Asia-Pacific Online Payment Methods Report 2021: Asia is World Leader in Cashless Transactions with Predicted Average Annual Growth Rate of 16% from 2020 to 2025
Dublin, Aug. 26, 2021 (GLOBE NEWSWIRE) — The “Asia-Pacific Online Payment Methods 2021 Post COVID-19” report has been added to ResearchAndMarkets.com’s offering.
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.
The report provides insights into the current state and future trends of the 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.
Report Coverage
- This report covers the online payment market in Asia-Pacific. It takes into account a wide definition of online payment, including payment methods used in online shopping and mobile payment, such as remote and proximity payments.
- The major countries in the region are covered, while data availability varied across the markets.
- The report includes data mostly published within the previous 12 months. The exact date of publication of the source is stated on each chart. The time period which the data refers to differs by source.
Companies Mentioned
- Afterpay
- Alipay
- Apple Pay
- Humm
- iD
- JKO Pay
- Kakao Pay
- Latitute Pay
- LINE Pay
- Momo
- Naver Pay
- Openpay
- PayPay
- Rakuten Edy
- Samsung Pay
- Suica Mobile
- Tenpay
- ViettelPay
- ZaloPay
- Zip
Key Topics Covered:
1. Management Summary
2. Global Developments
- Value of Payments, in USD trillion, by Region, and by Pre- and Post-COVID-19 Estimates, 2010, 2014, 2018, 2019 & 2020e
- Top Online Payment Methods, in % of Respondents, August 2020
- Cash Usage in Mature Markets, by Countries, incl. Japan, Singapore, South Korea and the US, in % of Total Transactions Volume, 2010 & 2020e
- Cash Usage in Emerging Markets, by Countries, incl. Indonesia, India, Mexico and China, in % of Total Transactions Volume, 2010 & 2020e
- Number of Cashless Transactions, in billions, CAGR, in %, 2020, 2025f & 2030f
- Proximity Mobile Payment Users in Select Countries, in % of Smartphone Users, 2021e
- Mobile Wallet Adoption Rate, in % of Respondents, 2020
- Share of QR Code Payments, in % of All Digital Wallet Transactions, 2020 & 2025f
- Number of Real-Time Payment Transactions in Select Countries, incl. India, China and South Korea, in billions, 2020
- Perception of Cryptocurrency, in % of Millennial Consumers, March 2021
3. Asia-Pacific
For more information about this report visit https://www.researchandmarkets.com/r/tlj0cf
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