Chinese consumers may not be reliant on credit in the way that many consumers are in the United States, but a new survey finds that they’re more enthusiastic about cashless payment options than any other country in the world.
A new consumer report by Nielsen entitled “Global Payment Gateways of the Future” finds that Chinese consumers prefer credit cards, shopping with mobile devices and tablets, e-wallets, and e-commerce at higher rates than the global average.
According to the survey results, credit cards rank far above cash as Chinese consumers’ most-preferred payment vehicle in their daily spending routine, and are favored at a much higher rate than among consumers globally. While 77 percent of Chinese consumers chose credit as their ideal payment option, only 22 percent said they would go with cash. Meanwhile, a comparatively smaller 54 percent of global consumers prefer credit.
Unsurprisingly, UnionPay dominates Chinese consumers’ credit card of choice, with 67 percent saying they use it as their primary payment card.
Shopping with smartphones, tablets, and e-wallets is most popular in Asia as well. The Asia-Pacific region dominated interest in shopping with a smartphone or tablet, with 65 percent of respondents saying they would shop online with one of these devices if their payment card was stored safely. This was 10 percent higher than Latin America, which was the next highest region at 54 percent. Chinese consumers use e-wallets such as Tenpay or Alipay for their “preferred payment vehicle” at a rate of 44 percent, more than double the global average of 19 percent.
In China, e-commerce is poised to see big benefits to Chinese consumers’ embrace of new payment technology. The survey found that out of 15 different product categories, the Asia-Pacific region shows higher rates of e-commerce use than the global average for every single one. For example, 34 percent of Asian consumers plan to book travel reservations online in the next three to six months, compared to a global average of 30 percent.
With an internet penetration rate of only 40 percent right now, according to Nielsen, China’s online payment boom has just begun.