Market Research Report
Top Mobile Payment Service Providers in Select Asian Countries 2020 and their Reaction to the COVID-19 Crisis
|Published by||yStats.com GmbH & Co. KG||Product code||977375|
|Published||Content info||331 Pages
Delivery time: 1-2 business days
|Top Mobile Payment Service Providers in Select Asian Countries 2020 and their Reaction to the COVID-19 Crisis|
|Published: December 17, 2020||Content info: 331 Pages||
The spread of COVID-19 Brings Upswing in Mobile Payments in Asia Says yStats.com Report.
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.
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.
InstaPay, PESONet, Globe Telecom Inc, PayMaya Philippines Inc., Coins PH.