The Visa Consumer Payment Attitudes Study 2014[1] (”Survey”), which tracked attitudes to spending among Visa cardholders in four markets, showed in Thailand the appetite for contactless payments was strongest among working adults between the ages of 25 to 34 with 77% preferring stores that accept Visa payWave over those that do not. Respondents in the Philippines (78%) Malaysia (68%) and Singapore (60%) also prefer to shop at merchants that offer contactless payment options.
Speaking today at the 5th Asian Payment Card Forum in Bangkok, Somboon Krobteeranon, Visa Country Manager, Thailand, said: “Contactless payments are being accepted at a growing number of merchants in Thailand and across Southeast Asia. In Thailand, contactless payments and going cashless are set to become a part of everyday life as more consumers and merchants realize that contactless brings greater convenience and speedier checkouts for busy people on the go.”
Contactless technology gives Visa payWave cardholders the ability to pay by just “waving” their cards over a dedicated reader without having to swipe or insert their cards and then sign a receipt. Visa payWave transactions are capped at 1,500 Baht each and are protected by multiple layers of security to ensure cardholders enjoy greater convenience and both a faster and secure payment experience.
The Survey also found contactless payments usage remains the highest in Singapore, with 55% of respondents having used the technology, while in Thailand almost a quarter (23%) of respondents cited having used contactless payment technology to make a purchase.
The two top reasons provided for using contactless payments are faster transactions (47%) and the ability to go cashless (29%). Interestingly, 44% of those aged 60 and above prefer contactless as an alternative to carrying cash.
With a growing trend towards wearable technology such as smart watches – the Apple Watch with Apple Pay capability being the latest – and fitness trackers, respondents were also asked about using wearable tech as a contactless payment tool. In Thailand, 63% of respondents said they were interested in using wearable technology to pay, and in Malaysia, 56% of respondents indicated an interest.
Contactless Payment Thailand Update
In August Visa payWave reached a number of key milestones in Thailand with 155% growth in the number of Visa payWave transactions conducted, compared to the previous month. The payment volume of Visa payWave transactions also increased by 77% over from last month. This is helped in part by the ever widening acceptance among key merchants, including supermarkets Tesco, Big C and Maxvalu, retailers The Mall Group, and hospitality establishments such as Hello Kitty House and McDonald’s.
“That more than three in five Thai consumers have expressed a preference for shopping at stores with contactless payments shows the technology is popular among consumers and is a viable alternative to cash transactions,” Krobteeranon said. “The convenience and speed of Visa payWave can improve the shopping experience for Visa cardholders and merchants alike as shown in the Survey. Consumers have shown their preference for contactless payments as a step towards a cashless society.”
The Visa Consumer Payment Attitudes Study 2014 was conducted in July 2014 by BlackBox Research on behalf of Visa. Demographics of the respondents were male and female credit card holders above the ages of 18 year olds and holders of at least one general purpose card (credit card). There were 500 respondents in each of the four markets and interviews were conducted online with representative quotas of gender and age. The study surveyed 2000 consumers in Singapore, Malaysia, The Philippines and Thailand.