Visa Examines Young Consumers’ Effect on Mobile and Online Payments
Sept. 10, 2012
While predictions of mobile payments adoption around the world make headlines, actual adoption still remains relatively low. As young consumers age, however, the predictions should become increasingly accurate, as one new Visa study, focusing mainly on Asia, confirms. In Connecting with the Millennials, Visa examined 5,500 young consumers in India and 11 other Asia and Asia Pacific countries. In Asia, Russia and the UAE Visa found 73 percent of millennials believe eventually they will be able to do all of their shopping and bill payment on a mobile device.
Throughout the surveyed countries (mainland China, Hong Kong, Indonesia, India, Philippines, Russia, Singapore, South Africa, South Korea, Taiwan and the United Arab Emirates), 63 percent said they are already transacting online using their personal computers or laptops, and 19 percent are doing so on mobile phones.
“We believe the Millennials play a significant role in boosting electronic payments in India: they have an active digital lifestyle and are embracing new payments technologies,” said Uttam Nayak, Visa’s group country manager for India & South Asia. “At Visa we see mobile and online payments as a game changer and we’re providing the Indian Gen-Y with advanced and robust electronic payments technology to drive growth towards a cashless and a more efficient environment.”