Visa reveals the interest in shopping opportunities with Zero Checkout Technology

Visa, the world’s leader in digital payments, today revealed that more than half (51 percent) of Myanmar consumers are interested in using zero checkout technology, one of the newest ways for retailers to enable a frictionless shopping experience by allowing consumers to make purchases using sensors or RFID technology, eliminating the need to go through physical checkout counters.

The finding is based on the Visa Consumer Payment Attitudes Study (the “Study”), which tracks payment habits, attitudes and explores emerging topics related to payments across Southeast Asia including Myanmar. The study also found that nearly half of Myanmar consumers (44 percent) would adopt and interact through Virtual Reality (VR) technology if it was available in Myanmar. Photo Source

Lillian Wang, Country Manager for Visa Myanmar, said: “The way consumers shop and pay continue to evolve at a great pace with the influx of technology and innovation. Consumers are the ones driving this change as they seek out experiences to provide greater convenience in their everyday lives.  At Visa, we understand that this is a journey and we are focused on working with our clients and partners on making the payment experience more intelligent, intuitive, seamless, and secure.

Zero checkout in retail means no physical checkout is required. A customer is able to enter the store, pick up products from shelves, and leave the store without waiting in line to pay.  The main driver of interest in zero checkout among Myanmar consumers is curiosity and excitement about new technology (38 percent), followed closely by the benefits and convenience of skipping the checkout queue (37 percent). Myanmar consumers also consider zero checkout to be an innovative and modern way to shop (29 percent).

Wide-ranging applications of VR in retail or ‘V-commerce’ are expected to redefine the future of shopping among Southeast Asian consumers.  It enables consumers to visualize and compare a variety of items in the retail environment to let them shop from the comfort of their homes through virtual showrooms.

While only 11 percent among Myanmar consumers surveyed were aware of the concept of using VR to enhance shopping experiences, nearly half (44 percent) indicated interest in trying out this new technology. The top drivers of interest in VR among Myanmar consumers are curiosity to try something new (33 percent), desire to keep up with the latest technology (27 percent), and benefits of VR in helping them choose which items they want to purchase (22 percent). Photo Source

Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable, and secure payment network – enabling individuals, businesses, and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of digital commerce on any device for everyone, everywhere. As the world moves from analog to digital, Visa is applying our brand, products, people, network, and scale to reshape the future of commerce.

Visa surveyed the “customer payment practices” in August 2019 in Singapore, Indonesia, Malaysia, Thailand, Vietnam, Philippines, and Myanmar from ENGINE insights on behalf of Visa. A total of 5,102 consumers from seven countries in Southeast Asia were surveyed, including 515 respondents between the age of 18 and 65 who got a monthly income of at least 150,000 Kyats from Myanmar.