About 60% consider installment service without using a credit card
HONG KONG, July 20, 2021 / PRNewswire / – With the emergence of diverse payment methods, many Hong Kong habits and consumption patterns of citizens. Grantit, a Fintech startup offering personal finance services, tasked Nielsen IQ to hire 310 Hong Kong residents aged 18-35 to undertake an online survey in March 2021 to examine and analyze residents’ use and interest in installment plans while purchasing various categories of goods and services.
Almost 60% consider a purchase in several installments without a credit card
In the Nielsen study, 45% of respondents had a conventional staggered shopping experience. The expectation of a new payment method, “purchase without credit card installments”, has been investigated in the research. The results revealed that 59% of those surveyed would consider the new payment and buy something that was not on their regular shopping list if the new payment plan was available, with their top choices being electronic gadgets and home appliances.
Based on the response from consumers, Ms. Lina Sio, CEO of Grantit said, “We are committed to providing a smart, stress-free solution that meets the needs of local citizens, enabling them to have a greater variety of basic necessities, improve their standard of living while maintaining a stable and healthy environment. financial condition. “
62% of respondents are concerned about credit checks when signing up for a new payment service
Credit checking is a major concern that prevents local consumers from requesting a new payment service. According to the results, 62% of respondents are distressed by checking their credit reports when signing up.
“From the study, we can say that consumers are concerned about credit checks performed by financial institutes. While your credit score is important to your long-term financial plan, such as getting a mortgage, it’s not a good idea to affect it along with your short-term expenses which are also a necessity. you want to get. ”Lina advised.
Smart financial management helps rational spending
Research indicated that around 50% of respondents found the biggest concern when using installment payment methods was the potential for overspending. “We would like to be a personalized advisor to our clients, assess their cash flow and manage it to be more stable,” said Lina. study, we can see that a stress-free solution to quality of life would be an area that we can tap into. We believe that new user experience and new technology can improve people’s lives and help solve their worries. “
Grantit is a FinTech start-up that provides reliable support for many people with the smartest, stress-free personal finance products to navigate their daily lives. As an integrated platform that encompasses agility, customer-centric strategies and a data-driven mindset, we offer tailored personal finance products to enable many people to live free lives. financial stress.
For more information visit grantit.io.