VISA CONSUMER PAYMENT ATTITUDES STUDY 2.0 HOW THE PANDEMIC HAS CHANGED THE PAYMENTS AND BANKING ECOSYSTEMS IN , AND TAIWAN METHODOLOGY

OPTIONS: CONSUMERS SEEKING GREATER TABLE INTRODUCTION OF CONTENTS 3 PAYMENT CHOICES AT SMALL MERCHANTS

A TIMELINE OF COVID-19 RELATED TICKET TO RIDE: TRAVEL AND SOCIAL RESTRICTIONS 4 CONTACTLESS COMMUTE

THE COVID-19 EFFECTS: PANDEMIC EXPERIENCE DRIVEN: 1 ACCELERATES DIGITAL COMMERCE 5 THE RISE OF DIGITAL BANKING

ONLINE SHOPPING DRIVES 1.1 AWARENESS AND TRUST: GROWTH IN DIGITAL PAYMENTS 6 VIRTUAL BANKS AT THE CROSSROAD

HYGIENE FACTORS AND THE 1.2 WHOSE DATA? OPPORTUNITIES MOVE TO CONTACTLESS 7 AND CHALLENGES IN OPEN BANKING

THE SEE-SAW: ABOUT VISA 2 MOBILE WALLETS PASS THE TIPPING POINT

2 TOTAL SAMPLE SIZE 1600

The survey was conducted with 1,600 HONG KONG ONLINE consumers living in Hong Kong SAR 500 (referred to as ‘Hong Kong’), Macau SAR METHODOLOGY (referred to as ‘Macau’), and Taiwan by Intuit Research.

The methodology for this study was MACAU FACE-TO-FACE quantitative, with data collection in 300 August 2020. TAIWAN ONLINE For Hong Kong and Taiwan, the surveys were done using online access panels. In 800 Macau, interviews were conducted face- to-face, via street intercepts.

Target group: General population aged 18-55 years, with quotas set to ensure a representative sample.

The sampling error for these sample sizes is +/- 4.4% for Hong Kong, +/- 5.7 % for Macau and +/- 3.5% for Taiwan at 95% confidence.

3 This is not just another report on the of the pandemic across the payments We hope that this report will provide useful impact of COVID-19. We knew that the ecosystems in Hong Kong and Macau – insights to the industry as Visa continues pandemic has led to an acceleration in with Taiwan as comparison. The survey, to broaden our capabilities and provide INTRODUCTION digital transformation. Many studies conducted in August 2020 among a consumers with seamless, intuitive, and have addressed the economic impacts total sample of 1,600 consumers, has secure commerce experiences whatever usually at regional and global levels. corroborated Visa’s own data that: the circumstances. The Consumer Payment Attitudes • Online shopping will become the Study 2.0 differs in how we look at norm with consumers in Hong consumers’ perceptions and preferences Kong expecting to do 45% of their – specifically in Hong Kong SAR and shopping online post-COVID. Macau SAR – on payments, digital banking and open data, as affected • Two-fifth of Hong Kong and by COVID, while comparing this year’s Macau consumers have used more findings with the previous year’s. digital banking services during the pandemic and will do so after. “Cash is king” may no longer apply in • in stores Hong Kong, as credit and debit cards is becoming more frequent for overtook cash for the first time as the hygiene reasons compared to the most used and preferred payment previous year. option. Preference and usage of digital payments also extended In this second edition of this annual beyond eCommerce to include research, we have also taken a deeper face-to-face transactions. dive into perceptions and expectations of consumers’ digital banking experiences, This report confirms the structural shifts as well as their views on open data Maaike Steinebach that Visa has observed through our own and data privacy. In short, consumers’ General Manager, VisaNet data in the first eight months optimism for a cashless future is growing, Hong Kong and Macau but there is room for improvement.

4 A TIMELINE OF KEY COVID RELATED TRAVEL AND SOCIAL RESTRICTIONS

HONG JAN–FEB MAR–APR MAY–JUN JUL AUG ONWARDS KONG 2020 • The Hong Kong SAR government • Start of the second wave of • Restrictions implemented • Social gathering • Period of no new responded to the coronavirus the outbreak in Hong Kong in April relaxed, including restrictions were infected cases and stability outbreak by restricting inbound for restaurants re-introduced interspersed with city- travel from Mainland China. • Quarantine measures wide outbreaks – third and extended to all • Schools resumed classes • Masks made mandatory fourth waves – results in • Tourist arrivals dropped drastically arriving travellers on and government relaxing and

at all indoor public places then tightening rules on • Quarantine measures introduced • Social distancing measures public gatherings including and restrictions on several • Daytime dine-in at schools and restaurants • Schools suspended until end of May types of businesses, including restaurants limited to restaurants and bars 2 and then 4 people • Hong Kong government • Work-from-home discuss possibilities of arrangements implemented • Gatherings of more than four ‘travel bubbles’ with people prohibited Thailand, Japan, • First coronavirus death in Hong and other destinations Kong on February 4

5 JAN FEB–MAR APR–JUN JULY ONWARDS MACAU

2020 • The government and the • Casinos and other • ‘Health code’ system • Quarantine-free travel to casino sector met to entertainment businesses introduced to facilitate nine cities in Greater Bay discuss coronavirus suspended for 15 days. travel for Macau residents Area for eligible Macau prevention measures. Operations resumed from residents. Reinstatement of the midnight of 20 February. • Last COVID-19 patient in travel permit issuance for • Novel Coronavirus Response Macau was discharged Mainland residents to Macau and Coordination Centre set up • Bars, health clubs, night clubs, karaoke lounges reopened • Classes resumed in stages • First confirmed case reported • Macau SAR government • Schools and universities restricted travel inflow were closed, border control measures imposed.

6 DEC (19)–JAN FEB MAR–APR MAY ONWARDS TAIWAN

2020 • Taiwan started screening • Schools postponed the start of • Public gatherings • CECC started easing travellers from Mainland spring semester by two weeks guidelines issued restrictions China on December 31st • Restrictions imposed on • Mandatory social • Short-term business • Quarantine measures flights to and from Mainland distancing rules announced travellers allowed to enter implemented China, Hong Kong and Macau for restaurants, school Taiwan and could apply for campuses, offices, mass shortened home quarantine • Central Epidemic Command • 14-day home quarantine transport, supermarkets, Centre (CECC) was established required for travellers who and other sites • Entry measures were transited through Mainland gradually relaxed for • First cases reported China, Hong Kong and Macau eligible travellers

• First coronavirus death reported

7 In Hong Kong, Macau and Taiwan, there have been major disruptions to tourism and business ONLINE SHOPPING FREQUENCY AROUND THE COVID-19 EFFECTS: travel, school closures that have brought adverse COVID-19 (AT LEAST ONCE A WEEK) consequences, implementation of work-from- PANDEMIC ACCELERATES home arrangements and social distancing 51% 1 DIGITAL COMMERCE measures. These disruptions were more 50% 49% pronounced and lasted longer in Hong Kong than HONG KONG the other two markets. 39% MACAU 37% ONLINE SHOPPING These disruptions to people’s routines and a 33% TAIWAN 31% DRIVES GROWTH IN heightened awareness of hygiene has inevitably 36% 27% 1.1 DIGITAL PAYMENTS had an impact on how people consume goods and services, both online and offline.

Across the three markets, there has been a BEFORE DURING AFTER (EXPECTED) considerable increase in online shopping, both in terms of frequency and percentage of total expenses. The growth is the greatest in Hong % OF TOTAL EXPENSES PAID FOR Kong, where the proportion of people making ONLINE DURING COVID-19 online purchases at least once a week has increased to 36% now compared to 27% before 54% 52% the pandemic. This is followed by Taiwan, which 52% HONG KONG witnessed an increase to 39% from 33%. 49% MACAU 50% 45% However, post-COVID there is expected to be 43% TAIWAN a drop in online spending in Hong Kong and 40% 43% Taiwan, but this will not be as low as pre-COVID levels. In Macau, people’s spending habits are expected to return to pre-pandemic levels. BEFORE DURING AFTER (EXPECTED)

8 % WHO INCREASED FREQUENCY/ AMOUNT OF ONLINE SHOPPING BY CATEGORY DURING COVID-19 The increase in online spending has benefited some categories more than HONG KONG MACAU TAIWAN others. 77% 75% 56% Meal delivery Meal deliveries have benefited from 83% 77% 60% social distancing restrictions, seeing Fresh produce 70% 56% 57% the strongest growth across each of and meats 70% 68% 61% the three markets. In Hong Kong and 52% 37% 42% Education Macau, three out of four people have 67% 55% 47% ordered meals more frequently and have Health and 64% 67% 51% spent more. Over half the respondents in wellness 65% 70% 48% Taiwan say so too. 63% 45% 48% Daily groceries 60% 49% 47%

Other categories that have benefitted 48% 53% 45% Digital content from increased spending are fresh 54% 55% 48% produce, groceries, education, health & Beauty/ 49% 57% 38% wellness, and fashion. In particular, Hong Cosmetics 50% 55% 39% Kong and Taiwan have seen increased Sports and 48% 13% 46% online sales in the sports and recreation recreational 47% 17% 40% and adventure equipment segments. Fashion and 48% 58% 38% accessories 46% 56% 34%

35% 34% 29% Books 44% 48% 35%

Adventure 46% 31% 37% equipment 41% 38% 63% Frequency Financial 30% 50% 35% services 31% 52% 39% Amount

9 CHANGE IN USAGE OF ONLINE SHOPPING COMMUNITY SUPPORT: CHANNELS DURING COVID LOCAL ECOMMERCE WEBSITES ARE THE PRIMARY BENEFICIARIES

HONG KONG MACAU TAIWAN Across all three markets, local e-commerce websites and apps have seen the highest 1% 6% 7% 5% Local website/ 2% 3% 45% 43% 2% 7% 55% 29% 2% 6% 52% 35% increase in usage. This is not surprising as apps courier services were affected.

Overseas eCommerce websites have also 1% 4% 1% 4% 5% Overseas 2% 13% 52% 28% 2% 18% 53% 22% 2% 30% 50% 13% seen increased usage among Hong Kong website/apps shoppers and to a lesser extent in Macau. Meanwhile, there is a net decrease in overseas online shopping from Taiwan 1% 4% 4% 2% 2% 2% consumers. Shopping via social media has Social media 9% 4% 39% 43% 31% 9% 34% 20% 12% 4% 50% 30% also increased, particularly in Hong Kong.

2% 3% 4% 4% 2% 3% Group buys 23% 5% 41% 26% 34% 6% 34% 18% 23% 5% 45% 22%

Never used Stayed the same

Stopped using Increased For more details on small Decreased use Used this platform for the first time merchants, please see page 29.

10 Our survey has revealed some interesting Mainland China differences in how the pandemic NET INCREASE/DECREASE OF ONLINE has affected which overseas markets PURCHASE DURING COVID-19 FROM DIFFERENT MARKETS/REGIONS consumers from Hong Kong, Macau and Taiwan buy from.

Among Hong Kong shoppers, purchases

from Japan, South Korea, Taiwan and North Japan South Korea Taiwan US and Canada UK America see significant jumps.

Macau has also seen an increase in online shopping from Japan-based merchants, though it pales in comparison to the net 58% increase in purchases from sellers in Mainland China. There is a drop in online Increase 2% 7% 9% 13% 4% 9% 7% 10% shopping from US and Canada websites. HONG KONG Decrease 23% 15% 18% 16% 4% N/A 13% 5% 1% 58% MACAU Taiwan has recorded a net drop in overseas online purchases. The reductions are TAIWAN mainly in online purchases from Mainland China, South Korea and the UK.

11 NET INCREASE/DECREASE OF PAYMENT CASH TAKES A NOSEDIVE, WHILE METHOD USAGE DURING COVID DIGITAL PAYMENTS SOARED

Cash payments have rapidly lost favour during the pandemic, with Hong Kong seeing the largest drop in cash usage. Card-funded Credit Contactless card P2P Payment Non-card-funded Cash mobile payments card payments mobile payments Card-funded mobile payments, credit cards, contactless cards, peer-to-peer (P2P) payments and non-card-funded mobile payments have all shown significant increase in usage.

Macau, the economy most dependent on cash, has also witnessed a massive decline in cash payments during the Increase -37%-24% -5%

pandemic and an increase in several Decrease 41% 29% 33% 36% 43% 47% 36% 26% 31% 35% 1% 19% 31% 25% 33% HONG KONG digital payment methods. MACAU

While the decline in the number of TAIWAN cash users in Taiwan was much smaller than in Hong Kong and Macau, digital payments also got a boost in Taiwan because of COVID.

12 The changes in the way that people shop during the pandemic has inevitably affected payment PAYMENT METHODS USED behaviour. The most obvious changes are linked to the shift to online shopping.

However, the pandemic has also had more subtle effects on payment choices due to health or hygiene concerns. There is a noticeable switch in payment methods from cash and towards cashless methods between May 2019 and HONG KONG August 2020. 80% 84% 91% 78% 75% 64% 55% 61% 52% 36% 47% 38% 35% 32% 40% 32% Credit/ Cash Card-funded Contactless P2P payment Non-card- Payment Prepaid card In-app mobile Debit card mobile card payments funded mobile gateway payments (not In 2019, cash was the most used form of payment payments at payments at at a physical in Macau (96%), Hong Kong and Taiwan (91%). In physical stores physical stores store) 2020, cash usage dropped by 24% in Macau, 14% in Taiwan and 13% in Hong Kong. MACAU In this scenario, it is not surprising to see card 52% 63% 96% 72% 53% 32% 35% 9% 24% 8% 3% 37% 4% 14% 7% 19% payments dominate over cash, with card usage Credit/ Cash Card-funded Contactless P2P payment Non-card- Payment Prepaid card In-app mobile rising from 80% to 84% in Hong Kong, and from Debit card mobile card payments funded mobile gateway payments (not payments at payments at at a physical 52% to 63% in Macau. physical stores physical stores store)

Both Hong Kong and Taiwan witnessed an uptick in P2P payments, by 10% in Hong Kong and 11% TAIWAN in Taiwan. However, in Macau, P2P payments 83% 80% 91% 77% 66% 58% 33% 94% 36% 7% 17% 39% 13% 4% 20% 17% 35% dropped by 5%. Credit/ Cash EasyCard, iPass, Card-funded Contactless card P2P payment Non-card- Payment Prepaid card In-app mobile Merchant Debit card HappyCash, mobile payments funded mobile gateway payments (not branded iCash payments at payments at at a physical mobile In contrast, in-app mobile payments in Macau physical stores physical stores store) payments/  2019 loyalty rose by 12% while declining by 8% in Hong Kong. program 2020

13 While usage of cash has declined due PREFERRED PAYMENT METHODS to people being out less, the stated preference for cash payment has also decreased since last year. Hygiene

concerns have made people warier Non-cash about handling cash. preference (2020) HONG KONG 77% In 2019, 29% of people in Hong Kong 29% 23% 19% 18% 27% 16% 18% 10% 11% 5% 7% 1% 2% preferred cash, which constituted 32% of Cash Credit/ Octopus card Card-funded Contactless Non-card- Prepaid card Others spending. In 2020, these figures dropped Debit card mobile card payments funded mobile payments at payments at by 7% and 6% respectively. In Taiwan, physical stores physical stores cash usage fell from 91% to 77%, while preference dropped to 35% from 41%.

Non-cash Macau witnessed the most drastic fall in preference (2020) both usage and preference – from 64% MACAU 61% to 38% and 74% to 39% respectively. At 74% 39% 11% 15% 7% 3% 17% 0% 7% 6% 13% 2% 1% the same time, card usage has gone up Cash Credit/ Macau Pass, Card-funded Contactless Non-card- Prepaid card Others from 12% to 20%, while contactless card Debit card City Union mobile card payments funded mobile card payments at payments at payments started to gain traction. physical stores physical stores

Non-cash methods combined are now Non-cash preference preferred by 77% in Hong Kong, 65% in (2020) 2019 Taiwan and 61% in Macau. TAIWAN 65% 2020 41% 35% 27% 28% 10% 9% 7% 8% 4% N/A 11% 2% 7% Cash Credit/ EasyCard, iPass, Card-funded Contactless card Non-card- Prepaid card Others Debit card HappyCash, mobile payments funded mobile iCash payments at payments at physical stores physical stores

14 REASONS FOR CHOOSING NON-CASH METHODS

The main reasons cited by consumers HONG KONG MACAU TAIWAN for switching from cash to digital payments are the speed of payment, QUICKEST FORM OF TRANSACTION EASE OF CARRYING AROUND REWARDS AND CASHBACK greater rewards and cashback, and 77% 80% 86% being easier to carry around. among contactless card users among non-card funded among non-card funded mobile wallet users mobile payment users

REWARDS AND CASHBACK QUICKEST FORM OF TRANSACTION EASE OF CARRYING AROUND 70% 70% 74% among contactless card users among non-card funded among card-funded mobile wallet users mobile payment users

EASE OF CARRYING AROUND TAKES THE LEAST AMOUNT OF EFFORT QUICKEST FORM OF TRANSACTION 68% 66% 68% among contactless card users/ card- among card-funded mobile among card-funded funded mobile payment users payment users mobile payment users

15 HYGIENE FACTORS AND THE MOVE TO 1.2 CONTACTLESS

INCREASE IN USAGE OF DIGITAL CONTACTLESS CARDS AND QR PAYMENTS PAYMENTS COMPARED TO 2 YEARS AGO PREFERRED FOR IN-STORE PAYMENTS IN HONG KONG, MACAU AND TAIWAN

An overwhelming majority of consumers in all markets are saying they use digital HONG KONG payments more frequently than in comparison to two years ago. MACAU TAIWAN Contactless card payments have witnessed 70% 69% 74% 64% 77% 70% 59% 66% 77% 59% 82% 64% 55% 65% 63% 28% 53% 40% the biggest surge, with 70% of Hong Kong shoppers having increased their use of contactless card payments in retail outlets. This compares to 69% in Macau and 74% in Taiwan. Contactless card Card-funded Card-funded Non-card-funded Non-card-funded Store value card payments mobile payments mobile payments mobile payments mobile payments at physical stores at physical stores at physical stores at physical stores Card-funded mobile payments with QR with QR code with contactless/ with QR code with contactless/ tap-to-pay tap-to-pay codes also increased by 64% in Hong method method Kong, 77% in Macau, and 70% in Taiwan saying so.

16 When asked their preference between digital options for in-store payments, PREFERENCE BETWEEN DIGITAL PREFERENCE BETWEEN CARD-FUNDED/ contactless cards came first in Hong PAYMENT METHODS NON-CARD-FUNDED MOBILE PAYMENTS Kong and Taiwan. In Macau, QR code payments were the preferred form. Our survey found that card-funded HONG KONG 50% 20% 16% 14% 61% 39% mobile wallets are more popular in Hong Kong and Taiwan. MACAU 30% 45% 14% 11% 47% 53%

TAIWAN 39% 21% 25% 15% 76% 24%

Contactless card payments Card-funded

Mobile QR code payments Non-card funded

Mobile payments with contactless/tap to pay methods

Store value card

17 DIGITAL PAYMENTS PREFERRED IN PHYSICAL STORES

Preference for payment methods at HONG KONG MACAU TAIWAN physical stores in Hong Kong is split between contactless cards and stored- value cards depending on the outlet Bill payment 36% 32% 36% or purchase type. Events/Contacts/ 55% 37% 44% In Taiwan, the situation is similar, with Movies contactless cards as the preferred Fast Food outlets/QSR 30% 47% 30% option for more categories. Cafe, small eateries, 31% 48% 30% In contrast, mobile payments using food courts QR codes is preferred for all categories Fine dining restaurants 56% 31% 51% except fine dining in Macau. Hypermarkets/ Supermarkets 38% 41% 34%

Purchases at convenience stores 35% 36% 39%

Ground transportation 51% 33% 38%

Health and wellness/ Contactless cards Medical service 53% 35% 51%

Mom and pop stores 31% 47% 30% Stored value cards

Other physical stores 48% 39% 38% Mobile QR payments

18 PAYMENT METHOD % THAT SAYS THEY DECIDE PAYMENT DECISIONS DRIVEN BY METHOD BASED ON VALUE TRANSACTION VALUE

When it comes to choosing between cash and cashless payment methods, the underlying factor across all three markets is the value of the transaction.

While this is not a fundamental difference from last year, the biggest change comes from people choosing to go cashless at a lower transaction value.

The value at which the majority of people choose to go cashless in Hong Kong, Macau and Taiwan are HKD 100, MOP 100 and TWD 400 respectively. 82% (2020) 56% (2020) 81% (2020) HONG KONG (2020) MACAU (2020) TAIWAN (2020)

19 % WHO WOULD CHOOSE CASHLESS METHODS BEYOND HKD100/MOP100/TWD400

Those who still choose cash for payments, 61% in Hong Kong and 51% in Macau, do so because it allows them to use up their small change. In Taiwan, 58% of respondents feel that it is quicker 63% 50% 64% to pay with cash for smaller transactions. (2020) (2020) (2020)

Among those who opt for cashless 56% (2019) 27% (2019) 58% (2019) methods, the top reason is an unwillingness to carry large amounts of cash. HONG KONG MACAU TAIWAN

This was stated by 64% of respondents in Hong Kong, 59% in Taiwan and 54% in Macau.

20 COMPARED TO 2 YEARS AGO, AMOUNT REASONS FOR DECREASE CASH IN WALLET DECREASES WHILE OF CASH IN MY WALLET IS... CASHLESS PAYMENTS GROW 53% I use more contactless 49% payments than before HONG 51% KONG MACAU TAIWAN Cash displacement continues in all 53% I use more stored-value three markets. The top reason for going 43% cards than before cashless in Hong Kong is for hygiene. 47% MORE 11% 16% 13% 43% I use more credit 39% In addition, 53% in Hong Kong, as well cards than before LESS 38% 42% 40% 49% as 51% in Taiwan and 49% in Macau, 45% cited the increased availability and use Carrying cash 43% around is a hassle of contactless payments as a reason for 38% carrying less cash. 54% Cashless payments are 37% relatively more hygienic 36%

36% Cash withdrawals are 34% easily accessible 46%

25% Carrying cash 21% around is unsafe 32%

21% I use more debit 28% cards than before 15%

19% Counterfeit cash 9% is a problem 21% HONG KONG

20% MACAU I use more prepaid 16% cards than before 6% TAIWAN

21 IN THE NEXT 12 MONTHS, DO YOU REASON FOR EXPECTED INCREASE GROWTH IN CASHLESS PAYMENTS EXPECT YOUR USE OF CASHLESS TO... IN CASHLESS PAYMENTS EXPECTED TO CONTINUE 58% More rewards and discounts 42% with cashless method HONG 67% KONG MACAU TAIWAN Around two in five people in each 49% The quickest form of market expect their use of cashless 52% transaction methods to continue to go up over 50% the coming year. 45% More comfortable paying with 49% cashless methods nowadays 54% Hygiene continues to be stated as 61% the top reason (61%) in Hong Kong Cashless payments are 41% more hygienic for expecting an increase in cashless 42% payments. Over 40% in Macau and 52% Taiwan hold the same view. It is more widely accepted 51% INCREASE 43% 48% 45% 42%

In Macau, 51% of respondents feel 42% DECREASE 9% 9% 5% I don’t carry much 51% cashless methods are quicker and cash anymore 46% are now more widely accepted. 52% 37% mentioned that it took the least More convenient to manage 44% all payments through mobile amount of effort. 48%

47% It takes me the least In Taiwan, rewards and discounts is the 52% amount of effort top reason for the increase of cashless 32% payments, mentioned by 67% of 30% Can be sure the amount 39% respondents. This was also considered being charged is correct 41% HONG KONG an important factor in Hong Kong. 25% MACAU It is a safer, more secure 35% form of transaction 33% TAIWAN

22 LENGTH OF TIME MANAGED TO GO CASHLESS IS CASH STILL KING? WHETHER TRIED TO GO CASHLESS

53% in Hong Kong, 48% in Macau and 59% in Taiwan have tried to go cashless HONG KONG 17% 41% 17% 24% at some point. Most managed to last at least a few days without cash, with a MACAU 13% 48% 22% 17% quarter in Hong Kong and Taiwan saying they managed for more than a week. TAIWAN 27% 35% 14% 24% Among those who have not attempted to go without cash before, two-thirds to 1 day A week three-quarters are confident that they can manage without cash for the next A few days More than a week 24 hours (Hong Kong – 75%, Macau – 72%, Taiwan – 62%). 50% in Hong Kong, 51% in Macau and 44% in Taiwan remain confident that they can go without cash 53% 48% 59% for the next three days. HONG KONG MACAU TAIWAN

23 EXPECTATION ON WHEN “CASHLESS WHEN WILL A CASHLESS SOCIETY” WILL BE POSSIBLE SOCIETY BE POSSIBLE?

HONG KONG 24% 36% 17% 7% 16% Optimism about the emergence of a cashless society appears to be growing in Hong Kong. There is a notable rise in MACAU 21% 29% 20% 12% 18% the percentage of those who expect a cashless society to be possible within TAIWAN 16% 30% 22% 11% 21% three years. In 2019, it was 19% and this figure has risen to 24% this year. Less than 4 years Longer than 15 years

In Macau and Taiwan, people expect 4–7 years Never it will take longer. 50% in Macau and 8–15 years 46% in Taiwan feel it is possible within seven years. However, up to a fifth of respondents in each market say a cashless society will never happen.

24 BENEFITS OF CASHLESS SOCIETY The top four benefits of a cashless 67% society are: easier to track financial No hassle 60% transactions; greater efficiency; 76% 36% environmentally friendly and hygienic. Ability to track financial 37% records easily The latter aspect is again the most 63% important factor in Hong Kong. 44% A more effecient society 44% 51% Acceptance of a cashless society is 37% A more environmentally growing across all three markets. 45% friendly society 50% 52% A more hygienic society 39% 41% 26% Better integration of 33% different digital services 45% 31% Able to access overseas 36% products easily 37% 28% Provides greater security 34% in transactions 34% 25% Lower risk of theft 26% 34% 22% Easier identification of 29% unlawful transactions HONG KONG 30% 19% MACAU Promote financial 28% inclusivity 28% TAIWAN

25 Consumers in Hong Kong tend to be favourable towards cashless payments. ATTITUDE TOWARDS CASHLESS PAYMENTS (% STRONGLY AGREE/ AGREE) In particular, they are most accepting of 61% Seamless payments within an self-service checkout lines. 44% app/a website 66%

59% Use more cashless payment 49% methods, move away from cash 60%

58% Prefer self-service checkout 41% lines/kiosks 44%

53% Prefer going to shops accepting 43% cashless payment options 53%

47% Comfortable with biometrics 43% for payment authentication 62%

45% Cashless payment methods 45% safer than using cash 45% HONG KONG

40% MACAU Like to shop at and pay at 31% unmanned stores 47% TAIWAN

26 Hong Kong consumers expect their use of cashless payment methods to PURCHASE POINTS EXPECT TO INCREASE increase most at supermarkets and CASHLESS PAYMENTS AT (NET INCREASE) large shopping malls, while in Macau, 55% restaurants are likely to see the highest Supermarket 50% increase in cashless payments. 43%

50% Overall, cashless payments are emerging Large shopping malls 42% as a way of life, and it looks like they are 54% here to stay, particularly in everyday 44% Delivery purchases 42% spend categories such as supermarkets 43% and restaurants. 44% Bill payments 46% 43%

44% Chain convenience stores 40% 45% HONG KONG

37% MACAU Restaurants 51% 45% TAIWAN

27 Increased hygiene concerns has been a driving factor in the THE SEE-SAW: MOBILE MOBILE WALLET adoption of mobile wallets. USAGE INCREASED WALLETS PASS THE DURING COVID-19 54% in Hong Kong, 44% in Taiwan 2 TIPPING POINT and a third of respondents in Macau have used mobile wallets In Hong Kong and Macau, nine out of ten consumers more during the pandemic period. have at least one mobile wallet on their phones, up from 85% and 75% a year ago respectively. Taiwan is not far behind, with 79% of respondents using mobile wallets. % WHO INCREASE USE OF MOBILE WALLETS DURING PANDEMIC

% USING MOBILE WALLETS

90% 90% 79% (2020) (2020) (2020)

85% (2019) 75% (2019) 65% (2019)

HONG KONG MACAU TAIWAN

The majority of users have one to two cards linked to their wallet - 79% in Hong Kong, 63% in Macau and 54% 35% 44% HONG KONG MACAU TAIWAN 69% in Taiwan.

28 Convenience and speed are the main reasons for using OPTIONS: CONSUMERS SEEKING contactless payments. GREATER PAYMENT CHOICES AT

3 SMALL MERCHANTS PAYMENT METHODS USED PAYMENT METHODS PREFERRED AT SMALL MERCHANTS AT SMALL MERCHANTS Cash is the dominant payment option when cards all expected to benefit from the shopping at small merchant outlets. It is decline of cash. 88% 33% used by nine in ten shoppers in Hong Kong Cash 72% 45% and Taiwan and 72% in Macau. However, There is a drop in the frequency of 90% 48%

consumers want more choice in payment shopping at small merchants because of 4% 12% Credit/Debit/ 12% 12% methods with credit cards, contactless the coronavirus, most noticeably in Macau Prepaid card cards, mobile payments and stored value (from 89% in 2019 to 65% in 2020). 3% 13% 3% 9% Contactless cards 4% 4% 1% 6% % WHO SHOP AT SMALL MERCHANTS AT LEAST ONCE A MONTH 2% 14% Card-funded 4% 13% mobile payments 1% 7%

2% 23% Stored-value Card 3% 14% 1% 8%

81% 65% 80% Non-card- 1% 7% (2020) (2020) (2020) funded mobile 4% 10% payments 2% 12% HONG KONG 89% (2019) 89% (2019) 87% (2019) Would prefer 35% MACAU Visa-supported 29% options 26% TAIWAN

HONG KONG MACAU TAIWAN

29 A quarter of respondents will choose to PURCHASE PREFERENCE EXPECTED SPENDING shop on small merchant websites over AN OPPORTUNITY FOR IF MORE LOCAL SMALL IF SMALL MERCHANTS large eCommerce platforms. The main MERCHANTS GO ONLINE OPENED ONLINE STORES SMALL MERCHANTS TO reasons cited are to support the local BUILD ONLINE STORES economy, as well as an expectation of finding lower prices and more unique 5% products and services. 14% 31% 35%

COVID-19 has led many brands, 69% both large and small, to realise that they need to have a robust online 55% 60% presence. 69% of consumers would be open to shopping via websites of small merchants and most would also continue to buy from the Will mostly buy from... physical store too. Physical store More

A third of consumers expect to Both physical and online store About the same spend more with small merchants. Online store Less

30 TICKET TO RIDE: CONTACTLESS TRANSPORTATION USED— 4 COMMUTE HONG KONG

Personal/ Ride-hailing Private cars/ MTR Bus Minibus Taxi Ferry app Motorcycles Tram

Despite the pandemic and lockdown in Hong Kong, the MTR and public buses continue to be the most used forms of transport, while ridership of taxis has declined.

2019 2020 79% 82% 80% 79% 51% 50% 42% 37% 19% 22% 21% 21% 19% 20% 21% 19%

31 TRANSPORTATION USED— MACAU

Personal/ Ride- Private cars/ hailing app Light rapid Motorcycles Bus Taxi (Uber, etc.) transit (LRT)

In Macau, the majority of people use private transportation and half use public buses.

2020 57% 50% 27% 13% 2%

32 TRANSPORTATION USED— TAIWAN

Ride-hailing Personal/ Metro Rapid app (Taiwan High Private cars/ Transportation Taxi, Taxi Go, speed Motorcycles Bus (MRT) and Uber, etc.) Taxi rail Ferry

In Taiwan, private vehicles are the primary mode of transport. However, half the population use buses and the MRT and ride- hailing apps are on the rise.

2019 2020 77% 74% 54% 48% 53% 43% 13% 21% 23% 20% 30% 19% 2% 1%

33 Stored value cards are the WOULD USE DEBIT/CREDIT CARD FOR BENEFITS OF PAYING WITH predominant method of PUBLIC TRANSPORT IF AVAILABLE CREDIT/DEBIT CARDS payment on public transport. The majority of respondents 50% Can collect reward 16% in Hong Kong and Taiwan and points/ air mileage 39% just under half the population 45% in Macau would switch to a Speed of transaction 35% credit or debit card to pay for 42% public transport, if the option 42% No need to prepare cash/ were made available. 28% top-up stored-value card 46%

29% Reduce the number of 20% cards in wallet 36%

23% Easier to track travel 16% expenditure 32%

18% Allows usage in many 16% payment scenarios 60% 41% 80% 35% HONG KONG HONG KONG MACAU TAIWAN 13% MACAU Can use subsidies 16% 29% TAIWAN

34 EXPERIENCE DRIVEN: THE RISE OF DIGITAL 5 BANKING

Across all three markets, the majority In all three markets, the use of digital of people use mobile banking followed banking increased during COVID-19, by online banking on a computer. particularly in Hong Kong and Macau. Physical branch or ATM visits are much People expect to continue using digital less common. banking even after the coronavirus is behind us.

AVERAGE TIMES PER MONTH USE EACH BANKING METHOD NET INCREASE IN USE OF DIGITAL BANKING DURING/EXPECTED USE AFTER COVID-19

HONG KONG HONG KONG

MACAU MACAU

TAIWAN TAIWAN 10 14 9 7 9 6 2 4 3 1 1 1 37% 32% 24% 37% 35% 27%

Mobile banking Online banking Visit a physical By phone During COVID-19 After COVID-19 using a computer/ bank branch tablet

35 70% say mobile and online banking Consumers now carry out nearly all saves time and 65% appreciate that it regular banking tasks via mobile can be accessed anytime, anywhere. banking or online banking. They mainly 64% use it to avoid having to queue at go into a physical branch for opening an the physical branch. account and to a lesser extent, applying for a credit card, mortgage or loans. More than 70% in each market do their mobile banking on their bank’s app.

MEANS OF BANKING USED TO DO COMMON BANKING TASKS IN THE PAST 12 MONTHS— HONG KONG

Transfer Check Open money Money Get account or Make bill Int’l money Buy or sell Apply for a Apply for a Purchase a bank between P2P money transfer to investment investment payment transfer investments credit card mortgage insurance account bank merchants advice balance accounts

Physical bank branch 38% 10% 8% 12% 8% 9% 8% 7% 15% 7% 10% 8%

Online banking using a computer 11% 57% 45% 42% 27% 24% 17% 30% 22% 7% 8% 12%

Mobile banking 12% 61% 52% 51% 55% 44% 17% 34% 18% 9% 11% 15%

By phone via service hotline 4% 5% 7% 6% 3% 6% 2% 7% 6% 6% 7% 5%

36 BANKING USER EXPERIENCE — IMPROVED USER EXPERIENCE % SATISFIED WITH EACH METHOD DRIVES PREFERENCE FOR DIGITAL HONG KONG BANKING IN HONG KONG

Online banking Physical bank branch Mobile banking on computer This preference for digital banking over physical branches is largely driven by the user experience. On most aspects Ease of verifying identity/login 70 78 80 of user experience, online and mobile banking are rated ahead of going into User-friendly 69 80 81 physical bank branches. interface Ease of finding the However, respondents raised some right information 63 68 70 areas where they would like to see Number of clicks/ digital banking improve, notably on time to open account, 61 73 72 apply for card/loan lodging customer service complains Ease of submitting and using the chatbots. documents 60 71 72

Personalized service and offers 61 68 71

Amount of documentation 63 70 71 required

Ease of raising complaints 60 58 60

Ease of using chatbots N/A 57 57

37 PAYMENT METHODS RATED CONTACTLESS USERS LOOK FOR ON USER EXPERIENCE SUPERIOR USER EXPERIENCE HONG KONG AND TRANSACTION SPEED

Few number Easy to trace your of clicks/ quick spending records User-friendly Secure payment Personalized service Easy to make to complete a with this payment interface method and offers payments Credit cards retain several transaction method advantages over other payment methods, being seen as the most secure, quickest, easiest to trace Credit card 35% 40% 25% 41% 23% 39% spending and offering the most individualized services and offers. Debit card 22% 25% 18% 29% 15% 28%

Contactless methods are associated Contactless card payments 36% 27% 28% 31% 17% 43% with superior transaction speed and being user friendly. Stored value Mobile payment with QR code 36% 27% 27% 24% 18% 34% cards, contactless cards and credit cards are rated the easiest to make Mobile payment with contactless/ 35% 26% 26% 26% 18% 37% payments with. tap to pay

In-app payments 32% 27% 29% 28% 17% 33%

P2P payments 29% 24% 26% 27% 14% 32%

Stored value card 25% 18% 21% 31% 12% 42%

Payment gateway 26% 22% 24% 24% 13% 28%

38 VALUE CHOICE HOW USER EXPERIENCE CAN DRIVE USER ADOPTION OF Consumers want the best value and Customers want choice in the buying NEW DIGITAL SOLUTIONS shop around for it. Merchants want process. For example, if they are hungry The “PlayDee” app lets consumers to attract and retain loyal customers. and do not want to leave their house, advance in the game through using This is where loyalty programs – a restaurant meal can be delivered Financial institutions face a host of new their card. This also allows consumers to typically in the form of providing offers, directly to their door. Consumer choice challenges, from lean and nimble fintechs win micro-rewards such as discounts or discounts, rewards and other benefits to is enabled by the blending of online and to tech giants moving into the financial rebates and participate in a challenge to reward loyalty – come into play. Visa’s offline worlds. And savvy services and payments industries. And win game ‘badges’ and advance on the experience is that merchants with top retailers are offering both, often as part consumers are demonstrating increasing app’s leader board. class loyalty programs benefit from an of the same purchase experience. interest in the experiences these new increase in customer spend. players offer. In a six-month trial, 60% of active Frictionless payments experiences are PlayDee users opened the app more Gamification is one element that makes an integral part of the overall experience In this incredibly innovative and dynamic than ten times a day and 42% began the user experience more engaging and technologies such as card-on market, the businesses that will emerge as engaging with the game within five and fun for users. While QR payments file (COF) Tokenisation – which turns winners will be those who can deliver on minutes of receiving a notification – are often associated with gamified sensitive card details into a unique the four pillars that customers seek: value, extremely high levels of engagement payments, other technologies being code so that it can be safely used across choice, convenience and security. by any standard. piloted by Visa also promise to deliver a the internet or wireless networks – are rich experience. critical to make it possible. It also makes solutions like instalments possible at the moment of checkout.

39 CONVENIENCE ATTRACTIVENESS OF EMERGING PAYMENT TRENDS Typically, on a busy night, service staff to place an order and pay for it (% RATED ‘ATTRACTIVE’ OR at bars and restaurants are stretched, via the app using their Visa card and ‘EXTREME ATTRACTIVE’) resulting in longer wait times and card-on-file security technology. The potentially more disgruntled customers. wait staff only make an appearance 59% Automatically get tips and 43% Utilising technologies like Near Field when they serve the food! This information on promotions 59% Communications (NFC), Bluetooth, reduces the load on the staff, while COF Tokenisation, or QR codes, a bar simultaneously delivering a smoother Auto pay for things through 50% biometrics, w/o physically 56% or restaurant can not only overcome experience for customers. initiating checkout 50% some of their existing service challenges 50% Ordering and paying through but at the same time deliver an easy, Consumers in the three markets have 71% an app at a restaurant stress-free and more relaxed experience stated that they would welcome these 58% to their customers even on the most innovations. More than half of the 44% Paperless receipts on 38% crowded nights. consumers in each market find the physical transactions ability to order and pay through an 53% HONG KONG For example, users of the NFC-enabled app at a restaurant appealing, with Automatically analyze 40% MACAU payment behavior for better 41% Me&U™ app can tap see a menu on their the highest in Macau at 71%. financial management 48% TAIWAN phone at restaurants. This allows them

40 SECURITY A ‘PICK AND MIX’ OF SOLUTIONS

As the retail and hospitality environments While value, choice and convenience are become more complex, the best payment critical to providing a superior payments experiences will be those that leverage a experience, security remains the cornerstone combination of technologies, all of which of building trust. Fraud is an area of concern must work together seamlessly. for consumers, and technology such as two- factor authentication ensure that all online At the same time, security needs to keep purchases are genuine. pace with innovation in order to maintain consumer trust in merchants and payment Consumers want to be in control of their providers. Visa offers a ‘pick and mix’ of security, and Visa gives them the right tools solutions for every type of purchase, from to take charge. For example, parents wanting market stalls to major retailers. to manage and monitor their children’s transactions can set up rules for payment use and receive notification for financial transactions through Visa Transaction Control APIs, which protect not only Visa transactions, but also transactions made on other payment networks.

41 Virtual banks are banks that most of the eight virtual banks In Taiwan, the launch plans A fifth of respondents have provide all of their services who were granted licenses had of the three licensed virtual opened a virtual bank account AWARENESS AND online. Customers have access launched operations or pilots in banks are expected to be in Hong Kong and Macau. to all the typical services Hong Kong – ZA Bank, Airstar approved by the end of 2020. However, interest among non- TRUST: VIRTUAL BANKS offered by regular banks – Bank, Mox, Livi, WeLab Bank users to open a virtual banking 6 deposits, withdrawal of cash, and Ping An OneConnect Bank. In line with the activity, account has waned in these AT THE CROSSROAD loans,investment services, awareness of virtual banking is markets. In Taiwan, where In Macau, there is no separate credit and debit cards and highest in Hong Kong at 73% accounts are not yet being virtual banking license required. payment services. and has increased since 2019. offered, interest is higher at Ant Bank, launched last year, started taking deposits in August Taiwan’s level of awareness is 51%, though down from 2019. In 2019, virtual banks licenses 2020. Macao Development Bank at similar levels as Hong Kong. had been granted in Hong Ltd (MDB), also registered in Awareness is lower in Macau Kong and Taiwan. By the time 2019, started marketing their at 43%, but this is up from 34% of this survey in August 2020, services in 2020. in 2019.

VIRTUAL BANKING WHETHER OPENED LIKELIHOOD OF OPENING AN ACCOUNT IN THE FUTURE AWARENESS AN ACCOUNT (AMONG THOSE WITHOUT VB ACCOUNTS IN 2020)

73% 43% 68% 25% 13% 52% (2020) (2020) (2020) (2020) (2020) (2020)

64% 34% 72% 35% 23% 61% (2019) (2019) (2019) 21% 19% N/A (2019) (2019) (2019) HONG KONG MACAU TAIWAN HONG KONG MACAU TAIWAN HONG KONG MACAU TAIWAN

42 Better interest rates and PERCEIVED BENEFITS OF PERCEIVED DISADVANTAGES OF lower fees are perceived as VIRTUAL BANKING VIRTUAL BANKING the top benefits of virtual banking. However, a lack of 55% 53% trust due to the unproven Better interest rate 41% Untrustworthy 49% 56% 37% status of the model is a significant concern and 54% No past track record/ 53% Lower fees 41% established reputation 42% needs to be alleviated to 37% in banking 48% drive continued adoption 30% Inability to visit 50% All services are and growth. 25% a branch or meet 42% available online 47% someone in person 54%

23% 46% Better user Absence of their 26% 36% experience own ATM network 29% 38%

22% A more limited 37% More flexible to 25% service than “full 27% meet my needs 20% banks” 55%

Provide innovative 21% 24% Inflexible in meeting products and 22% 27% my needs services 20% 33%

16% 17% Poor customer Better reporting 23% 26% services 17% 16%

15% More responsive 24% 25% HONG KONG 10% Better service 13% MACAU integration 17% TAIWAN

43 OPEN BANKING AWARENESS WHOSE DATA? OPPORTUNITIES AND 7 CHALLENGES IN OPEN BANKING

Open banking or open data is another initiative that is gaining traction globally. It is supported by many governments and the financial industry. It refers to a set of standards that allows consumers to have their financial institutions share their information with specifically selected organisations, and vice versa, to enable services such as consolidated 25% 29% 37% overviews of transactions across all HONG KONG MACAU TAIWAN banks, expenses analyses, cost savings advice, and other services.

Awareness by respondents of open banking is only 25% in Hong Kong, 29% in Macau and 37% in Taiwan - much lower than for virtual banking.

44 However, when asked about specific open banking services, between INTEREST IN DIFFERENT OPEN BANKING SERVICES a third and half are interested. For (% INTERESTED) almost all services, Taiwan consumers

showed the most interest, followed by Comparison of products and 52% those in Hong Kong and then Macau. services across multiple banks 32% and companies 56%

49% The services that generated the most Advanced payment 46% advice services interest were comparison of products 54% and services of multiple banks, Online applications for 49% advanced payment advice services credit cards, loans and 38% and online applications for loans. other products 49%

Require banks to list full 48% details of all their product 36% and services 47%

Schedule payments, transfers, 48% credit card points redemptions, 43% investments and stock trades 56%

41% More competitive/instant 33% financing product offers 47%

39% Aggregate and consolidate 40% all financial info 47% HONG KONG

Fintechs and non-bank service 34% MACAU providers can open an account 30% using existing data 49% TAIWAN

45 Consumers in Hong Kong and Taiwan WILLINGNESS OF SHARING INFORMATION WITH OPEN BANKING are more willing to share information PROVIDERS TO OBTAIN SERVICES to receive open banking services - 71% and 66% respectively, against 39% Contact details 25% only 55% of Macanese. 52%

29% When it comes to specific types of Personal details 27% information, the larger numbers 40% are for personal details such as 25% name, date of birth and ID number Credit history 14% 32% or contact details. Fewer people 23% are willing to share financial and Purchase history/ 18% payment behavior investment-related information. 34%

18% Details of local 18% assets/investments 15%

16% Bank details 11% 21%

12% Details of overseas 17% assets/investments 9%

11% Biometrics 9% 14%

Digital banking 7% services’ login 6% credentials 16% HONG KONG

34% MACAU Not willing to 45% share any info 29% TAIWAN

46 When respondents were asked which types of organisations they would trust NET TRUST IN ORGANIZATIONS TO to access their financial information, ACCESS YOUR FINANCIAL INFORMATION (% TRUST–% DISTRUST) there are noteworthy changes since a year ago.

Payment networks have moved up HONG KONG MACAU TAIWAN the ladder and are now the most trusted type of organisation in Hong 2019 2020 2019 2020 2019 2020 Kong and rank high in the other two markets. Traditional banks are on par Payment networks -10% 19% 5% 23% -3% 22% with payment networks in Hong Kong. Given the rise of virtual banks, there are Financial institutions/ banks 1% 18% 34% 46% 8% 23% opportunities to educate consumers on data governance and privacy. International mobile wallet brands* -35% 8% -35% 11% -31% -1%

In Taiwan, the government is at the Utility companies 24% 3% 53% 48% 10% 13% same level of trust as payment networks and banks. Macanese are more trusting Governments 14% -9% 76% 78% 17% 23% of all types of organisation. In particular, there is a very high level of trust in the Telcos -12% -10% 31% 35% 2% 7% government (78%), utility companies (48%), banks (46%) and telcos (35%) to Software companies -30% -16% -18% -16% -24% -19% access one’s financial information. Virtual banks N/A -34% N/A -23% N/A -19% Less established types of companies have the longest way to go to gain the Greater China mobile wallet brands* -46% -37% -28% 18% -56% -43% trust of consumers.

*International mobile wallets include international payment brands such as , Google Pay, LINE Pay and ; Greater China mobile 47 wallets are payment brands from Mainland China, Hong Kong SAR, Macau SAR and Taiwan including, for instances, Alipay, WeChat Pay, and O!ePay Vulnerability of digital information CONCERNS AND BENEFITS OF COMPANIES COLLECTING AND USING INFORMATION FROM YOUR DIGITAL ACTIVITIES and unauthorised sharing of data are the top concerns about companies collecting and using data from one’s BENEFITS OF COMPANIES COLLECTING/ activities online. At the same time, CONCERNS ANALYSING/ SHARING DATA half of respondents see the benefit of receiving customised promotions People with malicious Customized promotions and deals, and two in five appreciate intentions obtaining my info 61% and deals 52% getting targeted recommendations on products and services. Monetary loss with Targeted recommendations unlawful acts 59% about products/services 40%

Unauthorized info sharing Getting relevant with 3rd parties 59% content that I like 33%

Saves me time to search if Unsolicited communications 53% companies predict what I want 27%

Tracking of location and movements 52%

Receiving “creepy” comms. based on your personal info 41%

Uninvited efforts to influence your decision/spending 36%

Not comfortable with companies knowing me 32%

48 Overall, the vast majority in all markets The majority of respondents in each feel the risks outweigh the benefits. A market feel that they should ‘own’ fifth of respondents in each market think their personal and financial data. This that there is nothing they can do about sentiment is most emphatic in Hong the risk and a third feel they should be Kong and then in Macau. Taiwanese are doing more to control it. relatively much more comfortable with the government or companies/banks being the custodians of this information.

OVERALL RISKS VS. BENEFITS OF WHO SHOULD BE THE CUSTODIAN OF COMPANIES COLLECTING AND USING YOUR PERSONAL AND FINANCIAL DATA YOUR DIGITAL INFORMATION

HONG KONG 19% 35% 28% 18% HONG KONG 73% 19% 8%

MACAU 20% 33% 22% 25% MACAU 61% 24% 15%

TAIWAN 22% 33% 25% 20% TAIWAN 44% 29% 27%

More risks than benefits—but nothing I can do about this Myself

More risks than benefits—not doing enough to control this Companies/banks

More risks than benefits—doing actions to control Government

Benefits outweigh the risks/risks minimal

49 Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and ABOUT VISA secure payment network—enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of connected commerce on any device, and a driving force behind the dream of a cashless future for everyone, everywhere.

As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce.

For more information, visit www.Visa.com.hk, www.VisaAPNews.asia and @VisaNews.

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