Myanmar Consumers Are into Contactless Payment: Visa Survey
Nearly three in four (72 percent) of Myanmar consumers have expressed a clear interest in adopting contactless card payments, according to the Visa Consumer Payment Attitudes Study.
The study was conducted by ENGINE insights on behalf of Visa in August 2019 across Singapore, Indonesia, Malaysia, Thailand, Vietnam, the Philippines, and Myanmar. The total sample size is 5,102 including 515 working adults in Myanmar aged 18-65, with a minimum monthly income cut-off of MMK 150,000.
It also uncovered that over half (52 percent) are now aware of using the contactless card for payments, compared to only 10 percent just a year ago.
“Digital payments have never been more central to economic growth and societal progress. Advances in the movement of money are catalysts for innovation and are vital to open, inclusive, and connected communities,” said Lillian Wang, Country Manager for Visa Myanmar.
Top places where respondents use their contactless cards to make payments are during overseas travel, followed by supermarkets and dining.
Of those who use cashless payment methods, more than three in five (62 percent) expect to increase their usage in the next year. The biggest factors motivating this are convenience (36 percent), wider acceptance of cashless options (28 percent), and the desire to keep less cash on hand (20 percent).
One of the most interesting questions in the Study is how long Myanmar respondents believe it will take for the country to become completely cashless. In this edition of the Study, 42 percent of the people surveyed believed it would take between 6 to 10 years, 21 percent thought it would take between 2 to 5 years, and two percent believed Myanmar could become a cashless nation within one year.