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How the Pandemic Has Changed the Payments and Banking Ecosystems in Hong Kong, Macau and Taiwan Methodology

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How the Pandemic Has Changed the Payments and Banking Ecosystems in Hong Kong, Macau and Taiwan Methodology VISA CONSUMER PAYMENT ATTITUDES STUDY 2.0 HOW THE PANDEMIC HAS CHANGED THE PAYMENTS AND BANKING ECOSYSTEMS IN HONG KONG, MACAU 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 • Contactless payment 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 public transport 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, Singapore • 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.
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