4 in 5 will likely top up their $5,000 vouchers
The majority of whom will likely use their credit cards to top up.
Four out of five Hong Kongers are looking at topping up their $5,000 e-consumption vouchers to buy their desired goods or services, a study found.
In a YouGov study, commissioned by Visa, 80% of the 1,060 Hong Kong residents surveyed said they are willing to pay extra if the voucher does not cover the full price of the product or service they bought.
Of this group, 64% are planning to use their credit card to pay their remaining balance.
Amongst the main reasons that drive the use of the top-up method were convenience (63%), rewards (60%), and security (40%).
“The strong appetite to use the e-consumption vouchers for larger ticket items will, no doubt, give a much-needed boost to the retail, restaurant, and other service businesses,” Maaike Steinebach, general manager, Visa Hong Kong and Macau, said.
The scheme will grant a $5,000 voucher to residents for consumption at physical and online stores in the retail, food and beverage, and service sectors. It is expected to stimulate economic growth.
Around 68% of the respondents are likely to spend their vouchers on dining; 64% on groceries and 43% on electronic gadgets.
Moreover, the survey found that the majority of Hong Kongers are already familiar with using mobile payment with only 7% saying they are new to the payment method.
Around 18% have also said that they will likely keep using the method due to the consumption voucher scheme.