Bangkok--24 Jun--Ogilvy Public Relations Worldwide
The days of stashing cash in a money belt for overseas trips may be numbered, according to the Travel Smart Survey[1] commissioned by Visa.
Of the 2,226 people surveyed from 11 countries and territories in Asia Pacific, nearly half (45 percent) said they prefer to pay primarily by electronic payment cards when abroad[2]. The study also found a divide between the sexes - men (49 percent) were more likely to use cards to pay for purchases overseas than women (39 percent).
Although using cash (55 percent) remains popular, a key reason that 45 percent of respondents said they prefer to use payment cards was that it helped to minimize personal risk. Instead of the traditional forms of paper-based cash or cheques, respondents from Korea were the most savvy in adopting electronic payment cards with nearly two-thirds more likely to use cards (64 percent) rather than cash (36 percent) when abroad. Respondents from Australia and Taiwan were the next most likely to use electronic payment cards for transactions overseas (50 and 48 percent respectively).
Brian McGrory, Regional Head, Debit Products, Visa, said: “There is a trend across the world which sees people moving more of their payments to cards over cash and checks. Travelers expect to have the same payment and cash access options abroad as they would at home. While the survey shows that cash is the most common payment method for many travelers, the convenience and widespread acceptance of electronic payment methods make this a compelling choice for secure transactions abroad.”
The survey also shows that overall, business travelers are more likely to use cards when traveling (59 percent) than leisure travelers (41 percent). Business travelers from Korea (83 percent), New Zealand (69 percent) and Singapore (63 percent) are the most likely to take advantage of the benefits of using electronic payment cards overseas.
McGrory said: “Using payment cards is a particularly useful tool for travelers as every transaction is recorded and they are not carrying large wads of cash, thereby increasing their personal risk. For business travelers, cards help them to track, itemize and claim business expenses more easily once they get back home. ”
Most common ways to access travel funds
When preparing for a trip abroad, most respondents (72 percent) prefer to access cash prior to departure, followed by those who obtain money both before departure and also on arrival (12 percent) and those who get their money on arrival (seven percent).
The top three reasons for obtaining cash before departure are the preference to arrive with ready cash (65 percent), convenience (30 percent) and better exchange rates at the point of departure (25 percent).
When travelers need to access cash overseas the most widely known method is through ATMs (64 percent), followed by money changers (42 percent) and at a bank branch in destination cities (36 percent).
Contacts:
Punjaporn Koosamarth,
Ogilvy Public Relations Worldwide, +66 (0) 2 205 6626, [email protected]
Waralee Bunnag,
Ogilvy Public Relations Worldwide, +66 (0) 2 205 6627, [email protected]