Asia-Pacific Online Payment Methods Analysis Report 2022: Cards and Digital Wallets are the Most Common Payment Instruments in Most Countries – ResearchAndMarkets.com
This report provides insights into the current state and future trends of online payments in the region. Among other findings, the publication reveals that alternative payment methods dominate the region’s largest B2C E-Commerce market, China.
China is among the leading countries regarding digital payment use
During the COVID-19 pandemic, digital payments accelerated in the Asia-Pacific region, and the growth has continued post-pandemic, as cited in the report. China is one of the frontrunners in the APAC region towards a cashless society. Online payment user penetration in China surpassed a high double-digit percentage of the country’s Internet users, adding several hundred million users over the past three years. China is also among the countries that is forecasted to experience a double digit CAGR in B2C E-Commerce payments value from 2021 to 2025.
Cards and digital wallets are the most common payment instruments in most countries of the region
According to the report, the acceptance of mobile payments increased over the course of the pandemic and beyond. Mobile wallet ownership in South Korea is projected to rise by around one quarter by 2025. Since the mobile wallet user penetration in China is already high, it is projected to grow by a high single digit percentage through 2025.
Australia sees growing use of BNPL
Over three quarters of Australians were aware of the BNPL service and its main market players such as Afterpay and Zip. As stated in the report, in New Zealand, however, BNPL payments were not as equally common. Younger generations preferred the BNPL services in the country, with the older generations still using card payments more often.
Key Topics Covered:
1. Management Summary
2. Global Developments
- Overview of the Online and Mobile Payment Trends, May 2022
- Payment Value, by B2C E-Commerce Payments and POS Payments, in USD trillion, 2021 & 2026f
- Share of Cash Payments, in % of Total POS Transaction Value, by Region, 2021 & 2025f
- Value of Contactless Card Transactions, in USD trillion, 2020 & 2021e
- Share of Contactless Card Transactions, in % of Overall Contactless Transaction Value, 2021e
- BNPL B2C E-Commerce Sales, in USD billion, 2021e & 2026f
- Number of BNPL Users, in millions, 2021e & 2026f
- BNPL Share of B2C E-Commerce Payments, in %, 2021e & 2026f
- Value of Digital Wallet Transactions, in USD trillion, 2022f & 2026f
- Number of B2C E-Commerce Transactions Paid by OEM Mobile Payment Apps, in billions, 2022f & 2026f
- Number of Mobile Wallet Users, by Region, in millions, 2020 & 2025f
- Proximity Mobile Payment Users Worldwide, in millions, and Year-on-Year Change, in %, 2020 – 2025f
- Proximity Mobile Payment User Penetration, in % of Smartphone Users, 2020 – 2025f
- Proximity Mobile Payment User Penetration, in % of Smartphone Users, 2021e
- Payment Methods Accepted by Online Merchants, by Already Accepted and Planned, in % of Online Merchants, February 2022
- Factors Influencing Store Purchasing Choice, Excluding Digital Payments, in % of Consumers, December 2021
- Areas for Growth According to Small Businesses, in % of Small Businesses, December 2021
- Share of Consumers and Small Businesses Planning to Use Digital Payment Methods Exclusively Within the Next Two Years, in %, December 2021
- Cryptocurrency Payment Value, in USD billion, 2018 – 2023f
- Overview of the Online and Mobile Payment Trends, July 2022
- Card Payment Value, in USD trillion, and Year-On-Year Change, in %, 2019-2025f
- Breakdown of Payment Methods Used in B2C E-Commerce, in %, 2021
3.2. Advanced Markets
3.2.2. South Korea
3.2.4. New Zealand
3.3. Emerging Markets
3.3.3. Hong Kong
- American Express
- D Pay
- LINE Pay
- Rakuten Pay
- WeChat Pay
- Yucho Pay
For more information about this report visit https://www.researchandmarkets.com/r/58rv5i
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