Despite security concerns, APAC consumers adapt to a broader range of payment technologies in new shopping reality.
In Asia Pacific, the use of a range of payment technologies is trending upwards as people’s comfort with and understanding of them increases – while the use of cash steadily decreases.
The Mastercard New Payments Index – a study that looks at payment methods conducted across 18 different markets globally – reveals a new shopping reality, withevolving consumer spending habits and greater enthusiasm for a broader range of payment technologies – as adoption of emerging payment technologies (such as QR codes, cryptocurrency and contactless biometrics) is rising as a result of the pandemic.
Security concerns are still top of mind, though, with 79% indicating they would be open to trying new payment technologies if they perceived them to be safe, while 85% want to be sure the payment options the merchant offers are secure.
More findings for the region from the study are available in this infographic.