DUBLIN, 25 August 2021 / PRNewswire / – “Asia-Pacific 2021 Post-COVID-19 Online Payment Methods” report has been added to ResearchAndMarkets.com offer.
The report “Asia-Pacific 2021 online payment methods after COVID-19” provides an overview of the current state and future trends of the online payment market in the Asia Pacific Region. Among other findings, the publication reveals that the BNPL service is one of the common payment methods in Australia, with more than 70% of people who know it and its main providers.
China was estimated to have the highest proximity mobile payment user rate in 2021
During the COVID-19 pandemic of 2020, digital payments accelerated in the Asia Pacific Region. The region is the global leader in cashless transactions, with an expected average annual growth rate of 16% from 2020 to 2025.
China is expected to have the highest penetration rate for proximity mobile payments in 2021 compared to other countries in the world, with over 80% of all smartphone users making such payments. Other countries in the region experiencing development in the digital payments market have been Malaysia with more than 60% growth in electronic money transactions from 2019 to 2020 and Indonesia with a growth of more than 40% of electronic money transactions.
Cards and digital wallets were the most common payment instruments in most countries in the region in 2020
The most common payment methods during the health crisis were physical or contactless cards and digital wallets, although in some countries cash remained the main mode of payment in 2020. Mobile payment acceptance has also increased during the year 2020.
Mobile wallet payment in South Korea jumped 46% from 2019 to 2020, China, mobile third-party payments grew by 18% from the third quarter to the fourth quarter of 2020, and in India, the value of the mobile wallet transaction is expected to jump more than 80% from 2020 to 2021.
The region’s leading mobile payment service providers in 2020 included iD and Suica Mobile in Japan, Naver Pay and Kakao Pay in South Korea, and Alipay and Tenpay in China. The other payment methods that have gained momentum in 2020 and are expected to accelerate are real-time payments, with the top three markets for the number of RTP transactions in 2020 being India, China and South Korea.
Australia sees an increase in the use of BNPL
An alternative payment method in the region in 2020 was the Buy Now Pay Later service. Over 70% of Australians were aware of the service and its major market players such as Afterpay and Zip. In Singapore, however, BNPL payments were not as common. Only 13% of respondents said they used this service.
Cover of the report
- This report covers the online payment market Asia Pacific. It takes into account a broad definition of online payment, including payment methods used in online shopping and mobile payment, such as distance and proximity payments.
- Major countries in the region are covered, while data availability varies by market.
- The report includes data released mostly within the past 12 months. The exact date of publication of the source is indicated on each map. The time period to which the data refer differs depending on the source.
Structure of the report
- The Global Chapter opens the report, providing an overview of global developments in online and mobile payments.
- Then information on regional development is included.
- The rest of the report contains country specific information. Countries are grouped by advanced and emerging markets. Within each group, countries are presented in descending order of B2C E-Commerce sales.
- Depending on data availability, the following types of market information are included: payment methods most used by online shoppers, distribution of e-commerce sales by payment method, number and value of payment transactions in line / mobile, mobile payment user penetration and consumer awareness of medium innovative payments. Not all of the types of information mentioned are available for each of the countries covered.
Main topics covered:
1. Executive summary
2. Global developments
- Value of payments, in trillions of dollars, by region and by estimates before and after COVID-19, 2010, 2014, 2018, 2019 and 2020e
- Main online payment methods, in% of respondents, August 2020
- Use of cash in mature markets, by country, incl. Japan, Singapore, South Korea and the United States, as a% of total transaction volume, 2010 and 2020e
- Use of cash in emerging markets, by country, incl. Indonesia, India, Mexico and China, as a% of total transaction volume, 2010 & 2020e
- Number of cashless transactions, billions, CAGR,%, 2020, 2025f & 2030f
- Proximity mobile payment users in selected countries, as a% of smartphone users, 2021st
- Mobile wallet adoption rate,% of respondents, 2020
- Share of QR code payments,% of all digital wallet transactions, 2020 and 2025f
- Number of real-time payment transactions in some countries, incl. India, China and South Korea, in billions, 2020
- Perception of cryptocurrency, in% of millennial consumers, March 2021
3. Asia Pacific
- Trends in online and mobile payments, August 2021
- Value of card payments, in trillions of USD, and year-over-year change,%, 2019 – 2023f
- Value of online payments in selected countries, billion USD, 2020e
- Breakdown of Payment Means, in% of Consumers, September 2020
3.2. Advanced markets
3.2.2. South Korea
3.2.4. New Zealand
3.3. Emerging Markets
3.3.3 Hong Kong
- After payment
- Apple Pay
- Pay JKO
- Kakao Pay
- Latitute’s salary
- LINE Pay
- Naver Pay
- Rakuten Edy
- Samsung Pay
- Suica Mobile
For more information on this report, visit https://www.researchandmarkets.com/r/a2kmux
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SOURCE Research and Markets