How Millennials of Asia Will Shape Tomorrow’s Payments Landscape, 2017 | VocaLink & Ipsos | Digital Marketing Community

Digital Marketing Researches & Reports

How Millennials of Asia Will Shape Tomorrow’s Payments Landscape, 2017 | VocaLink & Ipsos

Consumer Behavior | Asia

Millennials of Asia are “digital natives”. They have hit the peak of Asia economic productivity and they also have the greatest purchasing power.

Read the main points about attitudes and behaviors of Millennials of Asia -mainly in Singapore, Malaysia & Thailand:

Mobile Brands Used by Millennials:

  • Apple’s iPhone is the leader in both Singapore and Thailand, followed by Samsung (43% &45%) respectively.
  • Only 28% of Millennials in Malaysia uses iPhones while 42% uses Samsung smartphones.
  • Android holds 74% of the Asian millennial market and Apple just 17%.

Devices Used by Millennials:

  • Laptops and PCs are used by 58%-68% of Millennials, the lowest rate recorded in Thailand.
  • Tablets are used by 40-46% of Millennials.
  • 12% of Millennials in Thailand use a wearable device.
  • 79% of Thai, 72% of Singaporean and 63% of Malaysian Millennials said they couldn’t live without smartphones.

Millennials and Social Media:

  • 85% of Malaysians and 77% of Singaporeans prefer using Facebook.
  • In Thailand, 90% of Millennials are active on Facebook at least daily, compared to 85% in Malaysia & 77% in Singapore.
  • 47% of Thais, 43% of Singaporeans & 40% of Malaysians are using Instagram at least daily.

Millennials and Their Money:

  • 32% of Millennials in Thailand and 26% in Malaysia are paid in cash, while 23% in Malaysia and 18% in Singapore are receiving payment by cheque.
  • 18% of Millennials in Thailand are receiving payment ‘from a place of work’ via an app or on their mobile phone.
  • More than half of online sellers in Singapore and Thailand are receiving payment via bank transfer, while 71% do so in Malaysia.
  • In terms of person-to-person (P2P) payment, 64% of Millennials in Malaysia use cash, while it’s 62% in Singapore and 57% in Thailand.
  • 25% of Thai Millennials who regularly lend money to people, do so via mobile payment.
  • 57% of Singaporean Millennials sell goods online, 56% by bank transfer and 25% via PayPal.
The Millennial Influence How Millennials of Asia Will Shape Tomorrow’s Payments Landscape, 2017 VocaLink, MasterCard & Ipsos MORI

A Graph Shows the Most Used Social Media platform in Singapore, Thailand and Malaysia in 2016

Methodology:

Data were driven from 12,102 Millennials – aged 18-35-across 8 countries the highest respondents were from South East Asia (Singapore, Malaysia & Thailand).

Vocalink

Established in 2007, Vocalink is a Mastercard company and payments technology partner to banks, corporates, and governments. VocaLink is a global payments partner relied on by financial institutions, corporates, and governments to provide high availability and resilient payment solutions. The company designs, builds and operates industry-leading bank account-based payment systems.
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