The share of individuals using mobile wallets in the emerging markets of Asia-Pacific was almost double that share in the advanced markets in mid-2015, a recent report shows.
According to the research findings of yStats.com from the report titled “Asia-Pacific Online Payment Methods: Full Year 2015”, emerging markets in Asia-Pacific are ahead of advanced markets when it comes to the adoption of innovative payment methods.
For instance, in the previous year, China was the highest-ranking country worldwide in share of mobile phone users making mobile payments both for digital and non-digital goods, while India had the highest share of online shoppers who would be willing to use digital currency.
Asia-Pacific advances, therefore, as one of the leading regions worldwide in mobile payment use. Mobile payment transactions in some of the countries in this region have been growing at triple-digit rates, as shown in yStats.com’s report. Asia-Pacific is also one of the trend setters in this space. Across the region, a number of mobile messengers launched payment services, such as LINE Pay from Japan and Kakao Pay from South Korea.
To put things into perspective, the Asia-Pacific online payments market remains very dynamic, with B2C ecommerce sales growing rapidly. In China alone, the number of online payment users reached over a third of a billion in mid-2015, accounting for more than 50% of Internet users.
What’s more, third-party payment services, such as Alipay and Tenpay, were the main payment methods used by online shoppers in China that year, while in Japan and South Korea online payments were dominated by credit cards.
Meanwhile, in less advanced markets, such as India, cash on delivery was still used by a high double-digit share of online shoppers. Another popular online payment method was bank transfer, chosen by more than two-thirds of online shoppers in Indonesia.
yStats.com is a secondary market research company founded in 2005 and headquartered in Germany. They provide data on global B2C ecommerce and online payment markets to companies worldwide.