netflix says it is working to localize payment methods in the Asia-Pacific region to make subscriptions easier for people who want to pay using the Unified Payments Interface (UPI), digital wallet, and direct carrier billing.
“We accelerated this payment method diversification journey nine months ago and the results have been impressive,” the streaming service said on its website Monday, June 27.
According to Netflix, the number of new subscribers signing up with an alternative payment method more than tripled between 2020 and 2021. At the same time, the company added 16 new payment methods.
That trend has continued this year, Netflix said, with the number of signups using alternative payment methods doubling year on year.
Netflix says this is due to the growing popularity of digital wallets, which are expected to account for almost three-quarters of e-commerce transactions in APAC by 2025.
“On the other hand, not all members have access to credit cards, and debit cards often don’t work as well as they should for subscription transactions in their marketplaces,” said the society.
“For example, in India, a number of cards are not enabled for recurring payments, while in Southeast Asia, many banks require customers to accept online payments, which adds another step friction.”
Read more: To binge or not to binge? That is the question facing Netflix
Earlier this month, news broke that Netflix was struggling to drive subscriber growth, leading to scrutiny of the company’s over-surveillance strategy.
Earlier this month, Peter Friedlander, who directs the scripted series for the United States and Canada, told Variety, “We fundamentally believe that we want to give our members choice in how they see, and thus their give this option on these scripted ones. series to watch as much as they want to watch when they watch it, is always fundamental to what we want to offer.
He added that “when you see something like a batch season with ‘Stranger Things,’ that’s our attempt to make sure we can get the shows out to members faster.”
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