Which payment methods are Hong Kong travellers most likely to use when travelling abroad?
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?
How are Hong Kongers most likely to pay while on their next trip overseas?
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%).
Are multicurrency e-wallets growing in popularity across generations?
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