CRYPTOCURRENCY UPDATES: CUSTOMERS IN APAC ARE MORE LIKELY TO USE DIGITAL PAYMENTS: MASTERCARD | VERY USEFUL 5 MIN READ:

CUSTOMERS IN APAC ARE MORE LIKELY TO USE DIGITAL PAYMENTS
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WE WILL DISCUSS IN DETAIL ABOUT CUSTOMERS IN APAC ARE MORE LIKELY TO USE DIGITAL PAYMENTS.

THE KEY POINTS ON CUSTOMERS IN APAC ARE MORE LIKELY TO USE DIGITAL PAYMENTS:

  • CONSUMERS IN APAC INCREASED THEIR USE OF DIGITAL PAYMENTS BY 7 OUT OF 10 IN 2021.
  • IN APAC, 40% OF PEOPLE REDUCED THEIR CASH USE IN THE PREVIOUS YEAR.

OVERVIEW ON CUSTOMERS IN APAC ARE MORE LIKELY TO USE DIGITAL PAYMENTS:

ACCORDING TO A MASTERCARD SURVEY, 88% OF CONSUMERS IN THE ASIA PACIFIC REGION CONTINUE TO BE AMONG THE WORLD’S MOST ENTHUSIASTIC USERS OF DIGITAL PAYMENT METHODS, INCLUDING DIGITAL WALLETS, QR CODES, CRYPTOCURRENCIES, AND OTHERS.

CUSTOMERS IN APAC ARE MORE LIKELY TO USE DIGITAL PAYMENTS
CUSTOMERS IN APAC ARE MORE LIKELY TO USE DIGITAL PAYMENTS

THE PAYMENTS INDUSTRY LEADER NOTED IN A STATEMENT THAT MOMENTUM WAS ALSO SHOWN BY THE FACT THAT 69% OF APAC CONSUMERS INCREASED THEIR USE OF AT LEAST ONE DIGITAL PAYMENT METHOD DURING THE SAME TIME PERIOD. 

ONLY 52% OF CONSUMERS IN NORTH AMERICA AND 48% OF CONSUMERS IN EUROPE, WHICH ARE REGIONS WHERE CONSUMERS ARE TYPICALLY MORE GUARDED AND CAUTIOUS ABOUT NEW PAYMENT TECHNOLOGIES, INCREASED THEIR USAGE IN THE SAME WAY, ACCORDING TO MASTERCARD.

MASTERCARD’S SECOND ANNUAL NEW PAYMENTS INDEX (NPI): A GLOBAL CONSUMER SURVEY SPANNING 40 MARKETS ACROSS FIVE REGIONS, INCLUDING SEVEN IN APAC: AUSTRALIA, CHINA, INDIA, JAPAN, NEW ZEALAND, THAILAND, AND VIETNAM, PUBLISHED THE MOST RECENT DATA ON PAYMENT HABITS, ATTITUDES, AND PREFERENCES.

THE COVID-19 PANDEMIC WAS THE IMPETUS FOR THE UNPRECEDENTED, QUICK UPTAKE OF DIGITAL PAYMENTS, ACCORDING TO MASTERCARD, BUT ITS SURVEY SHOWED THAT THE CHANGE HAS BEEN LASTING, WITH 40% OF RESPONDENTS IN APAC REDUCING THEIR USE OF CASH IN THE PAST YEAR. 

ALTHOUGH THERE HAS BEEN A SHIFT TO DIGITAL PAYMENT METHODS, THE FIRM SAID THAT RESPONDENTS FREQUENTLY EXPRESSED DOUBTS ABOUT THE INSTITUTIONAL SUPPORT AND SECURITY OF THESE NEW OPTIONS.

ACCORDING TO THE STUDY, SECURITY HAD A GREATER IMPACT ON CONSUMERS’ CHOICE OF PAYMENT METHOD THAN DISCOUNTS/PROMOTIONS, REWARDS, AND EVEN LOW INTEREST RATES. 

CONSUMERS IN THIS REGION HAVE CONSISTENTLY DEMONSTRATED A WILLINGNESS TO ADOPT CUTTING-EDGE NEW TECHNOLOGIES, AND PAYMENTS ARE NO EXCEPTION, ACCORDING TO SANDEEP MALHOTRA, EXECUTIVE VICE PRESIDENT, PRODUCTS AND INNOVATION, ASIA PACIFIC AT MASTERCARD. 

IT’S CRITICAL THAT BANKS, GOVERNMENTS, AND OTHER PARTICIPANTS IN THE FINANCIAL ECOSYSTEM PROACTIVELY SUPPORT THE SUSTAINABLE DEVELOPMENT OF THESE NEW PAYMENT METHODS, INCLUDING THROUGH REGULATION, BOLSTERING SECURITY, AND EDUCATING CONSUMERS, GIVEN THE RAPID RATE AT WHICH PAYMENT OPTIONS ARE PROLIFERATING AND THE CURRENT GLOBAL CLIMATE OF UNCERTAINTY IN SOCIO-ECONOMIC, HEALTH, AND POLITICAL MATTERS. 

ACCORDING TO MALHOTRA, IT’S LIKELY THAT THE REGION WILL ADOPT NEW PAYMENT TECHNOLOGIES EVEN MORE WIDELY AS A RESULT OF ASSURANCES LIKE THESE.

ACCORDING TO THE TAHE APAC REPORT, CONSUMERS GENERALLY AGREE THAT USING BIOMETRIC IDENTIFICATION, SUCH AS FINGERPRINT OR FACIAL RECOGNITION, IS MORE SECURE THAN USING TRADITIONAL METHODS OF VERIFICATION (69%), AND THAT IT IS ALSO EASIER TO REMEMBER THAN PINS OR PASSWORDS (70%). 

WHILE 72% OF RESPONDENTS IN APAC WERE CONCERNED ABOUT WHICH ORGANIZATIONS WOULD HAVE ACCESS TO THEIR BIOMETRIC DATA, ONLY ABOUT HALF (53%) OF RESPONDENTS FELT COMFORTABLE SHARING IT TO SAVE TIME.

THE SURVEY FOUND THAT DESPITE THIS, 58% OF CONSUMERS USED BIOMETRICS MORE FREQUENTLY IN THE PAST YEAR, DEMONSTRATING BOTH A LOVE FOR THE TECHNOLOGY AND UNREALIZED POTENTIAL IF PROVIDERS CAN SUCCESSFULLY ALLAY CONSUMERS’ CONCERNS ABOUT PRIVACY.

THE SURVEY INDICATES THAT APAC IS AHEAD OF THE CURVE WITH BNPL BECAUSE 50% OF CONSUMERS IN THE REGION SAY THEY FEEL COMFORTABLE USING BNPL RIGHT NOW, COMPARED TO 41% OF CONSUMERS WORLDWIDE WHO FEEL THE SAME WAY. 

CUSTOMERS IN APAC USE BNPL OFFERINGS IN PARTICULAR FOR THEIR LOW OR NO INTEREST PAYMENTS, IN EMERGENCIES, AND WHEN THEY WANT TO SPEED UP LARGER PURCHASES, IT WAS ADDED.

ACCORDING TO THE SURVEY, 55% OF RESPONDENTS IN APAC BELIEVE THEY WILL USE BNPL IN THE UPCOMING YEAR.

WHILE APAC CONSUMERS FEEL SAFER USING BNPL SOLUTIONS BACKED BY A MAJOR PAYMENT NETWORK (67%) OR THEIR EXISTING BANK (65%) THAN THOSE FROM OTHER PROVIDERS, IT WAS NOTED THAT ESTABLISHING TRUST AND COMFORT IS CRUCIAL.

ALTHOUGH ADOPTION HAS BEEN SLOW, MOST CONSUMERS IN APAC ARE AWARE OF CRYPTOCURRENCIES (88%), NON-FUNGIBLE TOKENS (NFTS), AND OTHER DIGITAL ASSETS. 

BUT RIGHT NOW, INVESTMENT IS THE MAIN CONCERN, ACCORDING TO MASTERCARD.

ACCORDING TO THE SURVEY, 31% OF APAC CONSUMERS (AND 44% OF APAC MILLENNIALS) HAVE HELD CRYPTO AS AN INVESTMENT IN THE LAST YEAR, AND FUTURE USE CASES THAT ARE POPULAR AMONG RESPONDENTS INCLUDE USING CRYPTO TO REDEEM REWARDS, INVEST, AND MAKE EVERYDAY PAYMENTS. 

ACCORDING TO THE SURVEY, 46% OF RESPONDENTS WANT MORE FREEDOM TO USE CRYPTOCURRENCY FOR REGULAR PAYMENTS.

MORE GOVERNMENT INVOLVEMENT AND TRUSTWORTHY ORGANIZATIONS LIKE BANKS, WHO ARE CITED AS THE MOST RELIABLE SOURCE OF DIGITAL CURRENCIES, WOULD INCREASE RESPONDENTS’ CONFIDENCE IN CRYPTOCURRENCIES, IT IS BELIEVED. 

IN-DEPTH RESEARCH REVEALED THAT 60% OF RESPONDENTS THOUGHT GOVERNMENTS SHOULD CONTROL THE CRYPTOCURRENCY AND STABLECOIN MARKETS, AND THAT 55% OF RESPONDENTS WOULD FEEL MORE SECURE INVESTING IN CRYPTOCURRENCIES OR DIGITAL CURRENCIES THAT ARE ISSUED OR BACKED BY A REPUTABLE COMPANY.

CONCLUSION ON CUSTOMERS IN APAC ARE MORE LIKELY TO USE DIGITAL PAYMENTS:

TO CONCLUDE ON CUSTOMERS IN APAC ARE MORE LIKELY TO USE DIGITAL PAYMENTS, THE APAC REGION IS THE MOST DIGITALLY ADVANCED IN THE WORLD. IT ALSO HAS THE HIGHEST MOBILE PENETRATION RATES AND MOST DEVELOPED E-COMMERCE MARKETS. THESE FACTORS MAKE IT A NATURAL FIT FOR DIGITAL PAYMENTS TO THRIVE.

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CRYPTOCURRENCY UPDATES: CUSTOMERS IN APAC ARE MORE LIKELY TO USE DIGITAL PAYMENTS: MASTERCARD | VERY USEFUL 5 MIN READ:

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