Countries Covered: Australia, China, Hong Kong, India, Indonesia, Japan, Malaysia, New Zealand, Philippines, Singapore, South Korea, Taiwan, Thailand, Vietnam
Publication Date: 19/03/2020
Questions Covered in the report:
- Which payment methods are preferred by online shoppers in Asia-Pacific?
- How high is the mobile payment penetration across different countries of this region?
- Which are the top digital wallets used by consumers in Asia-Pacific?
- What are the top digital payment trends in this region?
- What is the alternative payments’ share of E-Commerce payments in the top markets of Asia-Pacific?
Asia-Pacific has the world’s largest digital payment market
Digital wallets lead in Asia-Pacific’s E-Commerce
Due to the rapid proliferation of digital payment methods and the growth of online shopping, Asia-Pacific’s online and mobile payment market is the world’s biggest, according to the findings of the yStats.com report. China alone accounts for more than a trillion U.S. dollars in E-Commerce payment value, and an even larger mobile payment market. Digital wallets accounted for the highest share of E-Commerce payments in China and for more than one-half of online sales region-wide in 2019. Besides China, these alternative payment methods are also popular in India, Indonesia, Malaysia and other emerging markets across Asia-Pacific, while in the advanced economies of Japan and South Korea, credit cards are the top payment method choice of digital buyers.
Top digital payment trends in Asia-Pacific
Mobile payments are expanding both in advanced and emerging markets of Asia-Pacific. A major mobile trend is the rise of QR-based mobile payments. For example, in Singapore, above one in four consumers used such services in 2019, according to a survey cited in the yStats.com report. Another top trend is the emergence of Buy Now Pay Later (BNPL) payment options. In Australia, BNPL solutions like Afterpay and Zip Pay were known to more than half of all consumers and used by one in ten by the end of 2019. Furthermore, a growing number of Asia-Pacific’s shoppers are using payment features of so-called super apps, i.e. mobile applications that offer digital wallet functions among multiple other services. Examples include WeChat in China and GoJek and Grab in Southeast Asia.