The online payments market in the Asia-Pacific region has registered growth, in tandem with an ecommerce boost, a recent report reveals.
According to a research conducted by ystats.com, in China, online and mobile payments are dominated by local third-party payment providers, such as Alipay and Tencent. The number of online payment users in China neared 300 million in June 2014, while mobile payment users topped 200 million.
The study shows that Japan has seen new mobile payment pathways launched in 2014. Korea-based mobile messaging service Line introduced Line Pay in Japan, while Rakuten Bank launched payment transfers through Facebook. The payment methods most used by online shoppers in Japan are credit card and convenience store payments.
In South Korea, the government agency regulating finances relaxed its requirement to use the specific software for online payment security, allowing companies to choose any security software. Other movements in payments include the launch of mobile payment service KakaoTalk. Also, phone maker Samsung cooperated with payment processor Yelopay to introduce a Samsung Wallet. The value of mobile payments in the H1 2014 grew by more than two times.
In Australia, online shopping remains the main purpose for using credit cards. Mobile payments are on the rise, as the share of payments made via smartphone accounted for a high one-digit share of all remote purchases. Moreover, payments with PayPal are gaining popularity and already account for a small one-digit share of all consumer payments in the country.
For India, cash on delivery is still the payment method most preferred by online shoppers in 2014. The same is true for Pakistan, where credit card payment is offered by only 3 out of 7 shopping websites. Also in Vietnam cash-on-delivery and bank transfer are the most preffered payment options in B2C ecommerce.