Hong Kong’s millennial generation, or those between the age of 18 to 28, owns an average of 2.6 credit cards, the highest in the Asia-Pacific region. Singapore millennials are a close second with average credit card ownership at 2.1.
These were among the results of a study on the attitudes and behaviors of the millennial generation conducted by Visa in 11 countries in Asia-Pacific, Central Europe and the Middle East.
In the three regions of the world, credit card ownership on average by millennials is 1.3.
The Visa study noted that in Hong Kong and Singapore, discounts are the key motivator for using credit cards, followed by not having to carry cash and online purchases. Credit cards are also most frequently used for online purchases in Hong Kong with one in four (40 percent) using this payment product.
In both countries, debit cards are also popular among millennials who reported they own on average at least two debit cards.
Visa explained that the millennial generation is the first generation that grew up in the Internet age. They are highly connected and technology savvy, with more than three quarters saying they cannot love without a computer or mobile phone.
"Millennials’ propensity to use credit cards for online shopping is therefore not surprising, nor is the fact that nine in 10 millennials own some sort of debit or credit card for the convenience of online purchases," the study cited.
Interestingly, Hong Kong millennials are the least convinced that electronic payment will displace cash and we will become a cashless society (57 percent), Visa said.
"They are also the least likely (67 percent) to agree with the statement that in future there will be electronic alternatives available to make payments and purchases via online and mobile phone," the report added.
In China, credit card ownership among the millennial generation is lower at 1.3 cards per person. However, 97 percent of those who own credit card said they used it at least once over the past six months.
"A preference for online payment to a merchant website is clear, with 34 percent opting to use this. A high number (94 percent) of Chinese millennials also frequently shop online. Almost a third say they shop at least once a week and a further 26 percent say once every two weeks," Visa noted. "Three quarters have bought groceries online in the past six months and a further 63 percent have bought household goods."
However, for these online transactions, cash on delivery (73 percent) and debit cards (61 percent) are the most common forms of payment.