Thais most enthusiastic about digital payments in Asean: Visa study
Cashless payments, online shopping and revenge travel were the three leading trends that would feature in the endemic world in Southeast Asia, according to a Visa report on "Consumer Payment Attitudes".
The study showed that Thai consumers (89 per cent) lead Southeast Asia in their intention to use cashless payment methods more often, followed by Vietnam (83 per cent), Malaysia (78 per cent), Indonesia (78 per cent), and the Philippines (78 per cent).
The study also shows that Thai consumers have the highest confidence in digital payments. Over four in five (86 per cent) Thais perceived digital payments as safer than cash, followed by Vietnam (80 per cent), the Philippines (79 per cent), Indonesia (79 per cent), and Malaysia (75 per cent).
Serene Gay, Visa group country manager for Southeast Asia, said that during these past two years, the company had witnessed an acceleration in digital commerce as consumers sought 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,” Serene said.
Meanwhile, new shopping channels have also gained traction during the pandemic, driven by store closures and movement restrictions. More than half (55 per cent) of Southeast Asian consumers have tried shopping online via applications or websites for the first time, a trend led by consumers in Indonesia (72 per cent), Vietnam (66 per cent), and Thailand (65 per cent).
Over 42 per cent of Asean shoppers also opted for phone orders from nearby stores for the first time, with Vietnam (57 per cent), Thailand (54 per cent), and the Philippines (45 per cent) the most likely to shop in this way. Many consumers turned to social media channels to shop, led by Vietnam (50 per cent), Thailand (49 per cent), and the Philippines (46 per cent).
Meanwhile, the study showed revenge travel, a phenomenon fuelled by pent-up demand to resume travelling freely, was also on the radar for consumers across Southeast Asia, especially those in Thailand. Almost half of Thai customers, or 46 per cent, are likely to travel overseas in the next year, followed by Singapore (41 per cent) and the Philippines (38 per cent).
“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 said.
Visa is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories.