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Tofugear-2019年香港数字支付报告(英文)-2019.6-34页.pdf
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Tofugear 2019 香港 数字 支付 报告 英文 2019.6 34
1CONTENTS2FOREWORD3WIRECARD VIEWPOINT4RESEARCH SCOPE5HIGHLIGHTS:THE HONG KONG CONSUMER6 THE HONG KONG PAYMENTS MARKET13 CONSUMER ATTITUDES TOWARDS DIGITAL PAYMENTS18 BARRIERS IMPACTING DIGITAL WALLET USAGE24 THE FUTURE OF PAYMENTS IN HONG KONG2THE DIGITAL PAYMENTS LANDSCAPE IN HONG KONG 2019have been impressed by the variety of payment methods that are used here.In the UK,there is no equivalent to the convenience that the Octopus card offers,and PayPal is the main digital wallet that is used(a legacy of when that was the only way to pay for purchases on eBay).Contrast this to Hong Kong,where there are currently ten digital wallets that are accepted to varying degrees in the retail sector.Furthermore,this research has uncovered that nearly nine in ten consumers have used a digital wallet in the past year.This underlines that there is a genuine willingness to engage with these new payment methods,which have appeared on the market since the Hong Kong Monetary Authority issued its first stored value facilities(SVF)licenses in 2016.If there is a lesson to be learnt from this report,it is that payment preferences in Hong Kong are varied and retailers need to embrace this diversity in their payment strategies.For instance,retailers targeting younger consumers should consider offering a cash on delivery option due to low credit card ownership,while accepting digital wallet payments is a must for businesses operating in the food retail sector.Retailers should also keep in mind that the need for convenience is a major driver of purchasing behaviour.The patience of Hong Kongers with long queues is wearing thin,and speeding up the checkout process is exactly why some shoppers are opting for digital wallet payments.At the same time,consumers want to engage with self-checkout technologies,or skip the queue altogether through mobile tills.I would like to extend a thank you to Wirecard for partnering with us on this study as well as our research partner Rakuten Insight.Last but not least,a special thanks to all those individuals we interviewed at Google Pay,Octopus Cards,TNG FinTech Group,BBPOS Merchant Services,Zalora and SKYMART.Without your help,this report would not be possible.Hong Kong is lagging behind other markets when it comes to the adoption of new payment methods such as digital wallets.This has been one of the common themes we heard while speaking to payment vendors and retailers during the course of the research for this report.It is true:digital wallet payments do not dominate the payments market like they do in Mainland China although that is of course a consequence of the low penetration rate of credit cards in that market.Yet,having moved from the UK to Hong Kong just last year,I personally FOREWORDPHILIP WIGGENRAAD HEAD OF RESEARCH TOFUGEARRetailers need to embrace the diversity of payment preferences in Hong Kong3DAVID LAU GENERAL MANAGER WIRECARDWIRECARD VIEWPOINT Driven by increased smartphone penetration and internet usage,Asia is seeing a rise in digital payments adoption and is in the running to be a leader globally.Traditionally a cash is king society,Hong Kong has been making a push towards digital and mobile payments,with the Hong Kong Monetary Authority issuing stored value facilities licenses in 2016 and virtual banking licenses in March 2019.However,Hong Kong consumers are not the most advanced in comparison to other Asian shoppers in using smart payment systems,which at the same time brings plenty of opportunities and challenges to regulators,retailers as well as solution providers.Wirecard and Tofugear embarked on this collaborative partnership to answer some burning questions on the digital payments landscape that Hong Kong retailers,financial institutions and solutions providers may have.This report offers insights to the usage and adoption of digital payment methods by Hong Kong consumers,as well as how retailers and payment vendors are responding to these trends.Wirecard is widely known as an independent provider of outsourcing and white label solutions for electronic payment transactions,a global multichannel platform that bundles international payment acceptances and methods,supplemented by fraud prevention solutions.With our experience in providing omnichannel solutions to retailers,we see great potential in enhancing the customer experience and engagement with a new generation of payment users.The findings of this report reflect an ongoing shift in shopping and payment behaviour amongst Hong Kong consumers.We believe that there is a huge opportunity for retailers to bridge the gap and build meaningful relationships with their customers by adopting not just an omnichannel approach,but also a digital one.There is an ongoing shift in shopping and payment behaviour amongst consumers4THE DIGITAL PAYMENTS LANDSCAPE IN HONG KONG 2019RESEARCH SCOPECONSUMERThe consumer survey was carried out in Hong Kong in March and April 2019,with the total number of respondents standing at 1,000.Among those,97%were native Hong Kongers,with the remainder being expats from Mainland China and elsewhere.Following Tofugears previous Digital Consumer in Asia report,the research has continued to focus on three generations,defined as Gen Z(born 1997-2012),millennials(1981-1996)and Gen X(1965-1980).As this was a study into consumer purchasing behaviour,only Gen Z consumers that are at least 15 years of age in 2019 were asked to take part.Gen Z consumers younger than that typically have less financial capabilities.RETAILERAside from consumers payment preferences,Tofugear also did a qualitative survey among 25 Hong Kong retailers operating across a vast range of sectors.This focused on which payment methods they offer in their physical and online operations,the motivations for incorporating digital wallet solutions as well as their future investment priorities in terms of payment technologies.VENDORTo complete this digital payments research study,selected local payment vendors were approached through a qualitative interview,to gain insight into the current landscape and to address the possibility of a future cashless society in Hong Kong.Interviewees were managerial delegates from Google Pay,O!ePay and TNG.Tofugear,in partnership with Wirecard,has conducted a study on the adoption and habits of Hong Kong consumers utilising digital payments during online and offline shopping.The study looks into popular payment methods used in Hong Kong,as well as the motivations and barriers towards using digital wallets.DEFINITION OF DIGITAL PAYMENTSThe term digital payments includes a broad range of non-traditional payment methods including digital wallets,in-app payments,inter-bank transfers,stored value facilities(notably Octopus in the Hong Kong market)and others.The Hong Kong Monetary Authority(HKMA)defines stored value facilities(SVFs)as a monetary value that is stored in a facility or paid into from time to time(eg through top-up).In addition,payments to another person(such as peer-to-peer payments)are also within the definition of a SVF.The term covers those that are device-based(stored physically)and non-device based(stored on a network).In Hong Kong,the HKMA has granted 16 organisations with SVF licenses as of March 2019.At the time of writing this report,the following digital wallets are in use:AlipayHK,Apple Pay,Google Pay,O!ePay,PayMe,PayPal,Samsung Pay,Tap&Go,TNG and WeChat Pay.5HIGHLIGHTS:THE HONG KONG CONSUMER6THE DIGITAL PAYMENTS LANDSCAPE IN HONG KONG 2019THE HONG KONG PAYMENTS MARKETKEY FINDINGS Cash is still the main payment method in stores,but Hong Kong consumers also widely use Octopus,credit card and digital wallet payments Millennials are more likely to use digital wallets,but higher adoption rates are also linked to higher education and income levels Credit cards are the main payment method for online transactions,but cash on delivery resonates most with Gen Z shoppers Hong Kong retailers offer a wide range of payment options in store,but have yet to extend this to their ecommerce sites 7With the launch of the Octopus stored value card in 1997,Hong Kong was considered a front runner when it came to payments.This contactless card was originally meant for MTR payments,but was soon adopted by retailers in fact the value of retail payments now exceeds that of transport.Octopus cards are currently used by 99%of Hong Kongers aged 15 to 64,with over 35 million cards in circulation in 2019.However,the immense popularity of Octopus might also have been Hong Kongs downfall in terms of payments innovation,with many shoppers seeing little need to adopt new payment methods beyond cash and Octopus payments.Rita Li,sales and marketing director at Octopus Cards,says:Because consumers are satisfied with the convenience and the ease of use of Octopus cards,there are perhaps fewer driving forces for them to switch to another payment method.GOVERNMENT SUPPORTThe experience of Hong Kong stands in stark contrast to Mainland China,where many consumers did not have access to traditional payment cards and widely adopted mobile payment methods,predominately from technology giants Alibaba(Alipay)and Tencent(WeChat Pay).That said,the Hong Kong government has sought to reassert itself as a digital payments leader in recent years,with the Hong Kong Monetary Authority awarding its first stored-value facilities(SVF)licenses in 2016.In April 2019,13 companies hold SVF licenses,while three banks have also been awarded licenses.As noted in this reports research scope,there are currently ten digital wallet providers active in the Hong Kong market.8THE DIGITAL PAYMENTS LANDSCAPE IN HONG KONG 2019PAYMENT METHODS USED IN-STORE AND ONLINECASH IS STILL KING IN STORESWhen it comes to shopping in stores,cash is widely used in Hong Kong,with 88%saying that they use this payment method when shopping in stores.This is closely followed by Octopus(85%)and credit card(81%)payments.There is a generational divide though:usage rates of credit cards are significantly lower for the youngest Gen Z consumers.This is understandable:to qualify for a credit card,one must be at least 18 years of age along with salary requirements.This trend is also visible when it comes to ecommerce payments.While credit cards are used for online transactions by just under 90%of millennial and Gen X consumers,that percentage falls to 63%for Gen Z.At the same time,cash on delivery and digital wallets are a much more popular payment method for this youngest demographic.This is also tied into the popularity of using personal sellers on social media by Gen Z consumers,with such transactions often paid for via cash on delivery or P2P transfers.9PERCENTAGE OF DIGITAL WALLET USERS AMONG SELECTED DEMOGRAPHIC GROUPSEDUCATION LEVELBUT VAST MAJORITY ALSO USE DIGITAL WALLETS Hong Kongers have not been afraid to try new payment methods,with nearly nine in ten consumers having used a digital wallet such as AlipayHK or PayMe over the past year.However,that does not necessarily mean that these wallets get used regularly,as only 63%of respondents said that they use digital wallets for in-store transactions,while 55%do so for online payments.When looking at the demographics of those consumers who say they have used digital wallets over the past year,the following conclusions can be drawn:Millennials are most likely to use digital wallets,but adoption among Gen Z and Gen X consumers are also high Higher levels of household income are generally linked to higher usage rates,with the exception of the very highest income group(monthly income of over HK$80,000)Those with higher education levels are more likely to have used digital wallets over the past 12 months Usage among employed and self-employed stands at similar levels,ahead of students and the unemployedEMPLOYMENT STATUSGENERATIONMONTHLY HOUSEHOLD INCOME92%Millennials83%Gen X86%Gen Z10THE DIGITAL PAYMENTS LANDSCAPE IN HONG KONG 2019ALIPAYHK IS THE MOST POPULAR DIGITAL WALLET,AHEAD OF WECHAT PAY AND PAYPALAlipayHK is the clear market leader in Hong Kong,with two in three consumers using this digital wallet when shopping either in-store or online.AlipayHK is followed by some distance by WeChat Pay(47%)and PayPal(41%).It could be argued that WeChat Pay has been less aggressive in targeting new users through promotional activity than AlipayHK and this has perhaps impacted its user numbers.There are actually not many retailers that accept PayPal in physical stores,so this payment method will be primarily used for online transactions.The P2P wallet PayMe is used by 38%of all Hong Kongers.It is currently also not accepted by many retailers and mainly used by Hong Kongers to make payments to individuals,for instance,when splitting the bill when eating out or paying a personal seller on social media.However,HSBC launched PayMe for Business in early 2019,allowing small businesses to officially start accepting digital payments using only their mobile phones.Limits on the amounts of transactions have also been raised,so this type of payment is likely to gain traction over the coming year.Narrowing in on the device wallets in particular,Apple Pay is the most popular service and is used by 30%of all consumers ahead of Google Pay(18%)and Samsung Pay(10%).Google Pay has of course an advantage over Samsung Pay in that it can serve all Android phones,whereas Samsung is restricted to its own devices.It should be noted that both Apple Pay and Google Pay can DIGITAL WALLET USAGE RATESalso be used in certain web browsers on computers or Macs.While Hong Kong-based TNG comes in last place,it should be noted that they target the unbanked populations around the world,and in Hong Kong is primarily used by foreign domestic helpers for remittances.Alex Kong,founder and CEO of TNG FinTech Group,says:We are not targeting the mass market,but rather domestic helpers and foreign workers who are unable to open bank accounts or have problems sending money home.11CORE OF HEAVY DIGITAL WALLET USERS A typical Hong Konger will use a digital wallet two to three times a week.However,around one in three consumers can be classified as heavy users,using them at least four to six times a week.This group of frequent users is split approximately evenly between Gen Z,millennials and Gen X perhaps slightly surprising as one would expect higher usage levels among the more digitally-savvy Gen Z and millennial segments.This underlines that the convenience provided by digital wallets appeals to consumers regardless of age.FREQUENCY OF USING DIGITAL WALLETS BY GENERATIONINNOVATION IN BANKING FPS Hong Kongs banking system which at times may seem archaic when compared to the more seamless and customer-oriented services offered in other countries has been shaken up by the launch of the Faster Payment System(FPS)in September 2018.FPS allows customers to make and receive real-time payments by connecting banks and stored value facility(SVF)operators onto the same platform.Prior to its launch,a bank transfer bet

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