According to the press release, the study engaged 310 Hong Kong-based residents aged between 18 and 35 to undertake an online survey in March 2021. The research revealed that 45% of respondents had experience of purchasing by instalment in conventional ways.
Moreover, the expectation of a new payment method, the 'instalment purchase without credit cards', was also investigated in the research. The findings revealed that 59% of respondents would consider the new payment and purchase something which was not on their usual shopping list if the new payment plan was available, with their top picks being electronic gadgets and household appliances.
However, credit check is a major concern that hinders local consumers in applying for a new payment service. According to the findings, 62% of the respondents are distressed by checking their credit reports when signing up. Besides, 50% of the respondents found the biggest concern when using instalment payment methods was the potential of overspending.
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