Top Mobile Payment Service Providers in Select Asian Countries 2020 and their Reaction to the COVID-19 Crisis

The spread of COVID-19 Brings Upswing in Mobile Payments in Asia Says yStats.com Report.

Mobile payments gain momentum during the health crisis

Altogether, despite cash still being the king in the Asian region, the revenues of the mobile payment services market in the Asian region are growing steadily during the coronavirus pandemic, and specifically in the larger economies such as India, Australia, Japan, and Singapore. These economies are forecasted to top the growth ranking in the Asia-Pacific region through 2025, says the new yStats.com report. Nevertheless, Asia consists of economies that are very diverse in terms of mobile payment methods adoption. For instance, a survey cited by the new yStats report, shows that in Japan, in 2020, almost two-fifth of adults use smartphone payments daily. Meanwhile, in the Philippines the mobile payments adoption rate is much lower; however, the market is promising, as the adoption of new E-Wallet accounts is growing much faster than the bank account penetration rate.

Amid the COVID-19 pandemic, consumers in the countries of Asia prefer their local M-PSPs

Another interesting fact highlighted in the yStats.com report is that consumers in the Asian region mostly opt for the home-grown mobile payment service providers, and not for the global giants such as PayPal or Google Pay. This has especially helped the local M-PSPs keep their heads above water after the onset of the pandemic. Moreover, most of them have significantly increased their user base. In Malaysia, for example, the government used digital wallets to distribute funds to businesses and communities affected by the health crisis.

Covered Regions:

Asia.

Companies Mentioned:

InstaPay, PESONet, Globe Telecom Inc, PayMaya Philippines Inc., Coins PH.

Table of Contents

1. Management Summary

2. Regional

• Average Increase in Mobile Spending on Selected Products and Services, by 1st Week of Containment and 1st Week of a Lockdown Following the Outbreak of COVID-19, 2020
• Digital Wallets' Share of E-Commerce and In-Store Sales, in %, 2019
• Growth Rates in Mobile Service Revenues, by Selected Countries, incl. Asia-Pacific Region, Australia, India, Singapore, South Korea, and Japan, in %, 2020 & 2025
• Mobile Point-of-Sale Penetration Rate, in % of Consumers, and Average Annual Transaction Value per User, in USD, by selected countries, incl. China, India, South Korea, and Vietnam, 2020e
• E-Wallets Penetration Rate, in % of Adults, 2019 & 2025f

3. Advanced Markets

• 3.1. Japan
  • COVID-19's Impact on Alipay's activity, October 2020
  • Payment Methods Used on a Daily Basis, in % of Adults, June 2020
  • Breakdown of Selected Non-Cash Payment Methods Usage Frequency, November 2019 & May 2020
  • Mobile Payment User Penetration, by QR Code Payment and Contactless Payment, in % of Internet Users, January 2020
  • QR Code Mobile Payment Services, by Used and Most Used, in % of QR Code Mobile Payment Users, January 2020
  • Breakdown of Household Consumption Spending, by Payment Method, in %, July 2019
  • COVID-19's Impact on Mobile Payment Services, December 2020
  • COVID-19's Impact on Amazon Pay's activity, December 2020
  • Profile of PayPay in Japan, December 2020
  • COVID-19's Impact on PayPay's activity, December 2020
  • Total Transaction Volume processed by PayPay, in billions, December 2019 & May 2020
  • Users Registered to PayPay, in millions, December 2019, February 2020 & 6 June 2020
  • Profile of Rakuten Pay in Japan, December 2020
  • COVID-19's Impact on Rakuten Pay's activity, December 2020
  • Usage Rate of Rakuten Pay, in % of Adults, January 2020
  • Most Used QR Code Payment Method, in % of Adults, June 2020
  • Profile of Line Pay in Japan, December 2020
  • COVID-19's Impact on Line Pay's activity, December 2020
  • Usage Rate of Line Pay, in % of Adults, January 2020
  • Most Used QR Code Payment Method, in % of Adults, June 2020

• 3.2. South Korea
  • COVID-19's Impact on Mobile Payment Services, December 2020
  • Mobile Payment User Penetration, in % of Adults, by Age Group, 2019
  • Breakdown of Payment Methods Used in E-Commerce, in % of Adults, 2019
  • Breakdown of Reasons for Using Mobile Payments, in % of Mobile Payment Users, 2019
  • Breakdown of Frequency of Using Mobile Payments, in % of Mobile Payment Users, 2019
  • Breakdown of Reasons for Not Using Mobile Payments, in % of Adults Not Using Mobile Payments, 2019
  • Top 5 Mobile Payment Services by Number of Users, in millions, December 2019
  • Share of Total Online Transactions Made Via KakaoPay, Toss and Payco, in %, 2019
  • Value of Online Shopping Transactions, in KRW trillion, April 2019 - July 2019 & April 2020 - July 2020
  • Transaction Volume of Online Shopping Via Mobile Devices, in USD billion, March 2020
  • COVID-19's Impact on Mobile Payment Services, December 2020
  • Profile of KakaoPay, December 2020
  • COVID-19's Impact on KakaoPay's activity, December 2020
  • Value of Transactions Completed Via KakaoPay and Y-O-Y Growth, in USD billion and in %, May 2019 & May 2020
  • Preferred Payment Method for College Students, in %, November 2019
  • Profile of Naver Pay, December 2020
  • COVID-19's Impact on Naver Pay's Activity, December 2020
  • Monthly Average Number of Individuals Using Naver Pay, in millions, May 2019 & May 2020
  • Preferred Payment Method for Office Workers, in %, November 2019
  • Profile of Toss, December 2020
  • COVID-19's Impact on Toss Payment's Activity, December 2020
  • Sales Generated Via Toss's Platform, in USD million, 2016 & 2019
  • Individuals Registered With Toss, in % of Population, August 2020
  • Transactions Made Online in South Korea Via Toss, in % of Total Transactions, 2019

• 3.3. Singapore
  • COVID-19's Impact on Mobile Payment Services, December 2020
  • Consumers Who Used E-Wallets, in Malaysia, Singapore, Thailand and The Philippines, in % of Consumers, 2020
  • Consumers Who Lowered the Frequency of Cash Usage, in % of Consumers, in Singapore, Thailand and The Philippines, 2020
  • B2C E-Commerce Market Value, in SGD billion, 2019 & 2020e & 2024f
  • Share of Digital Wallets Usage, in % of Transactions Value, 2019 & 2021f
  • Share of Mobile Commerce Sales Volume, in % of Transactions Volume, 2019
  • Preference in Payment Method after COVID-19, by Selected Activities, in % of Respondents, June 2020
  • Share of Consumers Who Would Continue Using an E-Wallet Without Discounts, in % of E-Wallet Users, May 2020
  • Payment Methods Used in E-Commerce, in % of Online Shoppers, 2019
  • Frequency of Online Purchases, in % of Online Consumers, March & April 2020
  • Profile of FavePay and COVID-19's Impact on FavePay, December 2020
  • Profile of DBS Paylah! in Singapore, December 2020
  • COVID-19's Impact on DBS PayLah!'s Activity, December 2020
  • P2B and P2P Transaction Volume via DBS PayLah!, in millions, Q1 2019 & Q1 2020
  • Share of E-Wallets Users, in % of E-Wallet Users, and Share of DBS Paylah! Users, in % of Users, September 2019
  • The Growth of DBS PayLah!'s User Base, in millions, 2019 & 2023f
  • Profile of GrabPay in Singapore, December 2020
  • COVID-19's Impact on GrabPay's Activity, December 2020
  • Share of Total Sales on Grab Platform, in % of Volume, 2019

4. Emerging Markets

• 4.1 India
  • COVID-19's Impact on Mobile Payment Services, December 2020
  • E-Commerce Payments Value, in USD billion, 2019 & 2023f
  • Top Three Digital Payment Channels by Year-on-Year Growth During Coronavirus Outbreak, in %, February/March 2020
  • Volume of UPI Transactions of Retail Online Payments, in billion, April 2020 - June 2020
  • Share of Consumers Who Plan to Increase Their Usage of Digital Payments In the Next 6-9 Months Due To COVID-19 Outbreak, in %, Compared to Global Average, April 2020
  • Change in Usage of Selected Payment Methods Amid the COVID-19 Outbreak, by Usage in the Past Month and in the Next 6 Months, in % of Consumers, April 2020
  • Mobile Wallet Apps Used, in % of Internet Users, July 2019
  • Market Share of Payment Apps, in %, May 2020
  • Preferred Online Payment Platform, in % of Consumers, February 2020
  • Share of World's Digital Payments Market by 2023, in %, July 2020
  • COVID-19's Impact on BHIM, FreeCharge, ICICI, and WhatsApp Pay, December 2020
  • Profile of Google Pay in India, December 2020
  • COVID-19's Impact on Google Pay's activity, December 2020
  • UPI Transactions Facilitated by Google Pay, in millions, April 2020 & May 2020
  • Online Payment Platform Used by Indian Consumers, in %, February 2020
  • Profile of PhonePe in India, December 2020
  • COVID-19's Impact on PhonePe's activity, December 2020
  • Transactions Facilitated by PhonePe, in millions, April 2020 & May 2020
  • Online Payment Platform Used by Indian Consumers, in %, February 2020
  • Profile of Amazon Pay in India, December 2020
  • COVID-19's Impact on Amazon Pay's activity, December 2020
  • Transactions Facilitated by Amazon Pay, in millions, March 2020 & May 2020
  • Online Payment Platform Used by Indian Consumers, in %, February 2020
  • Profile of Paytm in India, December 2020
  • COVID-19's Impact on Paytm's activity, December 2020
  • Paytm's Market Share of Payment Apps, in %, May 2020
  • UPI Transactions Facilitated by Paytm, in millions, March 2020, April 2020 & May 2020

• 4.2. Indonesia
  • COVID-19's Impact on E-Wallet Payment Services, December 2020
  • Share of E-Commerce Payment Methods, in % of Total Value, 2019
  • E-Money Transactions Value, in EUR million, January 2020
  • Preferred Method of Making Online Payments, in % of Consumers, August 2020
  • Preference and Usage of the Digital Payment Service Providers, in % of Consumers, 2019
  • E-Wallet Selection for Cashless Transactions, in %, December 2019-January 2020
  • Consumers Who are New to Online Marketplaces and Those Who Will Continue to Use Online Shopping After the Pandemic is Over, in %, May 2020
  • E-Commerce Value, in USD billion, 2019 & 2020f
  • E-Commerce Transactions, in million, February 2020 & March 2020
  • Profile of OVO in Indonesia, December 2020
  • COVID-19's Impact on OVO's activity, December 2020
  • Respondents Who Will Continue to Use OVO Without Discounts or Cashback Promotions, in %, December 2019-January 2020
  • Consumers Who Used OVO for the First Time, by Time Period, January 2020
  • Profile of GoPay in Indonesia, December 2020
  • COVID-19's Impact on GoPay's activity, December 2020
  • Consumer Who Will Continue to Use GoPay Without Discounts or Cashback Promotions, in %, January 2020
  • Profile of Dana in Indonesia, December 2020
  • COVID-19's Impact on Dana's activity, December 2020
  • Online Transactions Made Via Dana, in %, September 2020
  • Consumers Who Used Dana for the First Time, by Time Period, in %, January 2020
  • Share of Consumers Who Used Dana the Most, in % of Frequent E-Wallet Users, January 2020