BANGKOK – The Covid-19 pandemic has accelerated Southeast Asia’s transition towards a cashless society, while e-commerce continues to grow as consumers explore new shopping channels during the pandemic, according to the latest Visa Consumer Payment Attitudes Study.
The report also stated 93% of consumers use a multitude of cashless payment methods including cards, contactless cards, mobile contactless, mobile wallets and QR code payments in the region.
“This is led by consumers in Singapore (97%), Malaysia (96%), Indonesia (95%) and Vietnam (95%). However, an increasing number of consumers are opting for cashless payments in markets where cash remains dominant, such as Cambodia, the Philippines and Vietnam,” it said.
The report said nearly four in five Southeast Asian consumers plan to use cashless payment methods more often, particularly those in Thailand (89%) and Vietnam (83%), as well as 78% each in Malaysia, Indonesia, and the Philippines.
“This could be due to three in four (75%) consumers perceiving cashless methods as a safer way to pay, especially in Thailand (86%), Vietnam (80%) and the Philippines (79%).
“As such, nearly three in four Southeast Asian consumers (72%) support their governments’ plans to develop their nations into cashless societies, and more than two in three (68%) prefer shopping at stores that accept cashless payments,” it said.
The study said almost two in three (62%) Southeast Asian consumers shopped more frequently through apps or websites. However, with the emergence of new retail options and experiences, consumers are also exploring a variety of outlets for shopping.
“Almost half of Southeast Asian consumers (45%) shopped more frequently via proximity stores (direct delivery at home after ordering by phone) and almost two in five (39%) shopped more frequently via social media.
“Online shopping is becoming a growing habit, with three in five consumers shopping less frequently at physical outlets compared to two in five (44%) in 2020,” the study said.
Visa’s group country manager for Southeast Asia Serene Gay said in the region, payments and commerce are being defined by convenient and intuitive experiences that blend across all aspects of life.
She said the preference for cashless payments continues to grow, and nearly four in five (77%) Southeast Asian consumers plan to use cashless payments more often.
“This is driven by the widespread use of mobile wallets (52%) and contactless card payments (44%), as well as rising interest in the use of new methods such as Buy Now Pay Later solutions (63%).
“With more ways to pay, and more places for commerce to happen, the digital economy in Southeast Asia is projected to hit US$1 trillion (RM4.38 trillion) by 2030,” she said.
The annual Visa Consumer Payment Attitudes Study was conducted to understand the behaviours of consumers and identify areas for greater adoption of digital payments.
The latest survey was commissioned by Visa from August to September 2021 among 6,520 consumers aged 18 to 65 years in Singapore, Malaysia, Thailand, Indonesia, the Philippines, Vietnam and Cambodia. – Bernama, June 3, 2022
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