Many places are rapidly moving towards a “cash-free society,” but Hong Kong still lags behind in electronic payments. A survey by Visa shows that Hong Kong people still use cash most often, but half of Hong Kong people have tried to live without cash. The survey also showed that over 70% (71%) of Hong Kong residents preferred non-cash payment, which is higher than Taiwan’s 59% and Macau’s 26%. However, more than half believe that Hong Kong will become cashless for at least 7 years. society.

Maaike Steinebach, managing director of Visa Hong Kong and Macau, took office earlier this year and worked in Asia for 16 years. She believes that cash will continue to be Visa’s number one rival, but as Hong Kong increasingly adopts electronic payments, Hong Kong’s consumption People, businesses and governments will benefit from higher economic growth, employment rates, salaries and productivity, and even lower crime rates.

40% of respondents carry less cash

Hong Kong’s acceptance of electronic payment is increasing, with 40% (40%) of respondents saying that they carry less cash than they did two years ago, using inductive payments (64%) more frequently, or more frequently using credit cards and debit cards (62). %), the main reason for Hong Kong people to reduce their cash.

The study also pointed out that 7 out of every 10 Hong Kong people (74%) buy online at least once a month. In the first two quarters of this fiscal year, Visa’s revenue from e-commerce payment transactions increased by 40%; while Visa transactions with inductive mobile devices accounted for one-tenth of the total. 

Electronic payment has great potential for development

Although Hong Kong is gradually forming a trend of non-cash payment, more than half (53%) of Hong Kong people expect Hong Kong to be a cashless society for at least seven years. Shi Meiqi said that if Hong Kong lacks solid electronic payment, artificial intelligence (AI) and 5G foundation, it will be difficult to develop smart cities. She believes that these technologies will change the way people live, travel and consume.

She continued, electronic payment has huge potential for development, especially in e-commerce, business-to-business (B2B) payments, and public transportation. Visa will continue to innovate and work with governments, financial institutions, merchants and financial technology companies to provide people with a people-oriented payment solution that caters to the society’s rising demand for cashless payments.

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