Over half (55%) of Asia-Pacific consumers would use Tap to Phone payments: Visa Study

Tap to Phone 0

New research from Visa found that the majority (55%) of Asia Pacific consumers would likely use Tap to Phone payments, despite solutions not yet being widely available in the region. Consumer interest is strongest in Malaysia (64%), followed by Taiwan (62%), Hong Kong (62%), and India (55%). The research suggests that as Tap to Phone solutions are introduced in Asia Pacific, consumers will embrace this new form of the contactless payments they are already accustomed to using.
In addition to simplifying point-of-sale infrastructure for businesses, tap to phone payments bring benefits to consumers. Ease of use was rated as the top reason that would encourage them to try tap to phone, by 52% of consumers surveyed. This was followed by saving time (51%) and eliminating the need to carry cash (50%).
Forty-three per cent of consumers rated security as a factor that would encourage their adoption of tap to phone payments. However, Visa believes there is a need for the industry to work together to educate consumers about security features. Losing personal or financial information were named as the top concerns around using tap to phone. Tap to Phone solutions bring multiple layers of security on both the buyer and seller side, to ensure that Visa’s high standards for secure payments are met. Each solution undergoes an intensive certification process including a security assessment by an accredited expert security lab. These solutions are also supported by an industry standard that has been developed and published by the PCI Security Standards Council.
Visa’s research also looked at the scenarios where consumers would be most likely to pay via tap to phone. Convenience stores were cited by 59% of survey participants, reflecting the desire for quick, easy transactions. Over half (56%) said they would want to be able to pay at a restaurant while seated at the table. Food courts, street stalls and kiosks were the third most popular scenario at 52%. —GNLM

Share this post

Comments

Hot News
Hot News