Asian millennials prefer e-payment convenience

E-payments are emerging as the go-to method of payment for time-pressed Asian consumers, says data and analytics firm GlobalData.

The consumer desire for convenience is reshaping the retail sector, where retailers are scrambling to offer a seamless shopping experience with the latest technologies such as self-service checkout systems and contactless payment.

Asia-Pacific is leading the race in encouraging its population to become a completely cashless society, with consumers in the Philippines and China in particular using e-payments in their everyday purchases, said GlobalData.

According to the company’s third-quarter global consumer survey, 25% of consumers in China find stores that support advanced payment methods such as Apple Pay to be the most convenient when deciding where to do their grocery shopping.

“Pressed for time, millennial consumers look for convenience and flexibility. They expect a seamless omni-channel experience and look to combine shopping, mobile payments and smartphone-based apps,” said Iliyana Mesheva, consumer analyst at GlobalData.

The survey reveals that in Asia-Pacific countries such as the Philippines and China, consumers are twice as likely to prefer stores with advanced in-store payments, in comparison with the global average.

With e-commerce the key to Asia’s modern shopping, the giant e-commerce platform Alibaba is making the shopping experience more convenient by encouraging mobile and online payments, luring in today’s digitally savvy and time-pressed consumers.

Ms Mesheva said the next-generation approach to shopping sees mobile payments and smartphone-based apps such as WeChat and AliPay being quickly embraced by time-pressed consumers for their convenience and hassle-free benefits.

Technological advances are further facilitating consumers’ desire for simple, seamless and time-saving methods of interacting with products and services, she said.

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