Page 11 - AeM_October_2019

RESEARCH, ANALYSIS & TRENDS

One out of three Hong Kong consumers

ditching plastic in favor of eWallets

According to new insights on global retail payment choosing digital payments over the more traditional
trends from FIS, a global leader in financial technology, credit-debit card combinations when shopping online,
eWallets are now the preferred way for Hong Kong according to our 2019 Retail Global Payments Report.”
consumers to pay for goods online.
The report also highlights Hong Kong’s strong overall
New data from Worldpay’s FIS product suite shows that retail eCommerce growth, which is expected to grow by
more than a third (36%) of all online retail purchases more than 18% to almost US$4bn by 2022. During the
made in Hong Kong last year were via digital wallets, same period instore sales are also projected to grow by
followed by credit cards (30%) and bank transfers (12%). four percent compound annual growth rate (CAGR) to
In Hong Kong, digital wallets are the preferred payment be worth US$70bn, indicating the sustained health of
method for shopping online for clothing and footwear, the retail industry in Hong Kong.
electrical goods, and health and beauty products,
accounting for 36%, 44% and 32% of these purchases Globally, the report data shows that mobile commerce
respectively. is growing faster than any other channel, particularly in
Asia. In Hong Kong, mobile commerce is set to grow at
The data was published in FIS’ 2019 Retail Global a 14% CAGR over the next four years, while in China
Payments Report, an in-depth analysis into payments and Singapore, mobile commerce currently makes up
trends of 16 countries from across the world, 81% and 60% of all eCommerce sales respectively.
representing 80% of online global retail and 60% of However, card is still king when it comes to payments
instore global retail sales. at the point-of-sale in Hong Kong, with credit cards
accounting for 55 % of all instore retail purchases.
Even though credit cards still lead in-store; when it
comes to shopping online, Hongkongers have embraced “Retailers and merchants in Hong Kong who are
digital wallets like Alipay, WeChat Pay and PayPal, looking to succeed when going global must understand
which now account for 36% of all online retail purchases. the local consumer preferences of the markets they
The report also shows a growing consumer preference operate in and offer the right mix of payment methods
for mobile commerce, currently comprises 16% of all to meet their expectations. It’s not about offering every
online retail in Hong Kong, mobile commerce is available option, but rather focusing on those that best
expected to grow by 34% by 2022. suit your business model and match the needs of your
customers,” Pomford concluded. ◊
Phil Pomford, General Manager for APAC, Global
Enterprise eCommerce, Merchant Solutions at FIS, By MediaBUZZ
commented: “Consumers in Hong Kong are increasingly

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