Online payment methods in Asia-Pacific after COVID-19: cards and digital wallets the most common payment instruments – ResearchAndMarkets.com

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DUBLIN – (COMMERCIAL THREAD) – The report “Asia-Pacific 2021 online payment methods after COVID-19” has been added to ResearchAndMarkets.com offer.

The report provides an overview of the current status and future trends of the online payments market in the Asia-Pacific region. Among other results, the publication reveals that the BNPL service is one of the most common payment methods in Australia, with more than 70% of people familiar with it and its main providers.

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 others. countries of the world with more than 80% of all smartphone users making such payments. Other countries in the region experiencing development in the digital payments market were Malaysia with over 60% growth in e-money transactions from 2019 to 2020 and Indonesia with over 40% growth in e-money transactions. electronic money.

The most common means of payment 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, in China, third-party mobile payments grew 18% from the third quarter to the fourth quarter of 2020, and in India, the value of the mobile wallet transaction was expected to jump over 80% from 2020 to 2021. Major mobile payment service providers in the region 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. .

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 Asia-Pacific online payment market. 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 United States, as% of total transaction volume, 2010 and 2020e

  • Use of cash in emerging markets, by country, incl. Indonesia, India, Mexico and China, as% 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,% of millennial consumers, March 2021

3. Asia-Pacific

Companies mentioned

  • After payment

  • Alipay

  • Apple Pay

  • Hmmm

  • username

  • Pay JKO

  • Kakao Pay

  • Latitute’s salary

  • LINE Pay

  • Momo

  • Naver Pay

  • Openpay

  • Pay

  • Rakuten Edy

  • Samsung Pay

  • Suica Mobile

  • Tenpay

  • ViettelPay

  • ZaloPay

  • Zipper

For more information on this report visit https://www.researchandmarkets.com/r/s06mg8

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