HONG KONG, July 20, 2021 /PRNewswire/ -- With the emergence of diversified payment methods, there is a shift in many Hong Kong citizens' consumption habits and patterns. Grantit, a Fintech startup offering personal financing services, has commissioned Nielsen IQ to engage 310 Hong Kong residents aged between 18 and 35 to undertake an online survey in March, 2021 to examine and analyse the locals' usage and interest in instalment plans whilst purchasing various categories of goods and services.
Nearly 60% considered purchase by instalment without a credit card
In the Nielsen study, 45% of respondents had experience of purchasing by instalment in conventional ways. The expectation of a new payment method, the "instalment purchase without credit cards", was 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.
Based on the consumers' response, Ms. Lina Sio, CEO of Grantit said, "We are committed to offer a smart and stress-free solution that caters the needs of local citizens, enabling them to have a greater variety of necessities to choose from, improving their living standard whilst maintaining a stabilised and healthy financial condition."
62% of respondents are concerned about credit checks when signing up a new payment service
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.
"From the study, we can tell that consumers are concerned about credit checks by the financial institutes. While your credit score is important to your long-term financial plan such as getting a mortgage, it is not a good idea to affect it with your short-term expenses which are also a necessity that you wish to get." Lina advised.
Smart financial management assists in rational spending
The research indicated that about 50% of the respondents found the biggest concern when using instalment payment methods was the potential of overspending. "We would like to be a personalised adviser for our customers and evaluate their cash flow and manage it to be more stabilised," Lina said, "There are various tractions of instalment services and solutions such as Buy Now Pay Later. Nonetheless, from the study, we can see that a stress-free solution for quality of life would be an area that we can tap in. We believe a new user experience and technology can improve people's lives and help tackle their worries."
About Grantit
Grantit is a Fintech start-up which provides reliable support for many with the most smart and stress-free personal financing products to navigate their everyday lives. As an integrated platform that encompasses agility, customer-centric strategies and a data-driven mindset, we deliver bespoke personal financing products to enable many to live a financially stress-free life.
For additional information, visit grantit.io.
