• Consumers reported improved technology and safety measures helped them retain confidence in digital payments.
KARACHI ( Web News )
Cash is unlikely to return to its previous high level of use
According to the study, the use of cash in Pakistan continues to decline. While eCommerce and contactless payments have increased in popularity and use since the start of the pandemic, paying by Cash on Delivery (COD) has declined (28%). The use of digital payments (contactless cards + mobile wallets + QR) for payment online or on delivery has increased by more than half (53%) since the start of the pandemic. Consumer feedback reinforces the belief that there is no reversal of this trend, with 20% of consumers saying they are less likely to use COD and 35% more likely to use contactless payment methods in the future.
Nearly two thirds of the consumers surveyed (58%) have high levels of confidence in digital payments (contactless, mobile wallets and QR Payments) for shopping in-store and payment on delivery, an increase since the start of the pandemic. Top reasons consumers gave for their trust in contactless include convenience (52%), innovative way to pay (48%), wide acceptance (47%), speed (41%), and avoiding human touch (38%).
The survey corresponds with the launch of Visa’s third annual “Stay Secure” social media campaign for Pakistan on Facebook (@VisaMiddleEast). The campaign reinforces safe digital payment practices and reminds consumers on how they can protect personal data even as they enjoy the benefits and convenience of eCommerce and contactless payments. The Pakistan Stay Secure webpage also includes fraud prevention tips for consumers and information on security features of digital payments.