In October, multicurrency digital payment platform YouTrip announced plans to scale its business across multiple Southeast Asian markets – after raising US$50 million in its latest Series B fundraising round – following on the heels of a global brand refresh by competing platform Revolut, which recently surpassed 35 million users globally.
But how likely are Hong Kong consumers to use multicurrency e-wallets on their next international trip – compared to traditional options like cash and credit cards? And to what extent are multicurrency cards (e.g. Instarem Amaze, Revolut, Wirex, Wise and YouTrip) becoming more popular as a foreign payments method, across different generations of travellers from Hong Kong?
Latest YouGov Surveys research shows that multicurrency e-wallets have seen the largest year-on-year percentage growth in consumers who plan to use them on their next international trip, across all major payment methods.
Expected usage of multicurrency e-wallets rose 7% – to reach 33% this year from 26% in 2022 – compared to an increase of 6% for debit cards, 5% for pre-paid cards, and 4% for cash.
In contrast, credit cards saw a 2% decrease in expected usage: to 71% this year from 73% in 2022.
However, credit cards remain the most popular payment method overall – five in seven (71%) Hong Kong consumers planning a trip abroad are likely to use it – followed by cash at over two in three (67%).
Expected overseas usage of multicurrency e-wallets saw the highest growth demographically among Gen Z travellers, spiking 11% (40% this year from 29% in 2022).
It also rose across other birth cohorts: by 6% among Baby Boomers (24% this year from 18% in 2022), and by 5% among Millennials (37% this year from 32% in 2022) and Gen X travellers (31% this year from 26% in 2022).
This article is part of a series exploring trends in overseas payment options across key APAC markets. Read our companion articles on the popularity of various travel payment methods in Australia and Singapore below.
➤ Which payment methods are Australian travellers most likely to use when travelling abroad?
➤ Which payment methods are Singapore travellers most likely to use when travelling abroad?
Methodology: YouGov Surveys: Serviced provides quick survey results from nationally representative or targeted audiences in multiple markets. The data is based on surveys of adults aged 18+ years in 18 markets with sample sizes varying between 510 and 2,044 for each market. All surveys were conducted online during August 2023. Data from each market uses a nationally representative sample apart from Mexico and India, which use urban representative samples, and Indonesia and Hong Kong, which use online representative samples. Learn more about YouGov Surveys: Serviced.
Cover Photo by Twenty47studio