Consumer Payment Attitudes

Study 2022

NAVIGATING
A NEW ERA
IN PAYMENTS
CONTENTS
Unlocking the potential of payments in a 3 Enhancing retail for seamless consumer 26
hyper-digital world experiences
- Redefining eCommerce with livestream shopping
New cashless habits a part of everyday lives 4 - Smarter shopping with smart devices
- Southeast Asia continues its shift towards cashless
- Safer and more convenient: more consumers Digital is here – The next evolution of banking 29
attempting to go fully cashless - COVID-19 has accelerated the shift to online
- Use of mobile wallets and contactless cards driving banking services
cashless payments - Digital banks poised for growth in Southeast Asia

Digital innovations transforming 14 Market snapshots 37

payment experiences - Cambodia
- Rising interest in cryptocurrency - Indonesia
- Speed and convenience drives interest in biometric - Malaysia
payments - Singapore
- Digital identities slated to power digital lifestyles - Thailand
- The Philippines
Lasting consumer preferences and shopping 20 - Vietnam
experiences
- eCommerce continues to grow as consumers explore About the report 45
new shopping channels
- Home delivery grows in popularity among consumers References 45
- Consumers eager to resume pre-pandemic activities

2
 UNLOCKING THE POTENTIAL
OF PAYMENTS IN A
HYPER-DIGITAL WORLD
Serene Gay
Technology will continue to blend payments
Group Country Manager, Regional Southeast Asia and commerce into all aspects of our lives

The past year has been one of transition. Economies blend across all aspects of life. Preference for cashless than ever is the time for businesses to re-examine
have been building on momentum created by the payments continues to grow, and nearly four in five operations and processes to go fully digital.
acceleration of digital payments usage during the (77%) Southeast Asian consumers plan to use cashless
pandemic, as consumers and businesses are pulled payments more often. This is driven by the As the trusted engine of commerce, Visa wants to use
into an increasingly hyper-digitalised world. With more widespread use of mobile wallets (52%) and the diverse capabilities of our network to enable
ways to pay, and more places for commerce to contactless card payments (44%), as well as rising individuals, businesses and economies to thrive.
happen, the digital economy in Southeast Asia is interest in the use of new methods such as Buy Now Working together with our strategic partners, we will
projected to hit USD1 trillion by 20301. Pay Later (BNPL) solutions (63%). continue to build and redefine the future of
payments, making innovative payment experiences
To help you navigate this new era in payments, I’m With eCommerce and omni-channel retail becoming accessible to all, powering lifestyles and businesses
proud to present findings from the eighth edition of more prevalent, consumers expect shopping around the world.
our annual Visa Consumer Payment Attitudes study. touchpoints to be embedded in our everyday lives.
The report provides key consumer insights based on This has led to the rise of social media and livestream We hope that this report will provide valuable insights
the latest trends in payments, changing moments of shopping as our world gradually becomes a to the industry, from current trends to breakthroughs
commerce, and smarter consumer journeys powered marketplace. As shopping channels and consumer on the horizon, enabling moments of commerce for
by technology and innovation. purchases evolve to become increasingly digital — consumers and businesses that are more intuitive,
from downloadable shoes and non-fungible tokens seamless, and secure.
In Southeast Asia, payments and commerce are being (NFTs) to digital-only goods in the metaverse —
defined by convenient and intuitive experiences that businesses need to keep pace and adapt. Now more

3
New cashless habits
a part of everyday lives

1
SOUTHEAST ASIA CONTINUES ITS
SHIFT TOWARDS CASHLESS
Digital solutions continue to redefine the way people shop Nearly four in five Southeast Attitudes towards cashless payments
and pay. Across Southeast Asia, 93 percent of consumers use Asian consumers plan to use
a multitude of cashless payment methods including cards, cashless payment methods more
contactless cards and mobile contactless, mobile wallets and often, particularly those in
Plan to use View Support Prefer
QR code payments. This is led by consumers in Singapore Thailand (89%), Vietnam (83%), cashless cashless government shops that
(97%), Malaysia (96%), Indonesia (95%) and Vietnam (95%). Malaysia (78%), Indonesia (78%) payments as a safer initiatives accept
However, an increasing number of consumers are opting for and the Philippines (78%). This more way to for going cashless
cashless payments in markets where cash remains dominant, could be due to three in four often pay cashless payments
such as Cambodia, the Philippines and Vietnam. (75%) consumers perceiving
cashless methods as a safer way
S.E.A.
77% 75% 72% 68%
Cashless payment usage to pay, especially in Thailand
(86%), Vietnam (80%) and the SG
71% 66% 69% 61%
Philippines (79%). As such, nearly
97% 96%
95% 95% 94%
three in four Southeast Asian MY
78% 75% 73% 66%
93% 92%
consumers (72%) support their
governments’ plans to develop
their nations into cashless
ID 78% 79% 73% 63%
68% societies, and more than two in
three (68%) prefer shopping at
VN 83% 80% 76% 77%
stores that accept cashless
payments. PH 78% 79% 72% 71%
TH 89% 86% 80% 81%
CM 43% 49% 43% 43%
S.E.A. SG MY ID VN TH PH CM

5
SAFER AND MORE CONVENIENT: MORE CONSUMERS
ATTEMPTING TO GO FULLY CASHLESS
With consumers having increasingly digital lifestyles, 70 percent of Successful attempts at The pandemic has
Southeast Asian consumers have attempted to go fully cashless. This
trend is led by Thailand (87%), the Philippines (84%) and Vietnam (77%).
Average going cashless accelerated consumer
number of
More than half of Southeast Asian consumers (53%) believe they can go days expectations of my
cashless successfully for a week or longer, especially consumers in successful country becoming a
Vietnam (64%), Thailand (63%) and the Philippines (62%). cashless society by:
11.6 S.E.A. 70%
The pandemic accelerated the region's transition towards a cashless
society by between at least two to four years for every country except
Vietnam. Across the region, the average number of days consumers 9.5 TH 87% CM 4 yr
have been successful in going cashless increased by 14.6 percent to 11.6
days (nearly two weeks). Countries where consumers were most 12.5 PH 84% SG 3 yr
successful in going fully cashless include Vietnam (average of 13.7
days), Malaysia (average of 12.9 days) and the Philippines (12.5 days).
13.7 VN 77% MY
3 yr
Benefits of a cashless society
12.9 MY 74% PH 3 yr

10.8 ID 61% ID 2 yr

59% 56% 53%

Safer Greater Ease of tracking
10.5 SG 60% TH 2 yr
transactions convenience financial
10.3 CM
20%
and less hassle records VN 0 yr

6
SAFER AND MORE CONVENIENT: MORE CONSUMERS
ATTEMPTING TO GO FULLY CASHLESS

Since the start of the pandemic, more than half of Southeast Asian consumers
use cash less frequently (56%), particularly those in Indonesia (68%), the Categories that can go fully cashless
Philippines (66%), and Malaysia (60%). Nearly three in five (57%) have less cash in
their wallets, especially consumers in Vietnam (65%), Indonesia (64%), and
Thailand (61%). Fourteen percent of Southeast Asian consumers currently do not
use cash, compared to just 10 percent the previous year. This trend is led by

65% 58% 54% 53% 52%

consumers in Cambodia (36%), Singapore (17%) and Malaysia (16%).

Change in cash usage since COVID-19 Bill Supermarket Overseas Taxi & Convenience
Payments Travel Ride-sharing Stores
Cash in Wallet MORE

8% 8% 7% 11% 8% 6% 2%
13% SAME
29%
Reasons for carrying less cash
35% 27% 33% LESS Safety and convenience are key
26% 29% 52%
64%
considerations motivating
65% 64%
57% 61% 60% 59% 43%
Southeast Asian consumers’
33%
usage of cashless payments. Use contactless
payments more often
Consumers today carry less cash PH TH MY ID

due to rising use of contactless Use card payments

S.E.A. VN ID PH TH MY SG CM
payments (69%) or card more often
Number of cash transactions
VN MY ID SG
payments (49%), safety concerns
17% 22% of carrying cash (43%), greater View cashless as a
24% 20% 24% 28% 32% 32%
14% 17% availability of cashless payment safer way to pay
20% 16% 15% TH PH VN ID
30%
21% 30% options (42%), and fear of losing
Greater availability of
56%
68% 66% 60% 56% the cash they carry (42%). cashless payments
48% 48% 37% PH TH MY SG

Fear of cash getting

lost or stolen
PH VN TH ID
S.E.A. ID TH MY VN SG PH CM

7
USE OF MOBILE WALLETS AND CONTACTLESS
CARDS DRIVING CASHLESS PAYMENTS
Payments innovation in recent years has resulted in a wide
variety of digital payment methods, with Southeast Asian Usage of payment methods
consumers having more ways to pay. The most commonly
used digital payment methods driving the region’s shift to
cashless include mobile wallets (52%), card payments by
swipe/insert (47%) and contactless card payments (44%).
Usage of card payments for online transactions (57%) is also
high in the region. 86% 57% 52% 47% 44% 38% 27%
Cash Card Online Mobile Wallet Card Swipe / Contactless QR Payment Mobile
Insert Card Contactless
However, payment
preferences of Southeast
Top 3 markets Asian consumers remain
by preference diverse. Preference for Preference of payment methods
cash in the region is limited
Contactless Contactless Card Mobile QR Mobile Card Swipe /
Card
to less than one-third of Cash Others
Card Online Wallet Payment Contactless Insert
consumers (32%). The most
preferred digital payment 32% SEA
12% SEA
11% SEA
12% SEA
7% SEA
5% SEA
7% SEA
14% SEA

methods by Southeast
SG MY TH Asian consumers include 62% CM
29% SG
22% SG
21% ID
19% CM
11% SG
8% ID
20% ID

contactless card (12%),

Mobile mobile wallets (12%) and
Wallet 49% PH
15% MY
15% MY
17% VN
11% TH
9% ID
8% MY
18% MY

online card payments (11%).

33% VN
12% TH
11% PH
13% PH
7% VN
9% TH
8% TH
15% TH

ID VN PH

8
USE OF MOBILE WALLETS AND CONTACTLESS CARDS
DRIVING CASHLESS PAYMENTS

The past year has seen a large number of first-time Contactless card, mobile contactless and QR code
users for various digital payment methods in payments are slated for continued growth, driven
Southeast Asia. Mobile wallets gained the highest by high awareness and interest from non-users.
traction amongst first-time users (33%), followed by
online card (30%) and QR code payments (26%).

Likely not to
use cash after
COVID-19 First time usage due to COVID-19

S.E.A.
27%
TH
39% Mobile Card Contactless Mobile QR Card Swipe /

32%
Wallet Online Card Contactless Payment Insert
CM

33% 30% 23% 25% 26% 19%

32%
SEA SEA SEA SEA SEA SEA

VN

49% 38% 37% 37% 35% 29%

28%
ID VN VN TH TH VN
MY

ID
25% 47% PH
34% ID
33% TH
31% VN
32% ID
25% TH

SG
24% 44% VN
34% MY
28% MY
25% MY
26% PH
21% ID

PH
12%

9
 CONTACTLESS CARDS

Contactless cards remain prevalent across Southeast Contactless cards usage

Asia. In the past year, there is growth in both number
of users as well as frequency of use for more than half Increase in use Current vs pre-COVID
of consumers in Southeast Asia. Nearly half of
Southeast Asian consumers (44%) currently use
contactless cards, compared to 38 percent in 2020.
Popular usage is led by consumers in Singapore (74%),
Malaysia (56%) and Thailand (49%). More than three in
five Southeast Asian consumers (63%) increased their
use of contactless card payments during COVID-19,
particularly consumers in Indonesia (69%), the
63% 69% 69% 68% 65% 64% 51% 23%
Philippines (69%), and Malaysia (68%).
S.E.A. ID TH MY PH VN SG CM

Contactless cards are poised for Level of awareness and interest for
Key drivers of use further growth in the region, due contactless cards
to high awareness (69%) and
AWARENESS INTEREST
interest (75%) among non-users.
90% 89%
Awareness is highest in 87% 86%
84% 83% 83%
75% 75%
Singapore (90%), Thailand (87%) 69% 72% 72% 69%

64% 59% 54%

63%
and Malaysia (84%), consumers
in the Philippines (89%), Thailand 36%
(86%) and Vietnam (83%) are 6%
Convenience Physical Ease of most interested to use this
of not needing safety set up
to carry cash and use payment method.
S.E.A. SG PH MY TH VN ID CM

10
 MOBILE CONTACTLESS

Despite being less common in the region, mobile Mobile contactless usage
contactless payments continue to gain traction in Key drivers of use
markets where they are available — namely 2021 2020

59%
Singapore, Malaysia, Thailand and Vietnam. Nearly
51%
half of consumers in these markets (45%) currently 45% 45%
49% 45%
45%
43% 40%
use mobile contactless payments, compared to 37% 38%
43 percent in the previous year. Use of mobile Convenience
of not needing
contactless payments is led by Thailand (51%),
to carry cash
Singapore (49%), and Malaysia (40%). Two-thirds of

58%
Southeast Asian consumers used mobile contactless
payments more frequently since the pandemic,
Increase S.E.A. TH SG MY VN

66% 68% 59% 57% 67%

mainly consumers in Thailand (68%), Vietnam (67%) in use
and Singapore (59%). Physical Current vs
safety pre-COVID

52%
The growth potential of mobile contactless remains
Level of awareness and interest for
strong in countries where it is currently available due
to high awareness (79%) and interest (73%) among mobile contactless payments
non-users. Awareness of mobile contactless Ease of set up AWARENESS
88% 87%
payments is strongest in Thailand (88%), Singapore and use 86%
INTEREST
80% 80%
(86%) and Malaysia (80%), while consumers in 79%

50%
73% 72%
Thailand (87%), Vietnam (80%) and Malaysia (72%) 68%
are most interested to adopt this payment method. 53%

Convenience
of not needing
to carry card
S.E.A. TH SG MY VN

11
 QR CODE PAYMENTS

QR codes continue to be widely QR code payments usage

used beyond payment Key drivers of use
experiences in Southeast Asia, 2021 2020

66%
but less than two in five
Southeast Asian consumers 52% 50%
50%
42%
currently use QR codes for 38% 39% 36% 36% 40%
34% 34% 35%
payments. QR code payments Convenience 31%
26% 25%
are most often used in Thailand of not needing
to carry cash
(52%), Indonesia (50%), Singapore 12%

61%
(36%) and Cambodia (36%).

The salience of QR codes is likely S.E.A. TH ID SG CM VN PH MY

to drive the growth of QR code Physical

safety
payments in Southeast Asia, with
Level of awareness and interest for QR code payments
high awareness (83%) and
interest (74%) from non-users.
Consumers in the Philippines
(92%), Malaysia (89%), Indonesia
60% 92%
89% 89% 89%
AWARENESS INTEREST

Ease of set up 89% 88%

(89%) and Thailand (89%) are 84%
and use 83% 82%
80%
most aware of QR code 74% 73% 74%

58%
payments, and interest in this 49% 51%
payment method is led by those 45%

in Thailand (89%), the Philippines

(84%) and Vietnam (84%). Convenience
of not needing
to carry card
S.E.A. PH TH ID MY SG VN CM

12
BUY NOW PAY LATER CARD VS MOBILE WALLET
PREFERENCE

Although it is a relatively new payment Cards and mobile wallets are two of the more prevalent digital payment
solution, nearly two-thirds of Southeast Asian methods in the region. Although three in five Southeast Asian
consumers have used Buy Now Pay Later consumers (61%) use both methods, nearly two in three (65%) prefer
(BNPL) solutions — short-term financing mobile wallets over cards. Preference for mobile wallets is driven by
solutions that allow consumers to make consumers in Indonesia (81%), Vietnam (75%), and the Philippines (73%),
purchases immediately but pay for them while consumers in Singapore (68%) and Cambodia (68%) show a
later, often via interest-free instalments. preference for using their cards to pay.
Nearly one in three (29%) Southeast Asian
consumers have used it more than twice in While both methods are considered fast and convenient, the
the past year, while almost one in five (19%) preference for card payments is driven by wider acceptance by
used it once or twice in the last two years. merchants (43%).
BNPL is most commonly used by consumers
in Thailand (72%), Vietnam (66%) and the Card vs mobile wallet preference
Philippines (65%), with more than three in
WALLET CARD
five consumers in these markets trying the
Using
payment solution at least once. both
payment 61% 59% 14% 71% 63% 65% 64% 72%
methods
Thailand leads Southeast Asia in frequency of
BNPL usage, with two in five Thai consumers
(41%) using it more than twice in the past S.E.A. SG CM MY TH PH VN ID

year, followed by Indonesia (35%) and the 75%

81%
70% 73%
Philippines (31%). Key barriers to the adoption 65%
58%
of BNPL solutions across the region include
32% 32%
high interest rates (51%), ability of consumers
30% 27% 25% 19%
to pay in full (49%), and fear of spending 35% 42%
beyond their means (41%).
68% 68%

13
Digital innovations
transforming payment
experiences
RISING INTEREST IN CRYPTOCURRENCY

Although awareness of cryptocurrency is nearly universal

across the region (92%), less than one in four Southeast
Asian consumers (22%) have invested in cryptocurrency.
However, more than half of those who have not invested in
cryptocurrencies (54%) have indicated interest to do so in
future, which shows its vast growth potential. The majority
of interested consumers are from the Philippines (70%),
Thailand (69%), and Vietnam (66%).

Cryptocurrency usage and interest

CURRENTLY INVESTED AWARE INTERESTED

81%
73% 77% 77%
70% 71%
67% 69% 70%
66%
61%

54% 46%
38%
32%
24% 28%
22% 20% 22% 21% 19% 16% 14%

S.E.A. CM TH PH VN ID MY SG

15
RISING INTEREST IN CRYPTOCURRENCY

Nearly three in five Southeast Asian Cryptocurrency - For rewards Cryptocurrency - For payments
consumers (59%) are likely to use
credit or debit cards to make
cryptocurrency-related purchases. Interest in using card to Interest in making
The majority of consumers that make cryptocurrency payments using
payments for rewards cryptocurrency

59% 64%
indicated interest in cryptocurrency
investments are from Indonesia,
INCREASED LIKELIHOOD INCREASED INTEREST
Vietnam, the Philippines and Thailand.
Furthermore, nearly two in three 76% 71% 65% 65% 85% 79% 72% 70%
consumers (64%) are interested in
receiving debit or credit card rewards
in the form of cryptocurrencies, TH PH ID VN S.E.A.
TH VN PH ID
S.E.A.

viewing them as assets.

Nearly two-thirds of Southeast Asian Interested groups

consumers (64%) have also indicated Interest in
interest in using cryptocurrencies for cryptocurrency 71% 69% 64% 62% 60% 54%
rewards

64%
payments. Indonesia, Vietnam, the AFFLUENT GEN Y GEN Z MASS GEN X BOOMERS
Philippines and Thailand lead the Among those who pay with
credit/debit cards
region in this trend. Interested
consumers are lured by the
Reasons for interest
INCREASED INTEREST
convenience of use (53%), novelty of
this new payment method (53%) as 81% 78% 76% 72% 53% 53% 40% 39% 33%
Convenient It is a novel There are Certain I have
well as potential incentives and S.E.A.
to use way to pay incentives for payments crypto-
paying this can only be currency
rewards (40%). way made with
TH VN PH ID so I need to
crypto- spend it
currency

16
SPEED AND CONVENIENCE DRIVES INTEREST
IN BIOMETRIC PAYMENTS
Awareness of biometric payments remains high among Southeast Asian consumers Level of awareness and interest for
(75%), but certain barriers to usage mute consumer interest. Only two-thirds of biometric payments
consumers (66%) are interested in biometric payments, with consumers from
Thailand (81%), Vietnam (81%), Indonesia (73%), and the Philippines (73%) leading the 85%
AWARENESS
84%
81% 81%
region. While convenience (59%), the novelty of the payment method (56%), and 80% 80%
77%
INTEREST
75% 73% 75% 73%
transaction security (53%) drive interest in biometric payments, more needs to be 66%
done to address concerns around the security of consumers’ biometric data (43%), 52% 59%
potential difficulties during setup (32%), as well as the reliability and availability of such
15% 27%
transactions (28%).

S.E.A. TH VN PH SG MY ID CM

Finger scanning (87%) Popular categories

Drivers of use Barriers of use and facial recognition
(72%) remain the most
59% Greater speed and
convenience 43% Security concerns
around biometric data popular biometric
payment methods,
FINGERPRINT
SCAN
FACIAL
RECOGNITION

56% 32% Potential

Novelty of difficulty of 66% Bills 44% Overseas travel
likely due to their
payment method set-up 64% Public transport 41% Education
current widespread 63% Supermarket 39% Health & fitness

53% More secure

transactions 28% Lack of widespread
acceptance
usage on mobile
devices. Interest in
63% Convenience store

48% 28% Inconsistent

Not having to carry or voice recognition
VOICE RETINA
physical cards unreliable transactions (45%) and retinal scans RECOGNITION SCAN

48% 27% Concerns

Safer transactions about the (44%) for payment is
20% Overseas travel 24% Overseas travel
hygiene of biometric much more
instruments 20% Taxis & ride-sharing 20% Education
conservative. 20% Health & fitness 20% Health & fitness

17
DIGITAL IDENTITIES SLATED TO POWER
DIGITAL LIFESTYLES
With Southeast Asian consumers living increasingly digital TOP CONCERNS Level of usage and interest for digital identity
lifestyles, digital identities like Singapore’s Singpass,
Thailand’s NDID, and Indonesia’s VIDA, are slated to grow.
79%
CURRENTLY USING AWARE INTERESTED

While current ownership of digital identities in the region is

DATA
low (18%), both awareness (71%) and interest among SECURITY
non-owners (63%) are relatively high. Digital identity 53% 18% S.E.A. 63%
ownership, awareness, and interest are highest in Thailand,

77%
Indonesia, and Vietnam, and are expected to show
strongest growth. 60% 26% TH 76%
DATA
PRIVACY
58% 24% ID 72%

Drivers of use Barriers of use 51% 24% VN 73%

57% Convenience
43% Data security concerns
52% 19% SG 48%

51% Safer transactions

38% Privacy concerns around
personal information
58% 13% MY 58%
49% Ease of use
29% Lack of trust in digital
identity solution provider

48% 26%
Novelty of digital Lack of familiarity with 62% 11% PH 72%
identities digital tools

48% Usefulness of having

information 25% Lack of understanding of
digital identities
13% 3% CM 32%
connected online

70%
18

87%
DIGITAL IDENTITIES SLATED TO POWER
DIGITAL LIFESTYLES

The use of digital identities in Southeast Asia Indonesia (51%), and Singapore (50%). Many
revolves heavily around three core activities. consumers also use digital identities to
Online transactions rank first (51%), with connect to public services (46%), with
Thailand (58%), Indonesia (53%), and the governments in Indonesia (54%), Singapore
Philippines (53%) leading the region. Nearly half (51%), and Vietnam (45%) showing the highest
of Southeast Asian consumers (49%) also use adoption rates in the region.
digital identities for financial management,
which is mostly conducted in Vietnam (53%),

Top uses of Digital Identities

Authenticating Accessing Consolidating Opening Registering

online public financial bank for new
transactions services information accounts services

51% SEA
46% SEA
49% SEA
45% SEA
42% SEA

58% TH
54% ID
53% VN
49% MY
48% TH

53% ID
51% SG
51% ID
48% SG
44% VN

53% PH
45% PH
50% SG
47% PH
43% SG

19
Lasting consumer
preferences and
expanding shopping
journeys
ECOMMERCE CONTINUES TO GROW AS
CONSUMERS EXPLORE NEW SHOPPING CHANNELS
eCommerce continues to be widely used across the
region; almost two in three (62%) Southeast Asian
Change in use of shopping channels
consumers shopped more frequently through apps or
websites. However, with the emergence of new retail Impact of COVID-19 Impact of COVID-19 on shopping /
options and experiences, consumers are also on shopping channels services from specific businesses
exploring a variety of shopping channels. Almost half

62% 55%
of Southeast Asian consumers (45%) shopped more
frequently via proximity stores (direct delivery at Shopping online
Big marketplaces
home after ordering by phone) and almost two in five through apps /
online
websites
(39%) shopped more frequently via social media.

45% 48%
Online shopping is becoming a growing habit, with
three in five consumers shopping less frequently at Shopping via Home-based
physical outlets compared to two in five (44%) in 2020. phone orders and businesses
direct delivery

39% 34%
Big online marketplaces continue to rise in popularity
during the pandemic, with more than half of Shopping
Southeast Asian consumers (55%) patronising them through social Local businesses
media channels
more frequently. Nearly half (48%) and more than

60% 40%
one-third of consumers (34%) also shop more often to
support home-based and local businesses Shopping
respectively. at physical Sharing services
outlets

21
ECOMMERCE CONTINUES TO GROW AS
CONSUMERS EXPLORE NEW SHOPPING CHANNELS

The stickiness of online shopping habits Current shopping behaviour New shopping channels during the
established during the pandemic should
not be overlooked, with many consumers
pandemic
sustaining their digital-first habits beyond
COVID-19.
Shopping at

New shopping channels have also gained

traction during the pandemic. More than Online apps / Phone orders Social media
half of consumers (55%) shopped online Home-based Marketplaces Local websites with direct channels
via applications or websites for the first businesses online businesses home delivery

time due to COVID-19, and this trend was

led by consumers in Indonesia (72%), 59% SEA
60% SEA
54% SEA
55% SEA
42% SEA
40% SEA

Vietnam (66%), and Thailand (65%). Two

in five Southeast Asian consumers also
shopped with proximity stores (42%) and
via social media channels (40%) for the
70% TH
69% ID
63% ID
72% ID
57% VN
50% VN

first time. Vietnam, Thailand, and the

Philippines are frontrunners for both
trends.
66% ID
69% TH
61% TH
66% VN
54% TH
49% TH

59% PH
64% PH
58% MY
65% TH
45% PH
46% PH

22
 61%

60%

HOME DELIVERY GROWS IN POPULARITY

20%
AMONG CONSUMERS
The pandemic has further accelerated the growth of home Home delivery usage
delivery across the region, with 88 percent of Southeast
Asian consumers now using home delivery, compared to 2021 2020
96% 95%
83 percent in 2020. Home delivery is particularly popular 93% 93%
91% 89% 88%
88% 87% 88% 86% 88% 87%
among consumers in Thailand (96%), Indonesia (95%) and 83%
64%
the Philippines (93%). 47%

Almost two-fifths (38%) of consumers used home delivery

for the first time during the pandemic. The frequency of
home deliveries has also increased dramatically, with
Started using S.E.A. TH ID PH SG MY VN CM
Southeast Asian consumers opting for home delivery an during the
average of 7.2 times out of 10 (compared to an average of pandemic 38% 31% 18% 38% 33% 32% 81% 26%
3.4 times out of 10 pre-pandemic). Consumers in Thailand,
Average number of home deliveries
Indonesia and the Philippines lead the region in frequency
of home deliveries. Currently 7.2 7.8 7.6 7.6 6.5 7.0 7.4 4.8
pre-COVID 3.4 3.9 5.0 4.1 3.3 3.4 0.4 2.2
Almost three in four consumers use online payment before
delivery (73%), making it the the top preferred payment
method for deliveries in Southeast Asia. This trend is led by Home delivery – Payment methods used
Malaysia (84%), Indonesia (83%), and Singapore (76%).
There is opportunity for growth in markets such as the
Philippines (63%) and Cambodia (43%), where
S.E.A. SG MY ID VN TH PH CM
cash-on-delivery remains the default payment method for
home deliveries. Cash-on-delivery
51% 23% 32% 60% 43% 64% 80% 63%
Online payment
before delivery 73% 76% 84% 83% 68% 71% 63% 43%

23
CONSUMERS EAGER TO RESUME
PRE-PANDEMIC ACTIVITIES
Since the onset of the pandemic, consumer expenses
have been heavily home-based, with increased
spending in groceries (35%), home office equipment
(28%), and content platform subscriptions (26%). Consumers remain hopeful for travel opportunities as
economies and governments worldwide adjust to
COVID-19. Categories they are most eager to spend on

Categories 35% Groceries include domestic travel (22%), international travel (20%),
and staycations (12%).
that saw
28% equipment
Home office
increased
spending 26% Content platform
subscriptions
Categories most eager to spend on

38%
International Domestic Staycations Out-of-home Fine dining
Out-of-home
Categories entertainment
travel travel entertainment

that saw 20% 22% 12% 7% 7%

reduced 38% Fine-dining SEA SEA SEA SEA SEA

36% accessories
Luxury items and
spending
43% SG
27% CM
18% CM
15% ID
11% PH

Categories 30% International

travel
21% MY
26% MY
16% PH
7% MY
10% MY
that saw
postponed 28% Domestic travel
spending 27% entertainment 20% 25% 13% 7% 10%
Out of home
TH VN ID SG SG

24
CONSUMERS EAGER TO RESUME
PRE-PANDEMIC ACTIVITIES

Almost two in three (62%) Likelihood of travels in next 12 months Consumers remain wary of the global situation, listing
Southeast Asian consumers vaccination rates (55%), the stability of the COVID-19
LEISURE BUSINESS
are likely to travel situation at the destination (53%) and a decline in
domestically in the next 12 Domestic travel global cases of COVID-19 (45%) as key considerations
months, led by Thailand 72%
when contemplating travel.
70% 69%
(72%), Indonesia (70%) and 66%

the Philippines (66%). 62%

54% 56% 56%
64%
55% 57%
Travel considerations
48%
However, consumers
23% 22%
Being vaccinated 55%
remain cautious about
N/A
international travel, with
Stability of COVID
situation at destination 53%
less than 2 in 5 (38%) likely
to travel overseas in the S.E.A. TH ID PH VN MY CM SG
Global cases of
COVID decreasing 45%
next 12 months. Consumers
from Thailand (46%), Overseas travel
Safe travel advisory
from government 38%
Singapore (41%) and the
Philippines (38%) are most
46%
Good medical facilities (including
COVID care) at destination 30%
likely to travel overseas in 38% 39% 41% 38% 37%
40%
37% 34% 33%
31% 34%
the near future.
30%
28% Hotels sterilisation and
23% 23%
17% social distancing measures

COVID insurance 29%

S.E.A. TH SG PH ID MY VN CM
Travel discounts / promotions 28%
COVID safety measures
put in place by authorities 28%
Airlines apply sterilisation and
social distancing measures 26%

25
Enhancing retail for
seamless consumer
experiences

1
REDEFINING ECOMMERCE WITH
LIVESTREAM SHOPPING
Livestream shopping has surged in popularity Livestream shopping Motivations to purchase
across Southeast Asia, with 92 percent of
consumers being aware of it and 78 percent PURCHASED AWARE INTERESTED More Host explains It’s a modern and Able to see the Host is trustworthy
affordable the product innovative way to product’s features and credible
trying it. Thailand leads in awareness for prices specifications well shop and get familiar
livestream shopping (98%), followed by the 40%
with it

Philippines (98%) and Indonesia (97%). Two in S.E.A. 52%

five Southeast Asian consumers (40%) have
60% 62% SEA
51% SEA
36% SEA
37% SEA
32% SEA

made purchases through livestream shopping, 61%

with Vietnam leading (61%) followed by Thailand
VN 34%
76%
72% PH
66% PH
47% TH
43% TH
43% PH

(56%) and the Philippines (45%).

45%

The trend is expected to grow, with three in five

PH 53% 69% ID
60% VN
43% PH
42% PH
41% TH

70%
non-users showing interest in livestream
56%
shopping (60%). Interest among non-users is led TH 42% 63% MY
54% ID
38% VN
38% ID
31% VN

by Vietnam (76%), followed by Thailand (70%) 70%

and the Philippines (70%). 40%
ID 57%
60%
Key drivers of purchasing via livestream shopping
include affordable prices and promotions (62%), a 35%
MY 59%
host’s ability to explain product features well
56%
(51%), and consumers’ ability to view features of
the product and to learn more about it during the 15%
CM 52%
livestream (37%). Notably, consumers tend to
38%
prefer livestream hosts who are social media
influencers, followed by celebrities and owners 18%
SG 73%
or representatives of e-shops. 36%

27
SMARTER SHOPPING WITH
SMART DEVICES
Awareness and interest in smart devices such as Key drivers of interest in smart devices include their
Level of awareness and interest for
smartphones, tablets, and smart watches are high for novelty (61%), greater speed and convenience (53%)
the majority of consumers across Southeast Asia, and consumers’ desire to keep up with the latest
smart device payments
except for Cambodia. Seventy-eight percent of technology and trends (52%). However, consumers AWARENESS INTEREST
Southeast Asian consumers are aware of smart need to be assured on concerns about transaction
devices, with the Philippines leading (88%) followed by
53% 78%
security (41%), potential difficulties during setup S.E.A.
Indonesia (85%) and Singapore (84%). Sixty-nine (35%) and concerns that the devices might be difficult 69%
percent of Southeast Asian consumers are interested to use (33%).
88%
in smart devices, with Indonesia leading (80%) PH
followed by the Philippines (80%) and Vietnam (79%). 80%

85%
ID
80%
Drivers of interest Barriers to interest 84%
SG
56%
61% It’s an innovative / modern way
to pay 41% I am not sure about the security
of the transaction
82%

53% 35%
TH
I think it is faster and more It may be difficult to set up 75%
convenient
82%
52% I want to keep up with the latest
technology / trends 33% I will find it difficult to use MY
68%

51% I am curious about it and would

like to try something new 31% I am worried about additional
charges VN
79%
79%
48% It is a secure way of making
payments 29% The transactions may not go
through / not work consistently
CM
18%
27%

28
Digital is here –
The next evolution
of banking
COVID-19 HAS ACCELERATED THE SHIFT
TO ONLINE BANKING SERVICES
COVID-19 has accelerated
Level of awareness and interest
the shift to online and
mobile banking services, Reasons for for digital banking
which have grown in using digital ONLINE BANKING MOBILE BANKING
popularity in Southeast banking
Asia. More than half of 52%
S.E.A.
Southeast Asian consumers
(52%) use online banking at 67% Save time from not
having to travel to
the bank
69%

58%
least once a week, while MY

66%
more than two-thirds (69%) Digital banking is 66%
available anytime
use mobile banking at least and from anywhere 57%
once a week. TH

62% Safer from COVID-19 83%

infection risks
Key motivators behind the 56%

60%
VN
use of online and mobile More efficient and
convenient way to 74%
banking include time saved transact or get
from visiting physical bank information 54%
ID
branches (67%), being able 76%
to perform banking 55% Dislike queueing up
at the bank
52%
transactions anytime and PH

52%
Comfortable with 63%
anywhere (66%) and the security of
physical safety (62%). mobile payments
45%
SG

25%
No access to a 65%
physical bank branch
20%
CM
18%

30
COVID-19 HAS ACCELERATED THE SHIFT
TO ONLINE BANKING SERVICES

Currently, 89 percent of Southeast

Mobile banking app installed First time users of mobile banking app
Asian consumers have a mobile
banking app installed on their phone,
with Thailand in the lead (96%) Prior to COVID-19 After COVID-19
followed by Indonesia (94%) and
Vietnam (93%). S.E.A. 89% 75% S.E.A. 22%
In addition, three in four Southeast
Asian consumers (75%) were already TH 96% 51% CM 29%
using mobile banking apps prior to
COVID-19, and more than one in five
(22%) became first-time users during ID 94% 70% PH 28%
the pandemic. Countries with the most
first-time users during the pandemic
include Cambodia (29%), the
VN 93% 74% MY 24%
Philippines (28%), Singapore (24%) and
Malaysia (24%). SG 91% 72% SG 24%

MY 89% 79% TH 20%

PH 88% 78% VN 18%

CM
60% 82% ID 16%

31
COVID-19 HAS ACCELERATED THE SHIFT
TO ONLINE BANKING SERVICES

Increase in usage of online / mobile banking services

During COVID-19 Expected future use, 1 year from now

S.E.A. 66% 70%

TH 79% 77%

ID 73% 76%

VN 73% 72%

During the pandemic, two-thirds of Southeast Asian consumers

PH 70% 80%
(66%) also increased their usage of online and mobile banking
services, with Thailand in the lead (79%) followed by Indonesia (73%)
and Vietnam (73%). MY 68% 73%
With 70 percent of Southeast Asian consumers expecting to increase
their usage in the next year, online and mobile banking services are SG 49% 58%
slated to grow even further. Consumers from the Philippines (80%)
are expected to drive the growth of online and mobile banking
services in the region, followed by those from Thailand (77%) and CM 27% 29%
Indonesia (76%).

32
DIGITAL BANKS POISED FOR GROWTH
IN SOUTHEAST ASIA
Digital banks are well-positioned for growth in Southeast Asian consumers are most Interest in types of companies for digital banking
Southeast Asia, where there is generally high interested in digital banking services
awareness and interest from consumers. offered by existing banks (87%), followed Well-known Financial services
Existing bank New startup
Seventy percent of consumers are aware of by well-known non-financial brands non-financial brand company
digital banks, with Indonesia in the lead (85%) (79%), financial services companies
followed by Thailand (81%) and the Philippines (76%) and new startups (70%). The top 87% SEA
79% SEA
70% SEA
76% SEA

(80%). Furthermore, 77 percent of consumers services that consumers are interested in

are interested in services offered by digital from digital banks include bill payments
banks, particularly consumers from Thailand (65%), money transfers (65%) as well as 93% ID
87% VN
79% TH
74% ID

(90%), the Philippines (88%), and Vietnam (87%). deposits and withdrawals (65%).

Level of awareness and interest for digital banking

91% PH
83% ID
72% VN
84% VN

AWARENESS INTEREST

90% 88% 87%

90% TH
83% TH
69% MY
83% PH

85% 86% 81% 80%

77% 77%
70% 74% 72% 73%

57%

36%

8%

S.E.A. ID PH TH VN MY SG CM

33
DIGITAL BANKS POISED FOR GROWTH
IN SOUTHEAST ASIA

Southeast Asian consumers are also

interested in having a fully-digitalised Interest in types of services
process for common banking
processes such as account opening and 72% Fully digital process for account
opening, loan approvals, etc.
loan approvals (72%), contactless kiosks
for transactions (70%), live interactions 70% Contactless kioks for transactional service instead of
self-service touchscreens
with bank employees online via an app
(69%), blockchain-based technology for 69% Live interactions with bank employees online through
digital app
data transparency (68%) and AI banking
assistants at flagship bank branches 68% Blockchain-based technology for transparency of data

(62%). 62% AI-based banking assistant robots at flagship bank branches

Services interested in from a digital bank

Money transfers Making payments International
Deposits & money
Paying bills to family & for purchases at Investments Loans
withdrawals transfers
friends retail locations

65% SEA
65% SEA
65% SEA
58% SEA
49% SEA
42% SEA
40% SEA

83% PH
81% PH
76% PH
70% PH
59% ID
51% PH
49% TH

72% ID
76% ID
74% TH
65% ID
59% TH
50% ID
48% PH

71% TH
71% VN
71% VN
65% TH
52% PH
48% VN
46% ID

34
DIGITAL BANKS POISED FOR GROWTH
IN SOUTHEAST ASIA

However, many consumers still prefer to hold their main banking accounts with Preference for digital banks vs traditional banks
traditional banks (60%) rather than with digital banks.
TRADITIONAL BANKS DIGITAL BANKS

Despite this, digital banks are preferred in the areas of offering 24-hour banking 69% 68%
64%
(35%), lower overall costs (32%) and convenience (30%). Traditional banks on the 60% 59% 57% 55%
51%
other hand are preferred for safety (27%), reliability (25%) and positive customer 45%
49%
43%
40% 41%
experiences (24%). Consumer receptiveness towards digital banks is significantly 32% 36%
31%
higher in Indonesia (49%) and the Philippines (45%) compared to other markets.

S.E.A. SG TH CM MY VN PH ID

Perceptions of digital banks vs traditional banks

TRADITIONAL BANKS DIGITAL BANKS I would like to
use this as my
main banking
35% account
32% 30%
30%
28%
27% 25% 25% 26%
24% 24% 23% 24% 24%

60%
22% 22% 22% 20%
19% 20% 20% 20% 20%
18% 17%
16%

24-hr
banking is
My money
is safe in
Pleasant
experience
Reliable for
transacting
Credit
assessment
Good
customer
Quick
approval and
Fully digital
process for
Lower
overall
Convenient
to operate
I can do
everything
User-
friendly
Better
interest
40%
possible this bank in dealing done using service disbursement account costs to me banking website / rates for my
with the alternate of loans opening, loan related app deposits
bank overall financial approvals, online
data etc.

35
DIGITAL BANKS POISED FOR GROWTH
IN SOUTHEAST ASIA

Considering this, the adoption

of digital banking services is Drivers of interest
expected to rise as Southeast
Asia’s banking landscape 41% Speed and convenience

continues to see liberalisation.

In Singapore for instance, four
40% Ability to perform banking
services at any time of the day
recipients of digital banking Not having to visit physical
licenses plan to begin 38% branches or wait in queues for
banking services
operations in 20222, and the

34%
Philippines granted six digital
Lesser human interaction
banking licenses in 20213.
Malaysia has just awarded five 32% Innovative / modern way to bank
digital banking licenses in April
20224, while Thailand5 and
Indonesia6 are exploring licenses Barriers to interest
for fully digital banks.
46% Perceived higher chance of bank
account getting hacked

44% Perceived higher risk of fraud

34% A lack of reliability

34% Concerns on reliability of

transactions

32% Concerns on additional charges

32% Concerns about everything

being a digital process

36
Market snapshots
 CAMBODIA
Success of going cashless When Cambodia can be a Top 3 digital payment methods
cashless society currently used in market

20 %
of Cambodia COVID-19 has accelerated
consumers have consumer expectations
succeeded in of Vietnam becoming a
going cashless cashless society by

4
QR codes in
Cambodia have years
36% 23% 10%
significantly grown
10.3
Average
number of days QR Swipe/insert Card
with more than 1/3 successful Payment Card Online

of consumers
currently using Top 3 reasons for carrying Top 3 categories going fully New shopping channels during
(mostly Gen Y) less cash cashless the pandemic

26 % First time users

57%
Inconvenience of using direct

>1/3
USAGE carrying cash home delivery

23%
First time users

51%
Increased use of shopping online
card payments through apps /

51% 46% 31% websites

21%
First time users
45 %
Problem of Supermarket Convenience Overseas
counterfeit cash Stores Travel shopping on
social media
channels

38
 INDONESIA
Success of going cashless When Indonesia can be a Top 3 digital payment methods
cashless society currently used in market

61 %
of Indonesia COVID-19 has accelerated
consumers have consumer expectations
succeeded in of Indonesia becoming a
going cashless cashless society by

2
Indonesia leads the
region in usage and years
74% 56% 54%
preference for
10.8
Average
number of days Mobile Card Swipe/insert
mobile wallets successful Wallet Online Card

Top 3 reasons for carrying Top 3 categories going fully New shopping channels during
less cash cashless the pandemic

74%
USAGE

72%
First time users
shopping online
Increased use of
contactless payments 71 % through apps /
websites

41%
First time users

21%
PREFERENCE
55%
Increased use of card shopping on
payments social media

71% 69% 59% channels

44 40%
Carrying cash is unsafe First time users
due to risk of infection % Bill
Payments
Taxi &
Ridesharing
Overseas
Travel
using direct
/ risk of loss or theft
home delivery

39
 MALAYSIA
Success of going cashless When Malaysia can be a Top 3 digital payment methods
cashless society currently used in market

74 %
of Malaysia COVID-19 has accelerated
consumers have consumer expectations
succeeded in of Malaysia becoming a
going cashless cashless society by

3
Home delivery
usage remains high years
70% 56% 40%
in Malaysia with
12.9
Average
number of days Card Contactless Mobile
9 in 10 consumers successful Online Card Contactless

currently using it.

Of this, 1/3 are Top 3 reasons for carrying Top 3 categories going fully New shopping channels during
first-time users less cash cashless the pandemic
during the

52%
First time users
pandemic. shopping online
Increased use of
contactless payments 75 % through apps /
websites

39%
First time users

9/10
USAGE
60%
Increased use of card shopping on
payments social media

65% 58% 55% channels

45 43%
More widespread First time users
acceptance of % Bill
Payments
Supermarket Taxi &
Ridesharing
using direct
cashless payments
home delivery

40
 SINGAPORE
Success of going cashless When Singapore can be a Top 3 digital payment methods
cashless society currently used in market

60%
of Singapore COVID-19 has accelerated
consumers have consumer expectations
succeeded in of Singapore becoming a
going cashless cashless society by

3
Singapore leads the
region in usage and years
81% 74% 49%
preference for
10.5
Average
number of days Card Contactless Mobile
contactless cards successful Online Card Contactless

Top 3 reasons for carrying Top 3 categories going fully New shopping channels during
less cash cashless the pandemic

74%
USAGE

34%
First time users
shopping online
Increased use of
contactless payments 65% through apps /
websites

25%
First time users

29%
PREFERENCE
54%
Increased use of card shopping on
payments social media

62% 59% 56% channels

45% 23%
More widespread Bill Public Taxi & First time users
acceptance of Payments Transport Ridesharing
using direct
cashless payments home delivery

41
 THAILAND
Success of going cashless When Thailand can be a Top 3 digital payment methods
cashless society currently used in market

87 %
of Thailand COVID-19 has accelerated
consumers have consumer expectations
succeeded in of Thailand becoming a
going cashless cashless society by

2
Instalment plans
are relatively years
58% 51% 49%
popular in Thailand,
9.5
Average
number of days Card Mobile Contactless
having been used successful Online Contactless Card

more than twice by

40% of consumers Top 3 reasons for carrying Top 3 categories going fully New shopping channels during
in the last year. less cash cashless the pandemic

65%
First time users
shopping online
Increased use of
77%

40
USAGE through apps /
contactless payments

%
websites

49%
First time users

54
Perception that carrying
cash is unsafe due to % shopping on
social media

67% 64% 62%

potential infection
channels

45%
54%
More widespread Convenience Bill Supermarket First time users
acceptance of Stores Payments
using direct
cashless payments
home delivery

42
 THE PHILIPPINES
Success of going cashless When The Philippines can be Top 3 digital payment methods
a cashless society currently used in market

84 %
of Philippines COVID-19 has accelerated
consumers have consumer expectations
succeeded in of The Philippines
going cashless becoming a cashless
society by
The Philippines
has the most
number of Average
number of days
12.5
3 years 64%
Mobile
52%
Card
44%
Swipe/insert
consumers who successful Wallet Online Card

are familiar with

cryptocurrencies Top 3 reasons for carrying Top 3 categories going fully New shopping channels during
less cash cashless the pandemic

62%
First time users
shopping online
Increased use of
79 %

65
AWARENESS through apps /
contactless payments

%
websites

46%
First time users

51%
Perception that carrying shopping on
cash is unsafe due to social media

80% 70% 65%

threat of loss or theft
channels

50 45%
More widespread First time users
acceptance of % Bill
Payments
Supermarket Retail
Shopping
using direct
cashless payments
home delivery

43
 VIETNAM
Success of going cashless When Vietnam can be a Top 3 digital payment methods
cashless society currently used in market

76 %
of Vietnam COVID-19 has accelerated
consumers have consumer expectations
succeeded in of Vietnam becoming a
going cashless cashless society by

0
Vietnam has the
highest market year
52% 46% 38%
percentage of
13.7
Average
number of days Card Contactless Mobile
consumers who successful Online Card Contactless

have tried and

purchased from Top 3 reasons for carrying Top 3 categories going fully New shopping channels during
livestream less cash cashless the pandemic
shopping

66%
First time users
shopping online
Increased use of
70 %

61
USAGE through apps /
card payments

%
websites

50%
First time users

65%
Increased use of shopping on
contactless payments social media

69% 55% 55% channels

51 57%
Perception that carrying First time users
cash is unsafe due to % Bill
Payments
Supermarket Overseas
Travel
using direct
threat of loss or theft
home delivery

44
 ABOUT THE REPORT
The annual Visa Consumer Payment Attitudes Study was conducted to understand
the behaviours of consumers and identify areas where we can drive greater adoption
of digital payments. The study highlights current and future trends in digital
payments and commerce in Southeast Asia, examining how current developments
have altered lives and payment behaviours.

The latest survey was commissioned by Visa and conducted with CLEAR from
August to September 2021, among 6,520 consumers aged 18 – 65 years of age in
Singapore, Malaysia, Thailand, Indonesia, the Philippines, Vietnam, and Cambodia.

REFERENCES
1. Think with Google, Google, Temasek & Bain & Company, Nov 2021.

2. Digital banks seen debuting strongly in 2022, but 'long and difficult' path to profitability, The Business Times, Feb 2022.

3. PH will only have 6 digital banks for now — Diokno, Manila Bulletin, Oct 2021.

4. Malaysia Awards Digital Bank Licenses To Groups Led By Grab, Sea, Axiata’s Boost, Forbes Asia, Apr 2022.

5. Thailand Poised to Join Global Rush for Virtual Banks, Bloomberg, Feb 2022.

6. Indonesian Lenders Ride the Digital Banking Momentum, Fintechnews, Feb 2022.

45