PUBLISHER: yStats.com | PRODUCT CODE: 1367207
PUBLISHER: yStats.com | PRODUCT CODE: 1367207
"Asia-Pacific B2C E-Commerce payment value is projected to grow at over +6% CAGR from 2023, surpassing EUR 4 trillion by 2027": new yStats.com report.
Digital payment adoption continues to rise in the Asia-Pacific region, as outlined in the new yStats.com report, with China at the forefront of the move toward a cashless society in the APAC region. Online payment user penetration in China has exceeded a high double-digit percentage of the country's Internet users, although user growth has significantly slowed in recent years. Furthermore, China is among the countries projected to experience a double-digit CAGR in B2C E-Commerce payment value from 2023 to 2027.
According to the yStats.com report, the use of alternative payment methods has continued to increase in the APAC region, although the growth rate is forecasted to decline in the coming years. When it comes to the most widely used online payment methods, card payments and digital wallets consistently rank as the top two choices in many countries in the region. In China and India, over 8 out of 10 and 9 out of 10 adults have owned and used a mobile wallet, respectively, in the past year, with the mobile wallet payments value in India expected to grow at a double-digit CAGR between 2023 and 2027. While some countries are experiencing rapid digital payment adoption, countries like Japan and Vietnam are still in the early stages of transitioning to cashless economies.