Worldpay’s Research Sheds Light On Local Payment Patterns
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Worldpay, a worldwide payment processor, recently unveiled the inaugural study of its kind in the sector. Released in partnership with GlobalData, a top data analytics provider, the study is named “Trading Up: The Current Preferences of Traders and Investors.”
It reveals the relationship between trading affinities, demographics, and payment behaviors among over 10,000 investors and traders across North America, Asia Pacific (APAC), the Middle East, Latin America (LATAM), and Europe.
APAC Region Shows The Lowest Preference For Debit Cards
In terms of investing in online brokerage platforms, preferences differ by locale. Among European traders, 38% opt for bank transfers as their deposit method, marginally above the global average of 36%.
Asia Pacific (40%) and North America (44%) demonstrate a higher preference for bank transfers, while the Middle East stands at just 18%.
Within the five areas, credit cards are the favored option for deposits in Asia Pacific, with 30% of investors and traders preferring this method, with the Middle East coming in second at 24%. Almost a quarter of North Americans select credit cards to fund their online brokerage platform.
Debit cards are the preferred method for 16% of individuals in North America – mirroring the adoption rate in LATAM. APAC displays the lowest preference for debit cards (11%), whereas they are more favored in the Middle East (24%) and Europe (21%).
Across all regions, digital wallets are widely utilized, with the Middle East and LATAM in the lead, constituting (26%) and (22%), respectively, while Europe trails by (17%).
The Middle East Exhibits The Lowest Inclination Towards Bank Transfers
Age is a factor that affects payment choices. Investors aged 65 and above predominantly prefer bank transfers (61%), whereas younger investors (25-55) exhibit a greater preference for quick methods such as digital wallets and cards.
Seniors normally trade stocks, whereas individuals in the 18-25 age range are more interested in budget-friendly investment choices like cryptocurrencies, ETFs, and Forex.
In North America, more than 50% opt for receiving payouts through bank transfer, while 17% prefer funds to be deposited onto a card. Remarkably, North America exhibits the greatest interest in cryptocurrency payouts (13), however, only 17% currently utilize this method.
In the Middle East, a greater proportion of investors and traders receive payouts in cryptocurrency compared to any other surveyed region, standing at 15%. This region exhibits the lowest interest towards bank transfers, with only 31% percent expressing interest, and a notable usage rate of digital wallets, accounting for 20%.
