Cash payment habits change in Asia Pacific
Under the impact of the Covid-19 epidemic, the interest in new payment technologies is growing in the Asia-Pacific region.
According to a survey conducted recently in 18 countries by MasterCard, 94% of respondents said they would consider using at least one new payment method such as QR codes, e-wallets and cryptocurrencies next year. Notably, up to 74% of respondents said they would shop regularly at small businesses if there were more payment options.
In 2020, 84% of consumers in Asia Pacific said they used more emerging forms of payment. Notably, up to 64% of respondents (75% of them belong to Generation Y - millennials) said they tried using new payment methods because of the pandemic impact.
Cashless payments are becoming more popular in Vietnam and other Asian countries.
Along with this is a change in consumption habits. Consumers are expecting to be served both directly and online. In fact, 60% of the respondents said they would avoid stores that do not accept any form of electronic payment.
In the future, the use of payment technologies will increase, while the use of cash will gradually decrease.
In fact, 69% of Asian consumers plan to use cash less next year. Meanwhile, e-wallets have become quite popular among consumers in this region. At least 68% of respondents plan to use this type of payment next year. This is higher than the global average (about 62%).
Payment methods have changed in 2021, according to a survey by MasterCard.
In Vietnam, according to the State Bank of Vietnam's statistics, more than 255,000 transactions made via e-wallets were conducted in the third quarter of 2020, with a total value of over VND100 trillion. In general, e-wallet transactions in the third quarter of 2020 increased by 123.1% in the number of transactions and 141.5% in value over the same period in 2019.
This shows that like people in most other countries in the region, Vietnamese are gradually changing. Instead of using cash, Vietnamese consumers are using digital payment utilities.
Asians especially like QR codes and cryptocurrencies.
Among emerging payment methods, QR code payments are particularly popular in the Asia-Pacific region. This type of payment has a particularly great attraction in the Asia-Pacific region compared to the rest of the world.
Among those using QR codes for payment, 63% said in 2020 they used this method more often than in the past.
The rate was 64% in both Thailand and India, higher than the global average of 56%. The survey by MasterCard shows that convenience and hygiene were the main reasons for users to make touchless payments through their mobile devices.
In Vietnam, according to the State Bank of Vietnam's statistics, although the QR code payment has been implemented for a short time, 30 banks and about 90,000 transaction points have accepted payment via QR Code.
Besides QR Code, cryptocurrencies are asserting their positions. In the Asia-Pacific region, 45% of the respondents said they might consider using cryptocurrencies next year. This figure is well above last year's 12%, and 40% higher than the global average.
The popularity of cryptocurrencies in different countries. Data: Statista
Geographically, more consumers are more comfortable with using cryptocurrencies in Thailand (46%) and India (44%) compared to Australia (17%). However, with their volatile prices, cryptocurrencies are more of an investment item than a currency to spend.
In Vietnam, cryptocurrencies are considered an illegal means of payment. The issuance and use of cryptocurrencies as a means of payment will be handled according to the provisions of law.
However, many statistics show that Vietnam currently ranks second in the world for the popularity of cryptocurrencies. According to Statista's survey, of every five Vietnamese, one said they used to use or own cryptocurrencies.
Vietnam ranks second in terms of cryptocurrency use, driven by remittance payments, according to a recent survey by a global provider of market and consumer data Statista.