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Wednesday, February 28, 2024

Regional endemic trends: cashless payments, online shopping, and revenge travel – Visa Study

Visa, the world’s leader in digital payments, has revealed cashless payments, online shopping and revenge travel are the three leading trends that will feature in the endemic world, according to Visa’s Consumer Payment Attitudes study (the “Study”).

Thai consumers (89%) lead Southeast Asia in their intention to use cashless payment methods more often, followed by those in Vietnam (83%), Malaysia (78%), Indonesia (78%), and the Philippines (78%).

The study also shows that Thai consumers have the highest confidence in digital payments. Over four in five (86%) Thais perceived digital payments as safer than cash, followed by Vietnam (80%), the Philippines (79%), Indonesia (79%), and Malaysia (75%).

Serene Gay, Visa Group Country Manager for Regional Southeast Asia said: “During these past two years, we have witnessed an acceleration in digital commerce as consumers seek out faster, safer and more convenient ways to pay. As countries across the region open their borders, it is critical for businesses to adapt and embrace the move to digital to cater to these evolving consumer preferences.”

New shopping channels have also gained traction during the pandemic, driven by store closures and movement restrictions. More than half (55%) of Southeast Asian consumers have tried shopping online via applications or websites for the first time, a trend led by consumers in Indonesia (72%), Vietnam (66%), and Thailand (65%).

Over two in five (42%) shoppers also opted for phone orders from nearby stores for the first time, with Vietnam (57%), Thailand (54%), and the Philippines (45%) the most likely to shop in this way. Many consumers turned to social media channels to shop (40%), led by Vietnam (50%), Thailand (49%), and the Philippines (46%).

Revenge travel, a phenomenon fuelled by pent-up demand to resume travelling freely, is also on the radar for consumers across Southeast Asia, especially those in Thailand. According to the Study, almost half of Thai consumers (46%) are likely to travel overseas in the next year, followed by Singapore (41%) and the Philippines (38%).

“We hope these findings provide valuable insights to support Thai businesses in the transition towards an endemic period. Together with our strategic partners, we will continue to build and redefine the future of payments, making innovative payment experiences accessible to all,” Serene concluded.

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