Millennial-generation shoppers predict cashless future: Visa

Korea, Taiwan and mainland China top the list of countries where young shoppers shop online at least once a month, with 76 per cent, 53 per cent and 84 per cent, respectively.

Visa’s “Connecting with the Millennials” study featured interviews with more than 5,500 people born between 1981 and 1991 (aged between 18 and 28) in 11 countries: China, Hong Kong, Indonesia, India, Philippines, Russia, Singapore, South Africa, South Korea, Taiwan and the United Arab Emirates.

Eight in 10 of the respondents believe that they will have the ability to do all shopping and make all transactions electronically in the future. About 15 per cent of millennials' monthly income goes toward online purchases or transactions, such as for entertainment and everyday shopping, and that number is increasing with time, Visa reported.

“The ubiquity of the Internet and mobile technology are helping to make electronic payment an intrinsic part of a Millennials purchasing behavior," said Paul Jung, head of Visa’s eCommerce division across Asia Pacific, Central Europe, Middle East and Africa. "We see a long future or mobile phone and other device based payments as more people, especially Millennials, adopt electronic payments around the world.”

Other highlights from the study include:

• Overall, respondents use payment cards for 44 per cent of monthly expenses, and cash for the remaining 56 per cent
• These percentages vary in specific countries: In South Korea, for example, cards are used for 61 per cent of purchases, while in Taiwan and the Philippines, cash is still king for 70 per cent of transactions.
• On average, millennials report that they save a third of their monthly income.
• They also contribute 14 per cent of their monthly income to their parents, on average.