In many people’s impression, Hong Kong is a “shopping paradise”, so cash payments here are very developed, but according to a recent survey, a growing number of Hong Kongers in China are more likely to use cashless payments.
More than 70 percent of people in Hong Kong, China, prefer non-cash payments
As electronic payments become easier and more widespread, surveys show that 71% of Hong Kong people surveyed prefer to use cashless payment methods, and 53% believe Hong Kong can become a cashless city within seven years, Hong Kong’s Wen Report reported.
Hong kongers are carrying less cash than they did two years ago, as electronic payments become more popular, according to a recent study by Visa.While Hong Kong people still use cash the most, more than half (53%) say they have tried a cashless experience, relying only on electronic payments for their daily lives, according to the study.
The study looked at consumers in Hong Kong, Macau, Taiwan and eight other Southeast Asian markets, and their insights and views on payments and financial services.
Visa Hong Kong and Macau Managing Director Si Meiqi said he believed that with the wider adoption of electronic payments in Hong Kong, Hong Kong consumers, businesses and governments would benefit from higher economic growth, employment, wages and productivity and even lower crime rates.
As Hong Kong’s place to accept electronic payments has grown, 40 per cent of respondents said they had less cash to carry with them than they did two years ago. The more frequent use of inductive payments (64%) and credit and debit cards (62 per cent) was the main reason for Hong Kong people to reduce cash carrying.
More than 70% of Hong Kong, China,shopping online at least once a month
One out of every two Visa transactions in Hong Kong is now done on an inductive basis. One tenth of these transactions were conducted with inductive mobile devices.
The study also points out that seven out of every 10 Hong Kong people (74%) buy online at least once a month. Visa also saw a 40 percent increase in revenue from e-commerce payment transactions in the first two quarters of the fiscal year.
The survey interviewed 1,250 consumers in Hong Kong, Taiwan and Macao during May 2019. The study was conducted among 4,500 respondents in southeast Asia in Cambodia, Malaysia, myanmar, the Philippines, Singapore, Thailand and Vietnam.