Asia-Pacific Digital Commerce: Market Insights and Payment Innovations 2024

Description

The Asia-Pacific digital commerce scene is dynamic and fast-evolving due to key trends and innovations: New yStats.com report.

The commerce landscape in Asia-Pacific is witnessing an increase in non-cash transactions, livestreaming retail, and a strong presence in digital payments

According to the report, the Asia-Pacific region is poised for significant growth in non-cash transactions, with projections exceeding 1.2 trillion transactions by 2027. Livestreaming retail and social commerce sales are expected to see remarkable growth alongside this surge in transactions. Omnichannel commerce trends indicate a rising preference for in-store pick-up and increased online retail sales of physical goods. Short video livestreaming is also emerging as a popular method for online shopping experiences. Asia-Pacific leads in digital transactions, supported by government initiatives aimed at boosting economic growth and financial inclusion. B2C E-Commerce payment values are forecasted to grow at a CAGR of around +6.5%, while Buy Now Pay Later (BNPL) schemes are expected to surpass EUR 330 billion by 2028.

The Asia-Pacific region experiences rising real-time, integrated, and in-car transactions alongside online security concern

Real-time transactions are on the rise, especially in China, with a projected CAGR of over +10% from 2022 to 2027. Japan's Zengin system showcases early adoption and ongoing improvements in payment infrastructure. Both countries are witnessing a shift towards integrated payment methods, with mobile payments dominating offline purchases in China and increased adoption of QR code and contactless payments in Japan. Additionally, in-car payment services are gaining momentum in the Asia-Pacific region through collaborations between automotive and payment sectors. Despite digital advancements, concerns regarding fraud and security persist, particularly in online payments, with notable rates reported in Taiwan and China.

The report also explores emerging digital commerce sectors like digital health and gaming, offering insights into evolving market trends and significant growth opportunities.

Product Code: 1653

1. Management Summary

2. Asia-Pacific Digital Commerce Overview

2.1. B2C E-Commerce
- 2.1.1. Asia-Pacific Regional
  - Total Non-Cash Transaction Volume, in trillions, 2024f & 2027f
  - B2B E-Commerce Non-Cash Transaction Volume, in billions, 2024f & 2027f
  - Livestreaming Retail E-Commerce Sales, in USD billion, in % of Year-On-Year Change, 2023e-2027f
  - Social Commerce Sales, in USD billion, in % of Year-On-Year Change, 2023e-2027f
  - Breakdown of Retail E-Commerce Market, by Country, in %, 2022
  - Top 10 Retailers, incl. "Online Retailers", by Retail Sales Value, in USD billion, 2022
- 2.1.2. Southeast Asia Regional
  - TikTok Shop Market Overview, February 2024
  - Digital Economy Value, in USD trillion, 2022 & 2030f
  - B2C E-Commerce Sales, in USD billion, in % of Year-On-Year Change, 2022-2026f
  - B2C E-Commerce Spending, by Payment Method, in USD billion, 2022 & 2027f
  - B2C E-Commerce Sales Penetration, by Country, in % of Total Retail Sales, 2023e
  - Breakdown of B2C E-Commerce Market Value, by Operators, in %, 2022
  - Top Product Categories Purchased on Online B2C E-Commerce Site Zalora Using BNPL, in % of BNPL Payments, Q3 2022
  - Breakdown of Payments Used on Online B2C E-Commerce Site Zalora, by Age Group, in % of Online Shoppers, Q3 2022
- 2.1.3. SEA, South Korea & Japan
  - Total B2C E-Commerce Revenue, in USD billion, 2022 & 2027f
  - Total Cross-Border Revenue, in USD billion, 2022 & 2027f
  - Digital Economy Value, by Payment Method, in USD billion, 2022 & 2027f
- 2.1.4. China
  - Overview of B2C E-Commerce Market Trends, February 2024
  - Total B2C E-Commerce Market Value, in USD trillion, 2023e & 2027f
  - B2C E-Commerce Sales, in USD trillion, in % of Total Retail Sales, 2023e-2027f
  - Year-On-Year Growth of B2C E-Commerce Sales, in %, 2022 & 2023e
  - Share of Online Retail Sales of Physical Goods Making Up Total Retail Sales of Physical Goods, in %, 2023
  - Online Retail Sales Value, in CNY trillion, 2022 & 2023
  - Total vs Online Retail Sales Value, in CNY trillion, H1 2022 & H1 2023
  - Cross-Border B2C E-Commerce Import And Export Value, in CNY trillion, H1 2022 & H1 2023
  - Number of People Working in the B2C E-Commerce Sector, in millions, 2018 & 2023
  - Number of Online Shoppers, in millions, And Share of Internet Users, in %, June 2021-June 2023
  - Growth of Online Retail Sales of Physical Goods, by Product Category, in % of Year-On-Year Change, 2023
  - Top 3 Domestic B2C E-Commerce Platforms, in % of Total B2C E-Commerce Market, 2023e
  - Online Retail Sales Value in Rural Areas, in CNY trillion, H1 2022 & H1 2023
  - Online Retail Sales Value of Agricultural Products, in CNY billion, H1 2022 & H1 2023
  - Share of Rural Online Merchants And Online Stores That Sell Agricultural Products Through Livestreaming, in %, H1 2023
  - Livestreaming Retail E-Commerce Buyers, in millions, in % of Year-On-Year Change, 2023e-2026f
  - Number of B2C E-Commerce Livestreaming Users, in millions, December 2022 & June 2023
  - Social Commerce Market Overview, February 2024
  - Overview of Discount B2C E-Commerce Market, February 2024
- 2.1.5. Japan
  - B2C E-Commerce Spending, by Payment Method, in USD billion, 2022 & 2027f
  - Top 5 QR Code Mobile Payment Services, in % of QR Code Mobile Payment Users, January 2023
- 2.1.6. South Korea
  - B2C E-Commerce Payment Value, in USD trillion, 2022 & 2026f
  - B2C E-Commerce Spending, by Payment Method, in USD billion, 2022 & 2027f
- 2.1.7. India
  - B2C E-Commerce Market Size, in USD billion, 2022e, 2024f, 2026f & 2030f
  - B2C E-Commerce Market Size, in USD billion, in % of Total Retail Market*, FY 2020-FY 2023
  - Annual Number of Online Shoppers, in millions, in % of Year-on-Year Change, FY 2021-FY 2023
  - Average Monthly Number of Online Shoppers, in millions, in % of Annual Online Shoppers, FY 2021-FY 2023
  - Card Payment Value, in USD billion, 2023e & 2027f
  - Number of Digital Payment Transactions, in billions, FY 2022-23 & FY 2026-27f
  - Value of Digital Payment Transactions, in INR trillion, FY 2022-23 & FY 2026-27f
- 2.1.8. Australia
  - Breakdown of BNPL Revenue, by Age, in % of BNPL Users, February 2023
- 2.1.9. Indonesia
  - B2C E-Commerce Market Value, in USD billion, 2023 & 2028f
  - Breakdown of B2C E-Commerce Market Value, by Operators, in %, 2022
  - Payment Methods Used For B2C E-Commerce Transactions, in % of Shoppers, 2022
- 2.1.10. Taiwan
  - B2C E-Commerce Payments Value, in USD billion, 2022 & 2026f
  - Breakdown of Most Preferred Online Payment Methods, in % of Internet Users, Q3 2022
2.2. Omnichannel Commerce Trends
- 2.2.1. Southeast Asia Regional
  - Most Preferred B2C E-Commerce Delivery Options, in % of Online Shoppers, 2022
- 2.2.2. China
  - Share of Online Retail Sales of Physical Goods Making Up the Total Retail Sales of Consumer Goods, in %, 2021 & 2022
  - Weekly Online Shopping Activities, in % of Internet Users, Q3 2022
  - Share of Online Shoppers Who Made Online Purchases, by Channel, in %, H1 2022
  - Number of Online Travel Booking Users, in millions, And Share of Internet Users, in %, June 2020-June 2022
- 2.2.3. Japan
  - Breakdown of Luxury Purchase Journey, in % of Adults, March 2022
  - Omnichannel Purchasing Behavior, in % of Luxury Shoppers, March 2022
- 2.2.4. South Korea
  - Share of Respondents Who Shop Using Omnichannel, in %, 2022
  - Attitude Towards Omnichannel Shopping, in % of Respondents, 2022
- 2.2.5. Australia
  - Weekly Online Shopping Activities, in % of Internet Users, Q3 2022
  - Share of Online Channels Making Up Total Retail Spend, in %, 2022
  - Breakdown of Total Variety Stores* Spend, by Channel, in %, 2022
- 2.2.6. India
  - Share of B2C E-Commerce Shoppers Who Picked Up Their Most Recent Online Purchase In-Store or Curbside, in %, October 2022
  - Offline Retail Market Size, by Channels, in USD trillion, 2022 & 2030f
  - Online Retail Market Size, by Channels, in USD billion, 2022 & 2030f
- 2.2.7. Philippines
  - Share of Internet Users Who Research Brands and Products Online, in %, Q3 2022
2.3. Luxury Fashion Online Recommerce
- 2.3.1. China
  - Overview of Luxury Fashion Online Recommerce Market, January 2023 (1 of 2)
  - Overview of Luxury Fashion Online Recommerce Market, January 2023 (2 of 2)
  - Luxury Resale Market Size, in USD billion, 2020 & 2025f
- 2.3.2. Japan
  - Share of Respondents Who Had Already Purchased Reused Products, in %, December 2022
  - Share of eBay Sellers Who Reported Their Sales to Have Increases Due to the Economy, in % of eBay Sellers, November 2022

3. Emerging Trends in Asia-Pacific Digital Payments

3.1. In-Car Payment
- 3.1.1. Asia-Pacific Regional
  - Overview of In-Car Payment Solutions and Trends, May 2023 (1 of 2)
  - Overview of In-Car Payment Solutions and Trends, May 2023 (2 of 2)
- 3.1.2. Southeat Asia Regional
  - Level of Consumer Interest in Select Connected Car Features, in % of Respondents, 2022
- 3.1.3. China
  - Penetration Rate of Connected Vehicles, in %, 2030f
  - Number of Connected Cars, in millions, 2021-2025f
  - Market Size of Intelligent Connected Car Application Services, in CNY billion, 2021-2025f
  - Share of Respondents Who Are Open to Using Digital Payments From Car, in %, February 2022
  - Level of Consumer Interest in Select Connected Car Features, in % of Respondents, 2022
- 3.1.4. Japan
  - Level of Consumer Interest in Select Connected Car Features, in % of Respondents, 2022
- 3.1.5. South Korea
  - Share of Connected Cars, in % of Registered Domestic Cars, April 2023
3.2. Real-Time Payment
- 3.2.1. China
  - Total Number of Real-Time Transactions, in billions, 2022 & 2027f
- 3.2.2. India
  - Total Number of Real-Time Transactions, in billions, 2022 & 2027f
  - Volume of UPI-Based Real-Time Payment Transactions, in billions, January - June 2022
  - Total Value of Transactions via UPI, in INR billion, January - June 2022
- 3.2.3. Japan
  - Zengin System Overview, January 2023
  - Volume of Small-Value Transactions in Zengin Core Time System, in thousands, & Value of Small Transactions, in JPY million, & Year-On-Year Change, in %, January - October 2022
- 3.2.4. South Korea
  - Total Number of Real-Time Transactions, in billions, 2022 & 2027f
- 3.2.5. Australia
  - Overview of New Payments Platform (NPP), January 2023
  - Share of PayID Users Who Use It at Least Once a Week, in %, May 2022
  - Top Reasons for Registering for PayID, in % of PayID Users, May 2022
  - Total Number of Real-Time Transactions, in billions, 2022 & 2027f
- 3.2.6. Singapore
  - Overview of Fast and Secure Transfer (FAST) & PayNow, January 2023
  - Breakdown of Transaction Volume, by Payments Instrument, in % of Total Payment Transaction Volume, 2022 vs 2027f
  - Breakdown of Spending Value, by Payments Instrument, in % of Total Payment Spending Value, 2022 vs 2027f
- 3.2.7. Thailand
  - Volume of PromptPay Based Real-Time Payment Transactions, in millions, May - October 2022
  - Value of PromptPay Based Real-Time Payment Transactions, in THB billion, May - October 2022
- 3.2.8. Malaysia
  - Overview of Payments Network Malaysia Sdn Bhd (PayNet), January 2023
  - Total Number of Real-Time Transactions, in billions, 2022 & 2027f
- 3.2.9. Philippines
  - Overview of InstaPay, January 2023
  - Total Value of Transactions via InstaPay, in PHP billion January - November 2021 & January - November 2022
- 3.2.10. Sri Lanka
  - Real-Time Payment Market Overview, January 2023
  - Breakdown of Real-Time Gross Settlement (RTGS) Transaction Participants, by Value & by Volume, in % of Total RTGS Transactions, Q2 2022
3.3. Online Payment Methods
- 3.3.1. Asia-Pacific Regional
  - Overview of the Online and Mobile Payment Trends, September 2023
  - B2C E-Commerce Payment Value, in USD trillion, 2023e & 2027f
  - BNPL Payment Value, in USD billion, 2023e & 2028f
- 3.3.2. China
  - Number of Online Payment Users, in millions, and Penetration, in % of Internet Users, June 2021 & June 2022
  - Online Payment User Penetration, in % of Internet Users, June 2022
  - Number of Real-Time Payment Transactions, in billions, 2022 & 2027f
  - Share of Adults Who Own a Mobile Wallet and Have Used It in the Past Year, in %, 2022
  - Breakdown of Digital Wallet Use Frequency Among Adults, in %, May 2022
  - Mobile Wallet Ownership and Usage, in % of Adults, Q2 2022
- 3.3.3. Japan
  - Digital Payment Use, in % of Respondents, 2022
  - Most Used Payment Methods, in % of Respondents, January 2023
  - Share of Smartphone Payment Users, in % of Internet Users, February 2022 & February 2023
  - Breakdown of Attitude Towards Future Use of Mobile Payments, in % of Internet Users, February 2023
  - Breakdown of Smartphone Payment Service Use, by Number of Services Used, in % of Internet Users, January 2023
  - Breakdown of Smartphone Payment Use, by Amount of QR Code Payment and Contactless Payment Services, in % of Internet Users, January 2023
  - Top 5 Contactless Mobile Payment Services, in % of Contactless Mobile Payment Service Users, January 2023
  - Breakdown of Digital Wallet Use Frequency Among Adults, in %, May 2022
- 3.3.4. South Korea
  - Breakdown of B2C E-Commerce Payment Methods, in %, 2022
  - Share of Population That Made a Digital Payment, in %, 2022
  - Number of Real-Time Payment Transactions, in billions, 2022 & 2027f
- 3.3.5. Australia
  - Card Payment Value, in USD billion, 2023e & 2027f
  - Share of Shoppers Using a Mobile Wallet For Last Physical Purchase, in %, Q3 2022
- 3.3.6. New Zealand
  - Share of Adults Who Own a Mobile Wallet and Have Used It in the Past Year, in %, 2022
- 3.3.7. Sinpagore
  - Card Payments Value, in USD billion, 2023e & 2027f
  - Share of Adults That Made a Digital Payment, in %, 2022
  - Share of Adults That Used a BNPL Service, in %, Q3 2022
  - Share of Adults Who Own a Mobile Wallet and Have Used It in the Past Year, in %, 2022
  - Number of Proximity Mobile Payment Users, in millions, 2022e-2026
- 3.3.8. Taiwan
  - Share of Online Shoppers Who Prefer Payment Cards For Online Payments, in %, 2022
  - Share of Online Shoppers Who Prefer to Use Cash For Online Payments, in %, 2022
  - Share of Adults Who Own a Mobile Wallet and Have Used It in the Past Year, in %, 2022
- 3.3.9. Hong Kong
  - Number of Real-Time Payment Transactions, in billions, 2022 & 2027f
  - Share of Adults Who Own a Mobile Wallet and Have Used It in the Past Year, in %, 2022
  - Number of E-Wallet Users, by E-Wallet Provider, in millions, May 2023e
- 3.3.10. India
  - B2C E-Commerce Payment Value, in USD billion, 2023e & 2027f
  - Number of Real-Time Payment Transactions, in billions, 2022 & 2027f
  - Number of BNPL Users, in millions, 2022e & 2027f
  - Mobile Wallet Payments Value, in USD billion, 2023e & 2027f
  - Share of Adults Who Own a Mobile Wallet and Have Used It in the Past Year, in %, 2022
  - Breakdown of Digital Wallet Use Frequency Among Adults, in %, May 2022
- 3.3.11. Indonesia
  - Digital Payment Platform Use, by Digital Payment Platform Type, in % of Internet Users, H1 2022
  - Digital Wallet and Mobile Banking Use, by Generation, in % of Respondents, H1 2022
  - Number of Proximity Mobile Payment Users, in millions, 2022e-2026
  - Proximity Mobile Payment User Growth, in % of Y-o-Y Change, 2022e-2026f
  - Share of Adults Who Own a Mobile Wallet and Have Used It in the Past Year, in %, 2022
- 3.3.12. Thailand
  - Share of Online Payments Making Up Total Payment Transactions, in %, 2023e
  - Share of Adults Who Own a Mobile Wallet and Have Used It in the Past Year, in %, 2022
  - Number of Proximity Mobile Payment Users, in millions, 2022e-2026
  - Proximity Mobile Payment User Growth, in % of Y-o-Y Change, 2022e-2026f
- 3.3.13. Vietnam
  - Share of Adults That Made a Digital Payment, in %, 2022
  - Share of Adults Who Own a Mobile Wallet and Have Used It in the Past Year, in %, 2022
  - Share of Adults That Used a BNPL Service, in %, Q3 2022
  - Number of Proximity Mobile Payment Users, in millions, 2022e-2026
  - Proximity Mobile Payment User Growth, in % of Y-o-Y Change, 2022e-2026f
- 3.3.14. Malaysia
  - Card Payment Value, in USD billion, 2023e & 2027f
  - Share of Adults Who Own a Mobile Wallet and Have Used It in the Past Year, in %, 2022
  - Number of Proximity Mobile Payment Users, in millions, 2022e-2026
  - Proximity Mobile Payment User Growth, in % of Y-o-Y Change, 2022e-2026f
- 3.3.15. Philippines
  - Card Payment Value, in USD billion, 2023e & 2027f
  - Breakdown of Online Payment Methods, in %, 2022e
  - Number of Proximity Mobile Payment Users, in millions, 2022e-2026
  - Proximity Mobile Payment User Growth, in % of Y-o-Y Change, 2022e-2026f
3.4. POS Payment Methods
- 3.4.1. Asia-Pacific Regional
  - POS Methods Overview and Trends, June 2023
- 3.4.2. China
  - Third-Party Integrated Payment Transactions, in CNY trillion, Year-on-Year Change, in %, 2022e-2026f
  - Share of Mobile Phone Users Using Mobile Payments Everyday, in %, 2022
  - Preferred Mobile Payment Method Among Mobile Payment Users in Offline Scenario, in % of Mobile Payment Users, 2022
  - The full Table of Contents is mentioned in the report. Further sections include the following:
  - Trends in Asia-Pacific Digital Payments; POS Payment Methods in South Korea, Australia and India.
  - BNPL in APAC, Southeast Asia, China, Japan, Australia, New Zealand, India and Singapore.
  - Fraud and Security in Online Payments in APAC and Australia.
  - Digital Payment Forecasts in APAC, Southeast Asia, Japan, Indonesia and Singapore.
  - Diverse Digital Commerce Sectors in APAC; Digital Health in APAC, China and India.
  - Digital Gaming in APAC, China, Japan, South Korea, India and Indonesia.