Millennials in the Asia Pacific (APAC) region are getting more comfortable and confident with online cross-border shopping, according to PayPal's recent study.
The study -- in which Ipsos polled respondents between the ages of 18 and 34 years old from September to October 2015 -= examined the cross-border purchasing habits of millennials in Singapore, India, China, Japan, Australia and South Korea.
Nearly two-thirds (65 percent) of the respondents expressed their comfort in buying from an online store in another country, while 69 percent of them have purchased cross-border in the past year.
To further illustrate their confidence in cross-border online shopping, 65 percent of the millennials surveyed have purchased in a foreign currency, while a third (33 percent) have bought from a website that was not in their native language.
Respondents not only purchased tangible goods online, but also intangible goods such as travel, digital entertainment or education, and event tickets from beyond their home countries too.
The study also revealed the top factors that influenced APAC millennials' payment methods for cross-border online shopping. They include secure payment (41 percent), convenience (35 percent), fast processing (35 percent), trusted brand (32 percent), and accepted by most retailers (31 percent).
Besides that, PayPal was found to be the most preferred payment method for millennials in Australia (89 percent), India (86 percent) and Singapore (78 percent).
This study was released as part of the launch of PayPal's New Money campaign in Singapore. New Money is PayPal's vision for money, payments and commerce that champions a better way forward for its consumers and merchants in APAC.
"We believe that New Money unlocks greater opportunities for all our customers. It removes barriers and borders between you and the things you love, meaning you're no longer limited to traditional borders between countries, markets, cultures and lifestyles. New Money lets you buy and sell to anyone, anywhere in the world, with the knowledge that your eligible transactions are protected with PayPal," said Rahul Shinghal, General Manager for PayPal Southeast Asia.
As part of the campaign, PayPal is holding a contest on its Facebook page at the end July, in which consumers stand a chance to gift their loved ones with gifts worth S$1,000 and S$200. To participate, consumers would need to follow PayPal's Facebook page, share the link to the gift they want to give on their Facebook wall, and provide a description on why the person deserves it. The post must be tagged with the hashtag #PayPalisNewMoney and be public.
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