Waiting to pay costs retailersBusiness | Samantha Wong 6 Dec 2018
Payment platform Ayden said a loss of retail revenue of US$1.26 billion (HK$9.83 billion) was contributed to by long wait-to-pay times in Hong Kong over the past 12 months.
The Amsterdam-based firm which provides an end-to-end infrastructure connectivity directly to Visa and Mastercard, said failure to provide a "frictionless purchase experience" cost Hong Kong retailers a further US$68.5 million. "The future of retail lies in merchant's ability to shift to unified commerce, where customers - not sales channels - dictate the terms of interaction," said Warren Hayashi, president of Adyen, Asia Pacific.
In a recent study, 89 percent of shoppers have walked out of a store due to long queues.
The report also revealed that 62 percent of Hongkongers prefer credit cards for payments, followed by cash at 56 percent and contactless payment at 24 percent.
Some 40 percent of shoppers said contactless cards would improve their in-store experience, while 37 percent prefer mobile wallets. Apple Pay, Google Pay and w Pay are some of their preferred digital options.