Due to the ongoing Corona pandemic, 94 percent of Asia and Pacific residents are using QR codes, digital or mobile wallets, installment plans, cryptocurrency and biometric services for various transactions, according to a recent MasterCard survey.
MasterCard released the results of a survey called New Payments Index (NPI) on Wednesday. The survey was conducted with online interviews of 15,589 customers from 16 countries in four regions of the world.
The survey was conducted in 16 countries, including India, Australia and Thailand. Eighty-four percent of respondents in the Asia-Pacific region said they now have more options than they did a year ago. Eighty-four percent of respondents to the survey said that if small business establishments come up with additional payment options, they will do more transactions with those establishments.
Sandeep Malhotra, Executive Vice President, Products and Innovation, MasterCard Asia-Pacific, said that the study by MasterCard found that people in Asia and the Pacific are not just adapting to the situation but adapting to the new way of life as well. They are becoming interested in technology-based transactions as the risk of personal safety, security and ease of movement increase alarmingly.
Sandeep Malhotra added that the residents of Asia-Pacific are focusing on new technology-based transactions and innovations and are gaining global recognition. The study found that as digital payments continue to be the mainstay of transactions in the region, the spread of technology-based transactions will continue.
According to a MasterCard survey, new payment technology or new technology-based transaction services are on the rise as customers feel more comfortable. On the other hand, the amount of traditional cash transactions is decreasing day by day. In fact, in the coming years, 69 percent of consumers in Asia and the Pacific said they plan to reduce cash transactions. 68 percent of consumers in Asia and the Pacific said they would transact through digital and mobile wallets next year, up from the global average of 62 percent.
Sandeep Malhotra said the change in transactional behavior was mainly due to the aspirations and preferences of consumers in Asia and the Pacific. Eighty-five percent of respondents said they want to shop anytime, anywhere. So businesses that can afford to buy and pay in different ways will have the ability to meet the needs of their customers and thus change the pace and nature of business in the future.
The survey included more than 1,000 participants from Australia, India, Thailand, the United States, Canada, Brazil, Mexico, the United Arab Emirates, Egypt, Saudi Arabia, Nigeria, Kenya and South Africa. There are more than 500 participants from Argentina, Chile, Colombia, Peru and the Dominican Republic. The study was conducted from February 26 to March 10, 2021.