Market Research Report
Asia-Pacific Online Payment Methods 2021 Post COVID-19
|Asia-Pacific Online Payment Methods 2021 Post COVID-19|
Published: August 18, 2021
yStats.com GmbH & Co. KG
Content info: 119 Pages
Delivery time: 1-2 business days
The latest publication from Germany-based online research firm yStats.com, "Asia-Pacific Online Payment Methods 2021 Post COVID-19" provides insights into the current state and future trends of online payment market in the Asia-Pacific region. Among other findings, the publication reveals that BNPL service is one of the common payment methods in Australia, with over 70% of individuals being aware of it and its main providers.
During the 2020 COVID-19 pandemic, digital payments accelerated in the Asia-Pacific region. The region is the world leader in cashless transactions, with a predicted average annual growth rate of 16% from 2020 to 2025. China is expected to have the highest penetration rate for proximity mobile payments in 2021 compared to other countries in the world with more than 80% of all smartphone users making such payments. Other countries in the region seeing development in the digital payments market were Malaysia with more than 60% growth in E-money transactions from 2019 to 2020 and Indonesia with more than 40% growth in E-money transactions.
The most common payment methods during the health crisis were physical or contactless cards and digital wallets, though in some countries, cash remained the leading form of payment in 2020. The acceptance of mobile payment has also increased over the course of the year 2020. Mobile wallet payment in South Korea surged by 46% from 2019 to 2020, in China, third-party mobile payments rose by 18% from the third quarter to the fourth quarter of 2020, and in India, the value of the mobile wallet transaction was expected to leap by over 80% from 2020 to 2021. Leading mobile payment service providers in the region in 2020 included iD and Suica Mobile in Japan, Naver Pay and Kakao Pay in South Korea, and Alipay and Tenpay in China. Other payment methods that gained momentum in 2020 and were expected to accelerate, were real-time payments, with the top three markets for the number of RTP transactions in 2020 being India, China and South Korea.
An alternative payment method in the region in 2020 was the Buy Now Pay Later service. Over 70% of Australians were aware of the service and its main market players such as Afterpay and Zip. In Singapore, however, BNPL payments were not as common. Only 13% of the respondents stated that they had used this service.
iD, Suica Mobile, Rakuten Edy, Naver Pay, Kakao Pay, Samsung Pay, Afterpay, Zip, Alipay ,Tenpay, LINE Pay, Apple Pay, JKO Pay, Momo, ViettelPay, ZaloPay, PayPay, Latitute Pay, Humm, Openpay.