surveyed 1,250 consumers in the three markets to better understand consumer needs, expectations and aspirations when it comes to electronic payments and the digital transformation of commerce.