Cash is Still the Most Preferred Payment Method for Grocery Shopping
About two out of five Taiwanese consumers say their preferred payment method for daily spending is plastic rather than paper, slightly less than the one out of two people around the world who prefer cards, according to a recent study by Nielsen.
Respondents from Nielsen’s Global Survey of Saving and Investment Strategies, which polled more than 30,000 Internet respondents in 60 countries, say their preferred form of payment is credit card (29%), debit card (23%) or prepaid card (2%) instead of cash (39%). This preference was strongest in North America (71%) and Asia-Pacific (58%).
Credit cards are the second most preferred form of payment, with 39 percent of respondents using one payment card on a regular basis, and 29 percent regularly using more than three cards.
Taiwan card usage is behind the global average and six out of ten preferring cash. Thus, for card issuers, it’s critical to attract consumers to use credit cards and also become consumers’ top-of-mind credit card. Using a segmented approach to develop products and promotions, such as earning mileage points and accessing merchant promotions that are more closely aligned with their spending behaviors, will then help to attract card holders.