The latest publication from Hamburg-based market research company, yStats.com, titled “Asia-Pacific Digital Commerce: Market Insights and Payment Innovations 2024” provides comprehensive insights into the evolving landscape of digital commerce across the Asia-Pacific region. The report delves into various sectors including B2C E-Commerce, omnichannel commerce trends, in-car payments, real-time payments, online & POS payment methods, BNPL schemes, and the challenges of fraud and security in online payments. The report also shares insights into the digital health & digital gaming sectors.
Asia-Pacific’s commerce landscape experiences surging non-cash transactions, livestreaming retail, and dominance in digital payments
The Asia-Pacific region is set to witness a significant surge in non-cash transactions, with projections indicating a volume of more than 1.2 trillion transactions by 2027, according to the yStats.com report. This growth is accompanied by the forecasted expansion of livestreaming retail E-Commerce and social commerce sales, expected to soar by 2027. In tandem with these developments, notable trends in omnichannel commerce include the increasing preference for in-store pick-up, alongside the rise in online retail sales of physical goods. Short video live streaming is also emerging as a popular method for online shopping experiences. In the realm of online payment methods, the report shows that Asia-Pacific dominates digital transactions, supported by government initiatives aimed at driving economic growth and financial inclusion. The B2C E-Commerce payment value is projected to grow at around +6.5% CAGR, while Buy Now Pay Later (BNPL) schemes are forecasted to cross EUR 330 billion by 2028.
The region sees uptick in real-time transactions, integrated payments, and in-car payments amid online fraud/security concerns
China leads in real-time transactions, with a forecasted CAGR of over +10% from 2022 to 2027. Japan’s Zengin system demonstrates early adoption and ongoing enhancement in payment infrastructure. Both countries show a shift towards integrated payment methods, with mobile payments dominating offline purchases in China and increasing adoption of QR code and contactless payments in Japan. Moreover, In-car payment services are gaining traction in the Asia-Pacific region, driven by collaborations between automotive and payment sectors. Despite digital advancements, concerns regarding fraud and security persist in online payments, with notable rates reported in Taiwan and China.
Beyond traditional E-Commerce, the report delves into emerging digital commerce sectors such as digital health and gaming. These sectors offer significant growth opportunities and insights into evolving market trends, reflecting the dynamic nature of the Asia-Pacific digital commerce landscape.
