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Thailand: Payment safety a priority
As countries impose or strengthen social distancing measures due to Covid-19, a significant majority of consumers have turned to contactless card payments for necessary purchases, according to consumer polling by Mastercard.
Citing safety and cleanliness, 79% of people worldwide and 91% in Asia Pacific say they are now using tap-and-go payments. Polling by Mastercard, studying changing consumer behaviours in 19 countries, paints a picture of accelerated and sustained contactless adoption.
The act of going to the store for eggs, toilet paper, medicine and other necessities has changed dramatically this year. Shoppers have had to adjust to new challenges when buying everyday supplies — a shift in behaviour that is particularly clear at checkout as people express a desire for contactless cards and voice concerns over cleanliness and safety at the point of sale. The survey shows:
Globally, 46% of respondents have swapped their top-of-wallet card for one that offers contactless payment. In Asia Pacific, 51% of people have made the switch.
Covid-19 has increased concerns about cash usage and led to positive perceptions about contactless payment due to the safety and peace of mind it provides. The majority of respondents (82%) globally view contactless as the cleaner way to pay, with 80% in Asia Pacific saying the same. Contactless payments are up to 10 times faster than other in-person payment methods, enabling customers to get in and out of stores faster.
Consumers are making purchases in a very focused way, which is reinforcing contactless use in markets where adoption is more mature and stimulating use in newer markets. This trend appears to be here to stay as 74% of people globally and 75% in Asia Pacific state they will continue to use contactless after the pandemic is over.
Between February and March, tap-and-go transactions in Asia Pacific grew 2.5 times faster than non-contactless transactions in the grocery and drugstore categories. Asia Pacific now leads worldwide in contactless usage.
“The fact that 3 in 4 people intend to keep using tap-and-go after the pandemic is a strong sign that consumers see the long-term benefits of having a safer, cleaner way to pay, check out faster and be more socially responsible,” said Sandeep Malhotra, executive vice-president for products and innovation in Asia Pacific with Mastercard.
Mastercard data reveals more than 40% growth in contactless transactions globally in the first quarter of 2020. More than 80% of contactless transactions are for under US$25, a range typically dominated by cash.
While countries worldwide are at different stages of contactless card deployment and usage for daily shopping, trends at grocery stores and pharmacies — where many day-to-day essentials are purchased — showed nearly all regions experienced significant spikes in February and March.
Last month, Mastercard announced commitments to increase contactless payment limits in more than 50 countries covering Europe, the Middle East, Africa, Asia Pacific, Canada, Latin America and the Caribbean. The move was part of a global effort to make sure consumers, merchants and small businesses have the resources to make and receive payment safely and maintain operations during the Covid-19 crisis.
Source: https://www.bangkokpost.com/business/1919904/payment-safety-a-priority#cxrecs_s