HK Consumers Want To Pay In “Green” Dollars

Loyalty programs are an obvious way for businesses to reward their customers, who may have been loyal over a long time. In 2023, loyalty programs are becoming even more critical, with brands looking to drive consumer-friendly payment options and offer differentiated rewards with an environmental focus.

Visa’s Consumer Payment Attitudes Study 4.0: Payments Outlook found that Hong Kong consumers are expecting more from their payment systems, with a preference for a range of payment options that can be used for both small and large purchases.

Cards remain the most preferred payment method, which 91% of Hong Kong consumers accept. However, usage of contactless stored-value cards (65%) and mobile wallets (79%) is growing. This shift towards contactless and mobile payments is spurred by the convenience of such payment methods and their security benefits.

“This year, our Consumer Payment Attitudes Study comes at a pivotal time when Hong Kong and neighboring markets are preparing and positioning themselves for a strong recovery after the pandemic," said Paulina Leong, head of client relationship management at Visa Hong Kong & Macau.

One striking area of interest, however, is the greater propensity of Hong Kong consumers to reward brands that support sustainability, Visa reports.

Sustainability's growing traction

Almost half (48%) of respondents actively sought or paid more for sustainable brands/companies, while 58% expressed interest in payment solutions prioritizing sustainability. Furthermore, if they knew their purchases' carbon footprint, an even more significant number (58%) would likely opt in and shop green.

Furthermore, when it comes to contributing to charitable causes via loyalty programs, 43% of respondents were open to donating if a company matched their donations. Moreover, almost six out of 10 respondents (58%) were willing to donate some part or all of their reward points, with higher intent to support environmental causes such as promoting the use of natural resources, waste management, or climate change.

"From small everyday purchases to large discretionary spending, people are looking for greater convenience, and it is crucial for businesses to embed seamless payments that benefit not only local residents but also travelers from around the world. After all, creating an inclusive payment system and augmenting the digital-first experience pave the way for more businesses to thrive in the era of digital commerce, thereby improving the lives and livelihoods of all people," Leong added.

Image credit: iStockphoto/Petmal