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The Digital Payments Landscape in Hong Kong 2019.Pdf 1 CONTENTS 2 6 FOREWORD THE HONG KONG PAYMENTS MARKET 3 13 WIRECARD VIEWPOINT CONSUMER ATTITUDES TOWARDS DIGITAL PAYMENTS 4 18 RESEARCH SCOPE BARRIERS IMPACTING DIGITAL WALLET USAGE 5 24 HIGHLIGHTS: THE FUTURE OF PAYMENTS IN HONG KONG THE HONG KONG CONSUMER THE DIGITAL PAYMENTS LANDSCAPE IN HONG KONG 2019 FOREWORD "Retailers need to embrace the diversity of payment preferences in Hong Kong" have been impressed by the variety younger consumers should consider of payment methods that are used offering a cash on delivery option here. due to low credit card ownership, while accepting digital wallet In the UK, there is no equivalent to payments is a must for businesses the convenience that the Octopus operating in the food retail sector. card offers, and PayPal is the main digital wallet that is used (a legacy of Retailers should also keep in mind when that was the only way to pay that the need for convenience is a PHILIP WIGGENRAAD for purchases on eBay). Contrast this major driver of purchasing behaviour. HEAD OF RESEARCH to Hong Kong, where there are The patience of Hong Kongers with TOFUGEAR currently ten digital wallets that are long queues is wearing thin, and accepted – to varying degrees – in the speeding up the checkout process is retail sector. exactly why some shoppers are opting for digital wallet payments. At the "Hong Kong is lagging behind other Furthermore, this research has same time, consumers want to markets when it comes to the uncovered that nearly nine in ten engage with self-checkout adoption of new payment methods consumers have used a digital wallet technologies, or skip the queue such as digital wallets." This has been in the past year. This underlines that altogether through mobile tills. one of the common themes we heard there is a genuine willingness to while speaking to payment vendors engage with these new payment I would like to extend a thank you to and retailers during the course of the methods, which have appeared on Wirecard for partnering with us on research for this report. the market since the Hong Kong this study as well as our research Monetary Authority issued its first partner Rakuten Insight. Last but not It is true: digital wallet payments do 'stored value facilities' (SVF) licenses least, a special thanks to all those not dominate the payments market in 2016. individuals we interviewed at Google like they do in Mainland China – Pay, Octopus Cards Limited, TNG although that is of course a If there is a lesson to be learnt from FinTech Group, BBPOS Merchant consequence of the low penetration this report, it is that payment Services, Zalora and SKYMART. rate of credit cards in that market. preferences in Hong Kong are varied Without your help, this report would and retailers need to embrace this not be possible. Yet, having moved from the UK to diversity in their payment strategies. Hong Kong just last year, I personally For instance, retailers targeting 2 WIRECARD VIEWPOINT Driven by increased smartphone penetration and internet usage, Asia "There is an is seeing a rise in digital payments ongoing shift in adoption and is in the running to be a leader globally. Traditionally a 'cash shopping and is king' society, Hong Kong has been making a push towards digital and payment mobile payments, with the Hong Kong Monetary Authority issuing behaviour stored value facilities licenses in 2016 and virtual banking licenses in March amongst DAVID LAU 2019. consumers" GENERAL MANAGER However, Hong Kong consumers are WIRECARD not the most advanced in comparison and white label solutions for to other Asian shoppers in using electronic payment transactions, a smart payment systems, which at the global multichannel platform that same time brings plenty of bundles international payment opportunities and challenges to acceptances and methods, regulators, retailers as well as supplemented by fraud prevention solution providers. solutions. With our experience in providing omnichannel solutions to Wirecard and Tofugear embarked on retailers, we see great potential in this collaborative partnership to enhancing the customer experience answer some burning questions on and engagement with a new the digital payments landscape that generation of payment users. Hong Kong retailers, financial institutions and solutions providers The findings of this report reflect an may have. This report offers insights ongoing shift in shopping and to the usage and adoption of digital payment behaviour amongst Hong payment methods by Hong Kong Kong consumers. We believe that consumers, as well as how retailers there is a huge opportunity for and payment vendors are responding retailers to bridge the gap and build to these trends. meaningful relationships with their customers by adopting not just an Wirecard is widely known as an omnichannel approach, but also a independent provider of outsourcing digital one. 3 THE DIGITAL PAYMENTS LANDSCAPE IN HONG KONG 2019 RESEARCH SCOPE Tofugear, in partnership with Wirecard, has conducted a study on the adoption and habits of Hong Kong consumers DEFINITION OF utilising digital payments during online and offline shopping. DIGITAL PAYMENTS The study looks into popular payment methods used in Hong The term 'digital payments' Kong, as well as the motivations and barriers towards using includes a broad range of digital wallets. non-traditional payment methods including digital wallets, in-app payments, CONSUMER RETAILER inter-bank transfers, stored The consumer survey was carried out Aside from consumers' payment value facilities (notably in Hong Kong in March and April preferences, Tofugear also did a Octopus in the Hong Kong 2019, with the total number of qualitative survey among 25 Hong market) and others. respondents standing at 1,000. Kong retailers operating across a vast The Hong Kong Monetary Among those, 97% were native Hong range of sectors. This focused on Authority (HKMA) defines Kongers, with the remainder being which payment methods they offer in stored value facilities (SVFs) as expats from Mainland China and their physical and online operations, a monetary value that is stored elsewhere. Following Tofugear's the motivations for incorporating in a facility or paid into from previous Digital Consumer in Asia digital wallet solutions as well as their time to time (eg through report, the research has continued to future investment priorities in terms top-up). In addition, payments focus on three generations, defined of payment technologies. to another person (such as as Gen Z (born 1997-2012), millennials peer-to-peer payments) are (1981-1996) and Gen X (1965-1980). VENDOR also within the definition of a As this was a study into consumer To complete this digital payments SVF. The term covers those that purchasing behaviour, only Gen Z research study, selected local payment are device-based (stored consumers that are at least 15 years vendors were approached through a physically) and non-device of age in 2019 were asked to take qualitative interview, to gain insight based (stored on a network). part. Gen Z consumers younger than into the current landscape and to In Hong Kong, the HKMA has that typically have less financial address the possibility of a future granted 16 organisations with capabilities. cashless society in Hong Kong. Interviewees were managerial SVF licenses as of March 2019. delegates from Google Pay, Octopus At the time of writing this and TNG. report, the following digital wallets are in use: AlipayHK, Apple Pay, Google Pay, Octopus O! ePay, PayMe, PayPal, Samsung Pay, Tap&Go, TNG and WeChat Pay. 4 HIGHLIGHTS: THE HONG KONG CONSUMER 5 THE DIGITAL PAYMENTS LANDSCAPE IN HONG KONG 2019 THE HONG KONG PAYMENTS MARKET KEY 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 6 ith the launch of the GOVERNMENT SUPPORT Octopus stored value card in 1997, Hong Kong was The experience of Hong Kong stands W in stark contrast to Mainland China, considered a front runner when it came to payments. This contactless where many consumers did not have card was originally meant for MTR access to traditional payment cards payments, but was soon adopted by and widely adopted mobile payment retailers – in fact the value of retail methods, predominately from payments now exceeds that of technology giants Alibaba (Alipay) transport. and Tencent (WeChat Pay). Octopus cards are currently used by That said, the Hong Kong government 99% of Hong Kongers aged 15 to 64, has sought to reassert itself as a with over 36 million cards in digital payments leader in recent circulation in 2019. However, the years, with the Hong Kong Monetary immense popularity of Octopus Authority awarding its first 'stored- might also have been Hong Kong's value facilities' (SVF) licenses in 2016. downfall in terms of payments In April 2019, 13 companies hold SVF innovation, with many shoppers licenses, while three banks have also seeing little need to adopt new been awarded licenses. As noted in payment methods beyond cash and this report's research scope, there are Octopus payments. currently ten digital wallet providers active in the Hong Kong market. Rita Li, sales and marketing director at Octopus Cards Limited, 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." 7 THE DIGITAL PAYMENTS LANDSCAPE IN HONG KONG 2019 PAYMENT METHODS USED IN-STORE AND ONLINE CASH IS STILL KING IN This trend is also visible when it STORES comes to ecommerce payments.
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