Research shows that 9 out of 10 Thais asked are willing to make payments via mobile wallets as long as there are security measures in place as well as incentives and additional services such as built-in loyalty programs. QR code payments in particular will help further this trend in the coming years, according to the Visa Consumer Payment Attitudes Study.
A total of 94 per cent of people surveyed are willing to consider swapping cash for mobile wallet payments if there are offers and rewards available. Other attractive features include instant purchase notifications and digital receipts to track expenses.
“The findings from this study confirm that consumers not only expect fast, simple and secure mobile payments, they also want access to relevant services such as promotions and the ability to collect and utilize reward points. Whatever the form factor, people are moving away from seeing payment as just a commodity,” says Suripong Tantiyanon, Visa Country Manager, Thailand.
Consumers continue to use mobile applications to make payments and this number is growing with financial products and services and online shopping the most popular. Online shopping accounts for 51 per cent of all mobile transactions while financial products and services is responsible for 31 per cent.
Security is the main issue stopping people from using mobile payments. More than half of the people asked were concerned about phone hacking and data theft and losing the phone or having it stolen. Other things people worry about when making mobile payments include viruses and unauthorised access to other accounts.
“While people value the convenience and benefits that come with mobile payments, security remains the highest priority. For Visa, whether it is contactless payment through card, mobile device, or QR code payment, we always implement a multi-layered approach to security to ensure that customers can pay with peace of mind,” said Mr. Suripong.
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