Page 17 - Accelerating Research and Impact - Issue 7

Acceptance of Electronic payment tools in wet market to be boosted
Asurvey found that half of wet market merchants had not installed electronic payment systems required by the HKSAR Government’s Consumption Voucher Scheme, while 20% would consider accepting Octopus and 30% Alipay or WeChat Pay, showing that the Scheme helps popularise electronic payments.
The research team from LU’s Hong Kong Institute of Business Studies visited 20 wet markets in Hong Kong between April and June 2021 to survey market vendors’ acceptance of electronic payments and their understanding of the Scheme.
About 65% of respondents knew of the Scheme, but only 37% were interested in participating. More than 60% expressed that they have no intention to join (41%) or were still considering joining (22%). The main reasons were: complicated registration procedures (35.7%) and limited effects in boosting sales (29.7%). As regards vendor satisfaction, 28% of respondents were satisfied with the Scheme and believed it would encourage consumption, but 40% were dissatisfied because their customers, mainly of a higher age group, have difficulty in using electronic payments. Some vendors also were concerned that the Scheme would benefit large enterprises rather than small businesses.
Survey results indicated a correlation between market vendors’ understanding of the Scheme, their willingness to participate and level of satisfaction towards the Scheme and sales forecasting.
The research team suggested that the Government should promote the Scheme better and give market vendors who accept electronic payments preferential treatment. Electronic payment service providers should target their advertising to addressing market vendors’ concerns, and highlight the key features of electronic payments as "fast, safe and accurate". In addition, they could offer discounts, waive or reduce installation and handling fees, and provide on-site training to encourage participation. The team also advised the Government and service providers to deliver talks to educate consumers who are not familiar with electronic payments.
RESEARCH HIGHLIGHTS 14