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Asia-Pacific POS Payment Methods 2020 and COVID-19’s Impact


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Countries Covered: Australia, China, India, Japan, South Korea

Pages: 44

Publication Date: 22/09/2020

Questions Covered in the report:

  • How did the usage of Omnichannel and contactless shopping methods change in the Asia-Pacific region during the pandemic?
  • What is the share of consumers in the Asia-Pacific region who plan to increase their usage of digital payments during the COVID-19 health crisis?
  • How did the COVID-19 pandemic affect the number of mobile payment users in the Asia-Pacific countries?
  • Which payment methods were used more in Asia-Pacific due to the COVID-19 outbreak?
  • Which non-bank contactless mobile payment methods were used amid the COVID-19 health crisis?

Key Findings:

The COVID-19 health crisis has further decreased the use of cash in Asia-Pacific countries

Shoppers turn to digital in-store payment methods rather than using cash in Asia-Pacific, during the pandemic

The payment preference of consumers at the point of sale is being transformed by the COVID-19 pandemic. According to the yStats.com report, multiple sources have indicated that Asia-Pacific countries have changed the way they pay during the health crisis. The main change is towards the reduced use of cash, as consumers in this region report using paper and coin currency less for a variety of reasons, including concern that cash may spread the virus. Among the alternatives to cash, a significant share of consumers in multiple markets report a preference for contactless methods of payment.

Amidst the health crisis, the shift to mobile payment methods is a popular movement in the Asia-Pacific countries

Besides traditional credit and debit card payments, one of the alternative payment methods that saw a spurt in some countries in the region during the pandemic is proximity mobile payments. The acceptance of mobile wallets by merchants as well as consumers was already growing before the COVID-19 pandemic hit the world and has been accelerated by the outbreak. Another example of alternative payment method growth included in the yStats.com report is a chart showing that a significant share of Australian consumers used non-bank contactless mobile apps as of March 2020. This report also describes the growth of other alternative payment methods such as the use of QR codes through a smart device, and the contactless practice of selecting and paying online, picking up at stores.

Asia-Pacific sees a downward trend in the use of cash during the COVID-19 pandemic

Though the move away from cash is a global phenomenon, there are some country and regional variations. China was a leader in mobile payments before the pandemic, and mobile wallet usage continued in the second quarter of 2020 as the country emerged from the peak of the crisis. Japan had been a bastion of cash transactions in-store before COVID, but QR or barcode payments have increased there, according to the yStats.com report. The publication also includes data on the major economies of the Asia Pacific region that have seen the shift away from cash in payment preference during the health crisis.

1. Management Summary

2. Global Developments

  • COVID-19 Impact on POS Payment, August 2020
  • Omnichannel Payment Trends, August 2020
  • mPOS Payment Trends, August 2020
  • Total Retail Sales Value Loss Worldwide, by Region incl. North America, in USD billion, 2020f Compared to 2019
  • Total Retail Sales, in USD billion, and Breakdown by E-Commerce and Non-E-Commerce, in %, 2019 & 2020f
  • Changes in Consumer Payment Behaviors Due to COVID-19, in % of Adults, June 2020
  • Share of Consumers in Selected Countries Who Decreased Their Use of Cash for In-Person Payments During COVID-19, in %, by Selected Countries, June 2020
  • Change in Usage of Selected Omnichannel and Contactless Shopping Methods Compared to Before COVID-19, in % of Consumers, July 2020
  • Contactless Payment Limit Increase Due to COVID-19, by Selected Countries, May 2020
  • Average Transaction Value of Contactless Payments at POS, in USD, 2019 & 2024f
  • Changes in Use of Payment Methods by Consumers in Selected Countries During COVID-19, incl. Share of Consumers Who Increased and Who Decreased Their Use, in %, and Net Change, May 2020
  • Proximity Mobile Payment User Penetration, in % of Smartphone Users, by Selected Countries, 2019e
  • mPOS Transaction Value, in USD billion, 2019 & 2024f

3. Asia-Pacific

3.1. China

  • CAGR of Cash and Card Payment Transactions, by Pre-COVID-19 and Post-COVID-19 Forecasts, 2019-2023f
  • Share of Consumers Who Plan to Increase Their Usage of Digital Payments In the Next 6-9 Months Due To COVID-19 Outbreak, in %, Compared to Global Average, April 2020
  • Number of Mobile Payment Users, in millions, and Penetration, in % of Mobile Internet Users, December 2018, June 2019 & March 2020
  • Third-Party Mobile Payment Transactions, in CNY trillion, Year-on-Year Change, in %, Q4 2019 – Q2 2020e
  • Third-Party Mobile Payment Transaction Value, in CNY trillion, and Year-on-Year Change, 2018-2022f
  • Breakdown of Third-Party Mobile Payment GMV by Players, in %, Q2 2019

3.2. Japan

  • Breakdown of Household Consumption by Payment Method, in %, 2019
  • Breakdown of Frequency of Usage of Selected Non-Cash Payment Methods, Nov. 2019 & May 2020
  • Mobile Payment User Penetration, by QR Code Payment and Contactless Payment, in % of Internet Users, January 2020
  • QR Code Mobile Payment Services, by All Used and Most Used, in % of QR Code Mobile Payment Users, January 2020
  • Number of PayPay Users, in millions, August 2019, October 2019, December 2019, February 2020 & April 2020

3.3. South Korea

  • Breakdown of Payment Transactions by Payment Methods, in %, 2019
  • Card Payment Transaction Value, in KRW trillion, 2019 & 2024f

3.4. Australia

  • Breakdown of Consumer Payments by Payment Method, in % of The Number of Payments, 2016 & 2019
  • Contactless Share of Card Payments at POS, by Contactless Card and Mobile Devices, in %, 2019
  • Non-Bank Contactless Mobile Payment Methods Used, in % of Consumers, March 2019 & March 2020
  • Change in Usage of Selected Omnichannel and Contactless Shopping Methods Compared to Before COVID-19, in % of Consumers, July 2020

3.5. India

  • Change in Usage of Selected Payment Methods Amid the COVID-19 Outbreak, by Usage in the Past Month and in the Next 6 Months, in % of Consumers, April 2020
  • Alipay.com Co. Ltd.
  • PayPay Inc
  • Tencent Holdings Ltd

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