Visa has released its latest Consumer Payment Attitudes Study, highlighting how payment seamlessness is linked to a shift towards high-frequency travel within the Greater Bay Area (GBA).
The report indicates that regional travel is becoming a regular routine rather than an occasional holiday. For mainland travellers entering Hong Kong, 51% stay between one and three nights, and 15% make same-day visits.
This trend is mirrored by Hong Kong residents heading northbound. The GBA now forms part of the regular routine for 49% of locals, with Shenzhen leading as the most popular destination at 60%.
Digital wallets lead payment preferences
Digital wallets have become the preferred transactional tool for these frequent journeys. Among northbound Hong Kong residents, 67% view digital wallets as the ideal payment method for regional travel, compared to 17% for credit cards.
A similar preference appears among southbound travellers, with 48% allocating the largest share of their holiday budget to digital wallets. Gen X consumers lead this adoption, with 55% relying predominantly on digital wallets during their trips.
Payment friction impacts travel volumes
The data highlights a clear link between payment efficiency and regional mobility.
The report shows that 77% of southbound travellers and 68% of northbound Hong Kong residents would increase their travel frequency if cross-border transactions were more seamless.
This demand for predictability is highest in the transport sector. The survey notes that 77% of southbound travellers and 64% of northbound travellers prefer transport payment options that allow them to pay exactly as they do at home.
“As travel across the GBA becomes more frequent, there is a growing expectation that payments simply work predictably and consistently wherever people go,”
said Paulina Leong, General Manager of Visa Hong Kong and Macau.
Shifting consumer priorities
The pursuit of retail experiences and value drives much of this border crossing activity. These short trips generate an average expenditure of HK$10,752 per person among southbound travellers.
When selecting specific payment products for GBA travel, Hong Kong residents prioritise financial returns and functionality.
Their top considerations are rewards and benefits at 41%, reliable cross-border acceptance at 39%, and competitive foreign exchange fees at 36%.
Featured image credit: Edited by Fintech News Hong Kong, based on image by rajacuann via Magnific