Thai consumers keen to use wearables and biometrics for payment, highest in Southeast Asia Visa Study

Stocks and Financial Services Press Releases Monday November 11, 2019 17:17
Bangkok--11 Nov--Spark Communications

Visa, the world's leader in digital payments, today revealed Thai consumers show the highest level of awareness and comfort in using wearables and biometrics to make payments comparing to other Southeast Asian nations, based on findings from the Consumer Payment Attitudes study (the "Study"). The Study tracks payment habits and attitudes as well as exploring emerging topics related to payments among 4,000 consumers across eight Southeast Asian countries, including 500 respondents from Thailand.

According to the Study, 65 percent of Thai consumers are aware or currently use wearables to make payments, the highest percentage in the region. Singapore and Indonesia rank second at 60 percent, followed by Malaysia and Vietnam at 52 percent, and the Philippines at 44 percent. In addition, Thai consumers also record the highest level of awareness in Southeast Asia in using biometric for payment and authentication at 66 percent. Vietnam and Singapore follow suit with 60 percent and 55 percent respectively.

Suripong Tantiyanon, Country Manager for Visa Thailand said: "We are heartened that Thai consumers recognize the benefits of innovations and how it contributes to making payments more secure, faster and more convenient. The findings can be attributed to how everyone in the payment ecosystems collaborate, make progress and transform the way consumers and businesses in Thailand make payments."

According to the Study, Thai respondents display the most comfort level across the region in using wearables to make payments. More specifically, they include smartwatch (84 percent vs regional average 71 percent), wrist band/bracelet (71 percent vs regional average 59 percent) and ring (66 percent vs regional average 52 percent).

When asked about the most preferred wearable option, Thai survey respondents indicate smartwatch as their top choice (55 percent), followed by wrist band/bracelet (22 percent), microchip implant (11 percent), ring (8 percent) and spectacles (4 percent).

At the same time, biometrics are becoming a more preferred method for consumers to authenticate themselves for access and payments, in place of a traditional password. For Thai consumers, 2 in 3 (66 percent) are aware of biometric payments, the highest level in Southeast Asia.

When asked about comfort level in using biometric methods for payment and authentication, Thais consumers express the most comfort across three categories, including finger scan (87 percent vs regional average 78 percent), retina scan (88 per cent vs regional average 61 percent), and facial recognition (80 percent vs regional average 65 percent).

Further findings show Thai respondents most prefer finger scan as top option for biometric payment and authentication method (56 percent), followed by retina scan (26 percent), facial recognition (12 percent) and voice recognition (6 percent).

"In Thailand, we have taken the lead in introducing innovative payment solutions, such as Visa QR payments, contactless technology and cross-border business solutions, while working with our clients and partners to expand the adoption of digital payments. While we are proud of the progress, we remain committed to leveraging our global network and payment innovations to contribute to Thailand's transitions towards a cashless future," concluded Suripong.

Visa Inc. (NYSE: V) is the world's leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network - enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company's relentless focus on innovation is a catalyst for the rapid growth of digital commerce on any device for everyone, everywhere.As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information, visit About Visa, and @VisaNews.

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