Pandemic alters spending habits in APAC

Staff Correspondent

6 May, 2021 12:00 AM printer

Mastercard New Payments Index conducted a survey across 18 markets globally, including India, Australia and Thailand, which reveals that 84 percent of consumers in APAC already have access to more ways to pay compared to one year ago.

 Of note for entrepreneurs, 74 pecent of respondents said that they would shop at small businesses with greater frequency if they offered additional payment options.

“Mastercard’s study finds that people in the Asia Pacific region haven’t just adopted new payment technologies—they’ve made deliberate shifts based partly on necessity, but also on considerations around personal safety, security and convenience, at a time when these concerns were paramount,” said Sandeep Malhotra, Executive Vice President, Products & Innovation, Asia Pacific, Mastercard.

“Consumers in Asia Pacific have already gained recognition globally for their openness to new technologies and innovation, and these findings confirm that this trend is only set to continue as more digital payment options rapidly become mainstream in this part of the world.”