Use of mobile banking, digital services rose during Covid-19 pandemic, Visa survey finds

Every four in 10 consumers in the city had increased their use of mobile banking services in July compared with pre-coronavirus days, survey shows

Monetary authority data also points to increase in use of digital services, with registrations for Faster Payment System crossing 9 million

Reading Time:2 minutes

Among users polled for the survey, Hongkongers used mobile banking the most, with 82 per cent using such services frequently, compared with 71 per cent in Taiwan and 64 per cent in Macau. Photo: Getty Images/iStockphoto

Published: 6:04pm, 8 Oct 2021Updated: 6:04pm, 8 Oct 2021

Covid-19 has accelerated the use of digital banking services in Hong Kong over the past year.

A survey conducted by global payments giant Visa found that every four in 10 consumers in the city had increased their use of mobile banking services from their primary banks in July compared with pre-coronavirus days. The outbreak started in January last year. The same level of growth was expected in the next 12-month period, according to the survey, which was conducted in July and polled 2,000 Visa customers in Hong Kong, Macau and Taiwan.

“The pandemic has led to a big shift in consumer behaviour, as digital becomes more integral to everyday life. We are delighted to see that virtual banks are springing up in the region and more consumers are embracing mobile banking services,” said Maaike Steinebach, the general manager for Hong Kong and Macau at Visa.

The use of digital banking services increased during the pandemic, which forced many banks to close branches and shorten opening hours because of staff infections and lockdown measures, while millions worked from home as workplaces beyond the banking sector were closed down too.

The increase in use of digital services has also coincided with the launch of eight virtual banks in Hong Kong. The Visa survey showed that half of the respondents had opened a virtual bank account, up from 21 per cent last year. Since their launch, these lenders have collectively secured 600,000 customers with HK$20 billion (US$2.6 billion) in combined deposits as of March.

Maaike Steinebach, the general manager for Hong Kong and Macau at Visa. Photo: K Y Cheng