57% of consumers in a number of Asian countries consider cash as the preferred way to pay for daily purchases
According to a recent study by PayPal, consumers in the countries of the Asia-Pacific region are aware of the available options for digital payments, but they still prefer to pay in cash . The PayPal survey, which was attended by about 4,000 consumers from India, China, Hong Kong, Singapore, Thailand, the Philippines and Indonesia, found that about 57% of consumers consider cash to be the preferred way to pay for daily purchases.
Most often, cash is used in India, Indonesia and the Philippines, where more than 70% of respondents said they use cash more often than any other method of payment. In Hong Kong, the share of such consumers declined to 44%, while in Singapore it reaches 43%. Nevertheless, only 25% of respondents in China said that paper money is preferred for making payments.
The reasons for which consumers in Asia prefer cash calculations, there are several. First, many residents of this region do not yet have a clear understanding of how different payment systems function. At the same time, how cash payments work is understandable to everyone, explains in PayPal. In addition, many consumers in the Asia-Pacific region consider the creation of a digital wallet a rather complex process. In addition, they are concerned about the confidentiality of financial data.
At the same time, PayPal notes that Asian consumers, who are testing digital wallets, quickly switch to this method of payment. Apparently, the key to popularizing digital payments in Asia is to get consumers to use such payment methods at least once.
Based on Cnbc