Digital Payments:

Thinking beyond Transactions

APAC Research Report
Foreword

Asia’s social and economic landscape is being transformed by the The survey highlights that those who have adopted new payment
proliferation of mobile technology and digitalisation of financial services, methods recognise the benefits and are enjoying them. These range
which have built and enhanced digital connections. These connections from convenience and ease of use, to saving money via discounts and
are driving E-commerce and social commerce across the region, which lower processing fees. In addition, digital payments users also indicated
are in part enabled by digital payments. they are better at managing their money.

The benefits for Asian economies, businesses and especially individuals This is a critical step to achieving better financial health and driving
can be profound and far-reaching. We have seen how digital payments economic opportunity, enabling people to manage day-to-day financial
innovations can improve lives when adopted. obligations, prepare for the inevitable financial shocks that come along,
and take advantage of new financial opportunities without compromising
Here in Asia, digital payments have been around for many years, which their standards of living and financial security.
has helped increase awareness among consumers as well as merchants.
Yet cash remains the preferred mode of payment across Asia, despite And the conversation on this aspect is just beginning to happen. The
the fact that the region is becoming increasingly digitally connected as proliferation of digital payments will lead to broader financial inclusion,
Internet penetration and smartphone ownership continues to rise. one that will truly transform Asia’s economies.

The digitalisation of Asia, coupled with a relatively young population and

rising income levels, presents a unique growth opportunity for the sector.
PayPal commissioned a survey across the region to better understand
the roadblocks to greater adoption and seek solutions that would allow Rohan Mahadevan
digital payments to achieve their full potential and ultimately improve the Chief Executive Officer, PayPal Pte Ltd
financial health and economic opportunity of consumers and merchants. Senior Vice President, APAC, PayPal Inc

2
About the study
PayPal commissioned Singapore-based independent research agency Blackbox Classification of payment methods
Research to assess attitudes towards new payment methods and to garner insights
into the state of financial health and satisfaction in Asia. In doing so, PayPal hopes Cash Traditional Payment Methods New Payment Methods
to identify opportunities and seek solutions that will better improve the financial
health and economic opportunity of both consumers and businesses.
B
The survey was conducted with 4,000 participants in seven markets within the Asia
region (China, India, Hong Kong, Singapore, Thailand, Philippines and Indonesia). Physical Physical E-wallets/ Digital
Cash
Prepaid card Credit card mobile wallets currency

As new payment technologies offer enterprises (especially small and medium-sized

businesses) the potential to transform their operations with new opportunities and
solutions at scale, PayPal also spoke to 1,400 merchants across this region. The
Cheque/
survey was predominantly distributed online as PayPal seeks to understand how Bank transfer/
Demand
Contactless In-app
Internet banking payment via payment
a typical consumer and merchant in Asia with online access thinks about digital draft systems
mobiles
payments. For a more detailed demographic profile, please refer to the Appendix at
the end of the report.

Across the region, consumers and merchants were familiar with and adopted a wide Over the
Physical
Contactless
counter payment via
range of payment methods. For the purposes of analysis, PayPal has classified the Debit card
services at cards
payment methods into three categories: Cash, Traditional Payment Methods and store
New Payment Methods. Traditional payment methods include credit cards, debit
cards and cheques and new payment methods include mobile-enabled payment
methods and digital currency.

Scope/Methodology Method:

4,000
Seven markets: Referencing the US’s Center for Financial
China, India, Hong Kong, Services Innovation, PayPal adapted
Singapore, Thailand, and developed subjective and objective
consumers Philippines, Indonesia indicators to provide an initial framework
to assess financial health in Asia
1,400 Especially small
and medium-sized
Note: Japan and Australia have been excluded from the
research as Japan is still largely a secular economy and Aus-
merchants enterprises tralia is more focused on mobile commerce

3
Asia invented cash and is not letting go, but for how long?
The first recorded use of paper money was in the 7th century
in China. Centuries later, the presence of cash in everyday life Most often used payment methods in Asia
continues throughout the region. Across Asia, 88% of those
surveyed use cash as a mode of payment. 57%

Increasing Internet penetration and smartphone ownership are

making people more open to exploring new payment methods
that can replace cash. Of those surveyed, 35% said they use e-
or mobile wallets and 13% use contactless payments via mobile
phones. 12% 12%
8%
4% 2% 1%
However, cash continues to remain the top preference. When
asked which payment method they used most often, 57%
answered cash, compared to 12% who said e- or mobile wallets
and just 1% who cited contactless payments via mobiles.
Cash Bank transfer/ Physical Physical E-wallets/ Contactless Contactless
This is in contrast to much of Europe where, for example, cash Internet Credit card Debit card mobile payment payment
banking wallets via cards via mobiles
transactions made up barely 2% of the value of all payments made
in Sweden in 2015, according to its central bank, the Riksbank. Cash Traditional Payment Methods New Payment Methods
Sweden is so cashless that even Swedish parishes have started
taking tithes via mobile apps. Q: Listed below are some of the popular ways to carry out financial transactions...which one do you use most often? (Please select one)

Can Asia move in the same direction?

It might be early days, but there are some indications that digital Asia: Who uses cash most often?
payments have the potential to dethrone cash, at least in some
countries. China is leading the way on this front. Only 25% of
respondents from China cited cash as the most often used form 57% 75% 75% 73% 70% 44% 43% 25%
of payment, compared to 48% who cited e- or mobile wallets as Asia
being their top preference. India Philippines Indonesia Thailand Hong Kong Singapore China

4
Two in five consumers have experienced issues with cash
About two in five consumers say they have experienced issues with using
and getting cash. These issues include not having enough cash on hand Top problems consumers face
(40%), facing long queues at the bank/ATM (39%), faulty ATM machines with using cash and cards
and not having ATMs nearby (36%). Long queue at
Do not have
enough cash on the ATM/bank
While these issues have always been there, modern-day lifestyle has hand and/or money
made consumers less tolerant of them. Consumers are accustomed to transfer service
instant access to most things courtesy of highly advanced and increasingly
powerful smartphones. That has created a shift in mindset, and raised 40% 39%
the bar of expectations, which means consumers have less patience for
things like long queues, faulty machines etc.
Limit to cash
Consumers have also faced issues with credit and debit cards. The most withdrawal from
cited issues were forgetting to bring cards (21%), cards not being accepted ATM machines are
down or not easily ATM machines
by merchants (13%) and late payment fees (10%).
accessible
 
Persistent pain points in traditional methods, coupled with governments’ 26%
inclination to move away from cash for reasons ranging from it being 36%
costly, hard to track and powering shadow economies, as well as growing
digital access across the region, present a great opportunity for innovation Forget to bring my
in the digital payments sector across Asia. debit/credit/ATM card

Late payment fees 21%

Debit/credit card is
not accepted by
10% the merchant

13%
Q: Please tell us if you have experienced any of the following situations in the last 1 year.

5
Almost every one in two consumers are aware of a digital payment option
Digital payments providers should be encouraged by the fact that Asians are familiar
consumers across Asia are starting to take note of the various digital with new payment methods
payments options available to them. Of those surveyed, almost
every one in two are aware of at least one digital payment option. Familiarity with In-app payment Across the seven markets,
e-wallets/ mobile systems rate India registers the highest
In China, awareness of e-wallets/mobile wallets is very high with wallets is highest most highly in familiarity in recharge phones
in China at 83%. Singapore and and digital currency.
83% of respondents being aware of this option. That is second only Indonesia.
to cash. The awareness in China is being driven by the ubiquity
of homegrown Internet giants, as many of them have started to
incorporate digital payment features as part of their offering to
consumers.
49%
Meanwhile, in-app payments rank most highly among respondents
from Singapore, where 29% are aware of these, and Indonesia where
25% know about them. These countries are home to two of the
23% 23%
fastest growing ‘sharing-economy’ start-ups Grab and GoJek, who
are proactively educating their consumers about in-app payment 14% 11%
options. With demand for such services rising, awareness of these 6%
options is growing as well.
 
In India, the demonetisation of Rs. 500 and Rs. 1,000 notes in B
November 2016 is expected to lead to the rapid adoption of new
payment methods.
E-wallets/ Contactless Contactless In-app Digital Recharge
India also registers the highest awareness in recharge phones (32%) mobile payment via payment via payment currency phones
wallets cards mobiles systems
as being an option to make payments. A large chunk of India’s 1.2
billion population uses pre-paid mobile phone connections as well New Payment Methods
as feature phones, many of which have the unique technology to
allow the use of digital payments. Q: Listed below are some of the popular ways to carry out financial transactions...which of the following methods are you familiar with?

6
Awareness is not fully translating into usage
The survey highlighted that there is a consistent gap between
E-wallets/mobile wallets is
consumer awareness and consumer usage. Not only does this
trend exist across all payment modes, but also across all countries 49% the most often used payment
method in China (48%). Cash
Awareness usage only ranks second at
surveyed.
25%.

Take for example, e- or mobile wallets. While 49% of respon- Contactless credit cards are
dents said they were aware of this option, only 35% said they most frequently used in two
are currently using it and only 12% of respondents cited them of Asia’s key financial hubs
- in Singapore (49%) and in Singapore leads Asia’s
as being the mode they use most often. However, China is the Hong Kong (19%). adoption of in-app payment
standout in this category as 83% of respondents said they are systems at 19%, possibly due
aware of e- or mobile wallets and 78% said they are using them. 23% 23% to the prevalence of transport
apps such as Grab and Uber.
Awareness Awareness
The difference in adoption rates is similar in other newer dig-
ital payment options such as contactless payments via mobile 14%
phones and in-app payment systems like UberPay, GrabPay etc. Awareness 11%

35%
6%
Awareness

Usage
In countries like India, Indonesia and Thailand, less than half of
Awareness
those who are aware of contactless payments via mobile phones
and in-app payment systems are actually using them.

14%

13%
Usage

Usage

7%

4%
Usage

2%
Usage

Usage
E-wallets/ Contactless Contactless In-app Digital Recharge
mobile wallets payment via payment via payment currency phones
cards mobiles systems
(PayPal, Alipay, (Bitcoin)
Apple Pay, Smart (GrabPay,
Money, eMoney, UberPay, Food
Paytm, WeChat Pay, Panda etc)
Tenpay(QQ Wallet)
and Baidu Wallet etc)

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Change requires change
54% of respondents who have not adopted the new payment methods Concerns with new payment methods
cited it is because they are happy with their current modes of transaction,
which with the exception of China, is dominated by cash.

China, Hong Kong and the Philippines, however, revealed slightly lower “There are
“I am happy with “I don’t know
levels of contentment with current modes of payment in comparison to my current too many
enough steps/processes
the regional average with 31%, 40% and 40% respectively. payment about it”
methods” to apply”
34% “I’m concerned
54% 26% about privacy”
This is an interesting paradox.
25%
On the one hand, consumers have highlighted that they have faced
issues while using cash and credit cards, yet they are happy to continue
using it. This could stem from a range of factors.

Firstly, it is the age old adage: You don’t know what you don’t know.
There seems to be a lack of knowledge, not just about the new options
available, but also what these can enable the consumers to achieve. Of Content with Insufficient Complicated to Privacy concerns
current information apply
those who have not adopted the new methods, 34% said not knowing Q: Why are you not currently using some of the new payment methods?
enough about them was a key reason.

It could also be a case of habit and aversion to change. All of these Even 10 years ago, having a device that would give you the Internet
present an opportunity for digital payment providers to highlight the at your fingertips was unheard of. People were generally satisfied,
advantages their services have over cash, and what they can enable the maybe even fascinated, with their pagers and basic phones. Now,
consumers to do.
over 2 billion people own a smartphone and it is quite possibly their
most prized possession. Considering the multiple benefits digital
payments provide to our everyday lives, digital payments have the
As we move towards ubiquity of digital payments across various markets, potential to become the next smartphone
their adoption, both among consumers and merchants, is likely to
increase further. - Rohan Mahadevan,
Chief Executive Officer, PayPal Pte Ltd
and Senior Vice President, APAC, PayPal Inc.

8
Opportunities: Creating value through innovation
There have been rapid advancements in digital payments
in recent years, and a burgeoning of digital payment players Able to follow new trends in Merchants Consumers

entering the arena, offering a variety of options to consumers

89% 83%
payment methods
and merchants alike.

The increase in options forces companies to be innovative, brings

down costs and improves the overall sector.

The continuous innovation in the sector is starting to have 1 in 2

Consumers
an impact on users at both ends of the spectrum. Among the
consumers surveyed for the report, 83% said that more payment
choices means more value for consumers.

It is a similar feeling among the merchant community, with 89%

of those surveyed agreeing that more options means more value
for consumers.
2 in 5
The study highlighted that consumers and merchants are Merchants

increasingly aware of the new trends in the sector. Among the

consumers, one in two said they are able to follow new trends in
payment methods. Among the merchants, two in five said so. Agree that more payment
methods mean more value
Digital payment providers have an opportunity to boost the for consumers
growth and adoption of these options by pushing the boundaries
of innovation while educating and raising awareness of the value
these offerings bring to various stakeholders. Q:There are now many new ways to pay for things which didn’t exist a few years ago...
Please indicate the extent to that you agree with the following.
“It is getting increasingly difficult for me to follow the new trends in payment methods “
“More payment methods mean more confusion for consumers”

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Opportunities: Early adopters are seeing the rewards
The consumers who have adopted new digital New payment methods take the lead in..
payment options are already reaping the benefits.

Consumers, especially those who said they use new

payment methods most often while transacting, Convenience Easy to use interface
find them convenient, secure and easy to use. 70% 40%
61% 38%
Additionally, 35% of those who use new payment
methods most often said they get good offers and 66% 22%
promotions, compared to 23% who use traditional
Fast checkout Low/no processing and
methods and just 7% who use cash. transaction fee
59%
38%
48%
37%
22%
14%

Secure transactions Good offers & promotions

46% 35%

43% 23%

34% 7%

New Payment Methods

Traditional Payment Methods
Cash Users

Q: You said you use most often when transacting. Please tell us the reasons for your selection.

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Opportunities: Investing in nurturing advocates
Consumers believe in the power of peer reviews,
making them potential advocates or detractors. Among
Consumer attitudes towards new payment methods
consumers surveyed, 72% of respondents said they make
recommendations to their peers about a new payment Disagree Agree
option and 70% said they follow recommendations made by
their peers. I follow recommendations
from peers about new/digital
payment methods
30% 70%
It is clear that as consumers adopt new methods, and see
the advantages for themselves, they are likely to be strong
advocates. Correspondingly, creating strong advocates
will drive further acceptance in the market with 76% of
respondents agreeing that it is an important factor. I make recommendations to
my peers about new/digital 28% 72%
payment methods
Companies need to ensure they are delivering value to those
who adopt their technologies and harness these advocates
to become part of the development of future innovations.
I don’t use the new payment
A key part of that is to ensure that consumers and businesses
methods unless there is
a wide acceptance in the 24% 76%
become an integral part of the innovation process. Products market
that will find relevance with businesses and consumers, are
those that meet their needs and address specific issues they
currently face. Q: There are now many new ways to pay for things which didn’t exist a few years ago...Please indicate the extent to which you agree
with the following statements.

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Opportunities: Increased digital connectivity and E-commerce growth
Among the respondents, 88% said they owned a smartphone, Mobile and Internet connectivity in Asia
while 92% said they had access to the Internet.

This is symbolic of the speed with which smartphone ownership ASIA

and Internet penetration is increasing across the region, with Internet Smartphone
countries like China, India and Indonesia now having hundreds Access Ownership
of millions of people connected digitally.
92% 88%
Consumers across Asia are spending an increasing amount of
time on their phones and online. The survey showed that 83%
China 99% 97%
of respondents access the Internet everyday, with 60% doing so
‘several times a day’.
India
This digital connectivity, coupled with the increased time spent 68% 67% Hong Kong 100% 96%
online, has turned the region into one of the fastest growing
E-commerce markets. 67% of the respondents across the region
said they had bought goods or services online. Thailand
98% 93% Philippines
95% 87%
While China is leading the charge on that front, with 87% of
those surveyed in the country saying they have bought goods or
services online, other markets like Singapore, Indonesia, Thailand
and the Philippines are also seeing growth in the sector. Singapore
100% 98%

Indonesia 89% 85%

Q: Which of the following do you own?...Smartphone, laptop, tablet...?

Q: How often do you access the Internet?...Several times a day, every day, several times a week...?

12
Opportunities: Two in three merchants surveyed accept digital payments
The introduction of digital payments has led to a rise in the number
of merchants selling online. Among the 1,400 online merchants
How merchants are accepting payment from consumers
surveyed for this study, 63% said they started selling goods online
to make money, 51% said they did so to earn a living from their online – via Internet banking and PayPal
hobby or skill, while 48% said that online sales allow them to reach
PayPal
a wider audience.
Bank Transfer/
78%
Internet Banking
As online competition grows, merchants are trying to make it more
convenient for consumers to buy from them. 89% of merchants 70%
agreed, or strongly agreed, that more payment options mean more 64% 65% 63% 63%
value for customers. 59% 59% 58% 59% 59%

53%
Merchants are already adopting new payment methods, with two 50%
47%
in three merchants surveyed saying they offer new digital payment 45%
methods, most commonly PayPal, for goods sold on their online
platforms. Even though cash and bank transfer / Internet banking
remain the top modes, digital payments are closing the gap in some
countries.
24%

In Singapore, 58% of merchants said they accept PayPal while 59%

said they accept bank transfers. In the Philippines an equal number
(63%) accept PayPal and bank transfers for online transactions. In
China, Alipay (71%) ranks as the top digital payment mode accepted
by merchants. Asia China Hong India Indonesia Philippines Singapore Thailand
Kong
Merchants who see the benefits of new payment methods are
likely to recommend it to their peers (88%). This will drive further Q: What payment methods do you currently use for your online business? - Accepting payments from customers

adoption and therefore, consumer adoption.

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Social commerce: The big enabler?
Increased digital connectivity has also seen social media platforms become an
integral part of peoples’ lives across the region. India, Indonesia, the Philippines
and Thailand are amongst the top 10 countries in the world when it comes to Social commerce
Facebook users. India and Indonesia are also among the top three countries with
the most active Twitter users, according to Statista.
can enhance
financial health
With social media moving beyond a networking platform to a digital marketplace, 80% and increase
the adoption of digital payments is further boosted with its ability to offer
seamless payments between businesses and consumers.
of merchants said they are
selling via social media. economic
opportunity
Merchants are increasingly moving away from traditional platforms and going
into where consumers are to sell their products. 80% of merchants surveyed said
they are selling via social media. Facebook (73%), Instagram (45%) and WhatsApp 92% 92%
(43%) are the top three platforms for social commerce across the region, except
in China where domestic players, like WeChat (90%) and Sina Weibo (51%) are of these merchants said it helped grow
said social commerce their business
the dominant players.
improved their
financial condition
Merchants cited the opportunity to reach a wider consumer base (63%), ease of
setting up business through social media (57%), easier marketing and advertising
options (55%), and better return on investments (37%) as among the key reasons.

These platforms are delivering financial returns for merchants, through the
93%
enablement of new economic opportunities: 93% of merchants said social
said s-commerce helped
commerce helped them reach a wider group of consumers, 92% said it improved them reach a wider
their financial condition and 92% said it helped grow their business. For merchants consumer group
not yet on social media, most (86%) are inclined towards trying it out in future.
Q: Do you sell through social media platforms/messengers?
Q: Please indicate the extent to which you agree with the following statements. Social commerce ...
“Has significantly improved my financial condition”
“Plays a critical role in the growth of my online business”
“Helped me reach out to bigger markets”

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Digital payments: Enabling better financial health and economic opportunity
The role of digital payments in our lives is rapidly evolving. The survey highlighted that
adoption of digital payments is having a big impact on one of the most important aspects
of consumers’ and merchants’ lives: financial health. Among consumers surveyed,
Have difficulty
our research has shown that digital payment adopters enjoy the benefits of choice, managing bills/
convenience and security. credit payment
Convenience (70%) was cited as the number one reason for using new payment methods
most often. Forty-six percent say the assurance of secure transactions was a push factor,
while 35% said it was because of the increased offers and promotions that they received,
compared to 23% who use traditional methods (e.g. physical credit cards, bank transfer/
Internet banking, cheque etc.) and just 7% who use cash. 26%
Digital payments have been shown to provide consumers the tools to manage their bill
payments. The ability to track your flow of money and pay instantly are some reasons 54%
that have boosted consumers’ financial health. Among the consumers surveyed, 54%
who rely on cash have experienced difficulties in managing their bills/credit payments
compared to a smaller proportion of 26% of digital payment users who faced this issue. New Payment Methods
Cash
The positive impact that digital payments can have on the welfare of individuals and
businesses is palpable, but the ripple effect on the economy is even more prevalent. Q: Please indicate your level of agreement with each of the following statements.
“I...”
Financially healthy individuals spend their money at local businesses and start companies
of their own. Financially healthy businesses create jobs that pay good wages and support
the economic development of communities. Digital payments offer users considerable benefits that cash
struggles to deliver on. Transparent tracking of money flow,
Digital payment companies, and the broader FinTech sector, must pay attention to improved transaction efficiencies, unlocking new business
this front. We are in a unique position to enable economic opportunity and financial models and the creation of more economic channels are just
participation for businesses and consumers of all economic standing. This can be achieved a few ways digital payments drive economic opportunity for
by ensuring a customer-centric focus on innovation. We need to create agile and relevant both consumers and businesses.
payment solutions that businesses, consumers and partners need, and partner with - Rohan Mahadevan,
other innovative companies to unlock opportunities across the region, and globally. Chief Executive Officer, PayPal Pte Ltd
and Senior Vice President, APAC, PayPal Inc.

15
Turning insights into action
It is evident that consumers and merchants across Asia are increasingly aware Government-driven efforts
of digital payment options. Convenience, ease of use, and secure transactions Adoption of any technology is driven by remarkable innovations. Governments
are among the key factors that are boosting the sector’s growth across the and regulators are taking action to reduce the barriers to entry and implementing
region. As Asia becomes even more digitally connected, the sector is poised initiatives to boost innovation. They should build on this. Governments could
to grow even further in the coming years. lead by example by embracing digital payment solutions for payment of fees
and other government-related fees to encourage adoption. They could consider
However, what is even more encouraging is that digital payments are passing the savings of adopting digital payment solutions to the consumers as
starting to have a much bigger impact and more than just being an enabler an incentive.
of convenient and secure transactions.
Consumer incentives are another method that can drive adoption. Rebates and
Digital payment solutions are also opening up a slew of new economic tax deductions are examples, but cash disincentives in the form of taxes and
opportunities, as they enable consumers and merchants to tap into social withdrawal limits could serve the same purpose as well. Regulators also need
media to buy and sell goods and services. Social commerce, as this trend is to ensure adequate controls are in place to protect consumers. With protection
called, is helping to improve financial health across the region. comes greater trust and therefore, higher adoption.

Given the tremendous growth they have enjoyed in recent years, and the Partnerships
immense potential for future expansion, digital payment providers have Various stakeholders are coming together to collaborate to unlock this potential.
a unique opportunity to play a key role in improving financial health and With the combined efforts of all the players, there is greater potential to plug
inclusion. the gaps and lift digital payments to greater heights. While there is a lot of room
for partnerships, we need to align the interest and priorities of the ecosystem
Industry-driven efforts members before we are able to enact real change.
Asia’s diversity and uneven levels of development will likely require a variety
of innovative private sector-led solutions. Taking into account factors such The big picture
as smartphone penetration, income levels, user preferences and privacy and What we need is a conversation around what digital payments enable users
security concerns, companies should innovate to cater to the needs of the to achieve. This goes beyond the convenience of one transaction, to a more
customer. holistic topic of financial health and inclusion. The conversation on that has
just started and digital payment providers like PayPal must highlight the role
we can play on that front.

16
Participant Profile - Consumers

Asia China Hong Kong India Indonesia Philippines Singapore Thailand

n = 4000 n = 750 n = 500 n = 750 n = 500 n = 500 n = 500 n = 500

Gender
Male
Female

49% 51% 51% 49% 37% 63% 72% 28% 56% 44% 30% 70% 43% 57% 40% 60%

Age
20 and below y/o
21-30 y/o
31-40 y/o
8% 38% 7% 34% 6% 38% 8% 43% 9% 37% 9% 43% 7% 31% 9% 36%
41 and above y/o
36% 19% 42% 17% 37% 18% 33% 16% 34% 19% 30% 17% 35% 27% 34% 21%

17
Participant Profile - Consumers

Asia China Hong Kong India Indonesia Philippines Singapore Thailand

n = 4000 n = 750 n = 500 n = 750 n = 500 n = 500 n = 500 n = 500

Income
Less than SGD 3,000
SGD 3,000 - 5,999
SGD 6,000 - 10,999
SGD 11,000 - 17,499 12% 26% 12% 26% 5% 22% N.A. N.A. 11% 25% 22% 34% 13% 25% 4% 28%

SGD 17,500 and above 26% 16% 26% 16% 27% 42% N.A. N.A. 20% 20% 16% 20% 32% 22% 40% 20%
19% 19% 4% N.A. 24% 7% 7% 8%

Education
No formal schooling
Elementary/Primary school
High School/
Secondary/Junior College
Vocational/Diploma, but not 1% 6% 0% 1% 0% 0% 2% 22% 0% 3% 0% 4% 0% 0% 0% 3%
degree
32% 9% 34% 1% 24% 16% 41% 4% 56% 5% 31% 8% 11% 24% 18% 13%
College/University
45% 7% 53% 10% 52% 7% 21% 8% 33% 2% 54% 2% 54% 10% 54% 10%
Masters/PhD
0% 0% 1% 0% 0% 0% 1% 0%
Prefer not to answer

18
Participant Profile - Consumers
Asia China Hong Kong India Indonesia Philippines Singapore Thailand
n = 4000 n = 750 n = 500 n = 750 n = 500 n = 500 n = 500 n = 500

Employment Status
Business Owner/Sole 10% 6% 2% 6% 17% 21% 5% 17%
Proprietor/Self Employed
Senior Management 1% 3% 1% 0% 1% 1% 2% 0%

Middle Management 12% 17% 17% 8% 7% 5% 22% 5%

Junior Management 12% 13% 20% 12% 5% 7% 18% 7%

White Collar Non- 20% 33% 30% 11% 14% 11% 13% 30%
Management
Professional 6% 6% 7% 2% 3% 5% 11% 6%

Part Time/ Freelance 7% 6% 8% 3% 12% 11% 6% 5%

Home Maker/ Home Duties 8% 2% 3% 13% 18% 11% 4% 2%

Retired 0% 0% 0% 0% 0% 0% 0% 0%

Student 7% 4% 7% 7% 5% 4% 12% 13%

Blue Collar 5% 4% 2% 17% 2% 3% 2% 4%

Blue Collar Unskilled 6% 1% 1% 14% 9% 6% 1% 6%

In between / looking for jobs 2% 2% 0% 3% 2% 3% 2% 2%

Unemployed 2% 2% 1% 2% 1% 9% 2% 1%

Prefer not to answer 1% 0% 1% 1% 1% 2% 1% 2%

19
Participant Profile - Merchants

Asia China Hong Kong India Indonesia Philippines Singapore Thailand

n = 1400 n = 200 n = 200 n = 200 n = 200 n = 200 n = 200 n = 200

Gender
Male
Female

54% 46% 61% 40% 44% 56% 72% 29% 65% 36% 44% 57% 51% 50% 44% 57%

Age
20 and below y/o
21-30 y/o
31-40 y/o
4% 40% 0% 38% 3% 36% 3% 30% 9% 43% 3% 50% 5% 36% 5% 49%
41 and above y/o
40% 16% 49% 13% 40% 22% 52% 15% 38% 11% 36% 11% 35% 24% 32% 14%

20
Participant Profile - Merchants

Asia China Hong Kong India Indonesia Philippines Singapore Thailand

n = 1400 n = 200 n = 200 n = 200 n = 200 n = 200 n = 200 n = 200

Revenue from
Business
Zero
USD $5000 or less
USD $5,001 - $25,000
USD $25,001-$100,000
2% 27% 1% 8% 1% 18% 1% 18% 4% 34% 3% 43% 3% 31% 3% 36%
USD $100,000- $1 million 31% 29% 34% 45% 26% 39% 31% 38% 25% 26% 40% 11% 28% 25% 38% 19%
More than USD $1 million 9% 2% 11% 2% 16% 2% 10% 3% 8% 6% 3% 1% 13% 2% 5% 1%

Education
No formal schooling
Elementary/Primary school
High School/
Secondary/Junior College
Vocational/Diploma, but not 0% 0% 0% 0% 0% 1% 0% 0% 1% 1% 0% 0% 1% 1% 1% 1%
degree
8% 8% 6% 1% 10% 13% 2% 2% 21% 9% 4% 5% 12% 22% 5% 7%
College/University
68% 14% 78% 15% 68% 9% 50% 47% 66% 4% 87% 5% 55% 9% 74% 14%
Masters/PhD
0% 0% 1% 0% 0% 0% 0% 0%
Prefer not to answer

21
Participant Profile - Merchants

Asia China Hong Kong India Indonesia Philippines Singapore Thailand

n = 1400 n = 200 n = 200 n = 200 n = 200 n = 200 n = 200 n = 200

Sector of Business

Manufacturing 9% 22% 7% 8% 9% 4% 7% 7%

Wholesale 10% 5% 8% 11% 19% 13% 9% 7%

Retail 33% 29% 46% 21% 21% 44% 38% 35%

Transportation 3% 4% 3% 2% 4% 2% 3% 3%

Information Service 9% 10% 9% 18% 6% 7% 9% 5%

Finance and Insurance 4% 5% 3% 6% 4% 2% 4% 2%

Professional, Scientific and 8% 11% 5% 10% 10% 8% 8% 4%

Technical Services

Administrative Services 3% 3% 5% 3% 1% 3% 2% 8%

Education 4% 4% 5% 4% 3% 4% 4% 3%

Health Care 3% 2% 2% 5% 2% 4% 3% 8%

Recreation and Food Services 4% 1% 3% 4% 6% 4% 6% 2%

Others 11% 6% 8% 10% 20% 8% 10% 18%

22