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Fintech & Ecommerce

Hongkongers increasingly use mobile wallets avoiding POS terminals?

May 18, 2020

The pandemic is anticipated to bring a change in Hongkongers’ payment behavior

mobile wallet

Hongkongers increasingly use mobile wallets avoiding POS terminals. Source: pixabay.com

According to GlobalData, cash payments in Hong Kong are set to drop, whereas card payments will grow by 2023.

The forecast states that the ATM cash withdrawals value will rise at a subdued CAGR of 1.2% over 3 years. As to card payments, their value will increase at a CAGR of 4.7% during the same period.

The pandemic has resulted in a shift in consumer spending behavior, as wary customers will cut down on purchases of non-essential items, thereby resulting in overall decline in consumer spending which in turn is set to affect the payments’ growth
Nikhil Reddy, Banking and Payments Analyst at GlobalData

The data reveals that the Hongkongers are switching from in-store to online shopping in order to avoid exposing themselves to COVID-19 through cash and POS terminals.?This way, HKTVmall, a Hong Kong-based e-commerce platform, reported a 165% boost in the number of orders in February 2020 compared to February 2019.

Besides, consumers are increasingly using mobile wallets for in-store payments, since they are safer than cards.

We’ve reported that Ireland’s cash payments have declined by 57%. Along with that, the total value of payments is expected to grow at a CAGR of 3.3% by 2023. This is largely down to cash ATM withdrawals forecasts changing from 0.8% to -2.2%.

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