Visa, the world’s leader in digital payments, today announced findings from Visa’s Consumer Payment Attitudes Study1 (the “Study”), that reveal nearly half of Myanmar consumers surveyed (40 per cent) are interested in adopting biometrics for payments and authentication.
The Study is an in-depth report examining the perceptions, attitudes and behaviors Myanmar consumers have towards payment and emerging payment methods.
Lillian Wang, Country Manager for Visa Myanmar, said: “Given the evolving payment landscape, which has transformed the way consumers make payments, Myanmar consumers are clearly upbeat about technological advancements in payment solutions. We are encouraged and motivated that technology savvy Myanmar people recognize the benefits of using digital payments.” The Study showed top methods of biometric payments are finger scan (52 per cent), facial recognition (17 per cent), retina scan (9 per cent) and voice recognition (5 per cent).
When it comes to level of comfort in using biometric payment and authentication, finger scan tops the list with 99 per cent of respondents expressing comfort in using such a method. Facial recognition records the second-highest level of comfort level at 95 per cent, followed by voice recognition at 91 per cent. Myanmar respondents are least comfortable using retina scan at only 89 per cent.
The Study also tracks the level of awareness and interest of Myanmar consumers in using wearable technology to make payments, including smartwatch, wristband and ring. Based on the findings, only one in ten of respondents (9 per cent) are aware of wearables to make payments. However, despite low awareness level, nearly half (41 per cent) of the respondents express interest in using such technology to make payments.
Myanmar consumers express highest preference towards using smartwatch (39 per cent) to make payments, followed by wrist band/bracelet (26 per cent), ring (22 per cent). When asked about comfort level in using wearables to make payment, nearly all Myanmar respondents are most comfortable using wristband/bracelet (99 per cent), followed by smartwatch (98 per cent) and ring (95 per cent).
The Study also showed that Myanmar consumers are comfortable with the use of AI Chatbots for tasks such as making reservations, making payments, and placing orders for goods and services. Over 80 per cent of people surveyed said they are at least somewhat comfortable with each of these functions, despite only 1 per cent of respondents having previously used AI Chatbots.
“In Myanmar, we have taken the lead to introduce new innovative payment solutions, such as Visa contactless technology, as well as educating consumers on the benefits of digital payments and financial management. While we are proud of the progress, we remain committed to expanding the usage and acceptance of digital payments across the country. We are working hard to introduce new payment innovations and invest in the payments ecosystem in Myanmar to drive economic growth,” concluded Lillian.—GNLM