Visa Study: Consumers in Hong Kong see crypto as the financial way of future and investment diversification
The case for crypto is getting stronger for financial institutions; new research finds nearly one-third of Hongkongers surveyed are crypto owners and 1 in 3 owners would be likely to switch primary banks to one that offers crypto products
Digital currencies are taking greater hold in the popular consciousness – according to research released today from Visa (NYSE V), the world’s leader in digital payments, awareness of crypto among financial decision makers surveyed is near universal at 94% around the world and at 91% among Hongkongers.1
In a new global study, “The Crypto Phenomenon: Consumer Attitudes & Usage,” Visa found that nearly one-third of the Hongkongers have directly engaged with crypto – either as an investment vehicle or as a medium of exchange.
Additionally, 1 in 3 crypto owners report they would be likely or very likely to switch their primary bank to one that offers crypto-related products in the next 12 months.
“Crypto is gaining interest not only as a tradeable asset but also a potential payment medium, with consumers rethinking the way they invest, spend and bank. In fact, crypto applications are emerging from the growing awareness. According to our research, 18% of respondents in Hong Kong have used crypto to send or receive money, buy goods, or to accept payment,” said Maaike Steinebach, General Manager of Visa Hong Kong and Macau. “As crypto acceptance and understanding expands, financial institutions need reliable partners who can help them meet crypto demand head on and enable a greater variety of payment options in a safe and secure manner.”
Visa study explores consumer attitudes and adoption of crypto
New Visa research shows significant interest and adoption among consumers globally. The survey interviewed more than 6,000 financial decision makers across eight markets (Argentina, Australia, Brazil, Germany, Hong Kong, South Africa, the U.K. and U.S.). Below are insights in Hong Kong:
- The crypto headlines are having an impact. Awareness of crypto is almost universal at 91% in Hong Kong (94% globally) among adults with discretion over their household finances.
- A significant segment is using or investing with crypto: Nearly 1 in 3 crypto-aware adults already own or use cryptocurrency, and the majority of that group (63%) say their use has increased in the past year.
- Key motivators include investment diversification and belief in crypto as the future of financial services. The biggest drivers of owning and using cryptocurrency are to take part in the “financial way of the future” (43%) and to diversify their investment portfolio (32%).
- Crypto cards and crypto rewards are attractive. Among current crypto owners, 88% express interest in crypto cards, which allow you to convert and spend crypto at the retailers where you shop in the same way you can use a debit or credit card. 86% are interested in crypto rewards, which allow you to earn crypto as a reward for your card spending.
- Consumers are willing to switch banks in search of crypto products.
1 in 3 crypto owners say they would be likely or very likely to switch their primary bank to one that offers crypto-related products in the next 12 months.
To download “The Crypto Phenomenon: Consumer Attitudes & Usage” and learn more, visit here.
About Visa Inc.
Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network - enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of digital commerce on any device for everyone, everywhere. As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information, visit www.visa.com.hk, visa.com/blog and @VisaNews.
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1 Survey Methodology
This study, conducted in partnership with LRW, a Material Company, included 9 focus groups and 10 in-depth interviews total in the United States, Germany, and Argentina from July 14th –July 26th of 2021, and collected 6,430 online survey responses across Argentina, Australia, Brazil, Germany, Hong Kong, South Africa, the US, and the UK between August 25th and September 13th, 2021. In Hong Kong, 797 respondents were surveyed.
The research reflects the views and opinions of online populations in these markets and is demographically representative based on age, gender, household income, region and ethnicity. In order to qualify for the survey, respondents had to:
- Be at least 18 years old
- If 25 years old or older, have a household income of at least $35,000 (or market equivalent)
- Have shared or joint financial decision-making responsibility in their households
Amongst this group, participants were furthered screened on their awareness of cryptocurrency: those who indicated awareness of cryptocurrency were invited to participate in the full survey on crypto attitudes and usage. Screening rates were captured to size this group among all online adults.
Stats referring to “Crypto Owners” represent a combined figure for survey respondents who identify as “Active Owners,” defined as respondents who have used cryptocurrency to send or receive money, buy goods, or to accept payment at least once and “Passive Owners,” who are defined as respondents who have purchased cryptocurrency as an investment but have not transferred/transacted with it.
For the full survey methodology, please view the report, available here.