Asia-Pacific Online Payment Methods 2021 Post COVID-19 code:1539

Asia-Pacific Online Payment Methods 2021 Post COVID-19
OVERVIEW
TABLE OF CONTENTS
COMPANIES MENTIONED
Countries Covered: Australia, China, Hong Kong, India, Indonesia, Japan, Malaysia, New Zealand, Philippines, Singapore, South Korea, Taiwan, Thailand, Vietnam
Pages: 119
Publication Date: 18/08/2021
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Questions Covered in the report:
  • What is the value of online payments in the countries of Asia-Pacific?
  • What are the top payment methods used in Japan and how did the composition change as compared to pre-pandemic times?
  • How did the COVID-19 pandemic impacted the value and volume of electronic payments in South Korea?
  • What forms of B2C payments were preferred by consumers in Australia and which were the fastest growing during the pandemic?
  • What is the share of individuals is Singapore who are aware of Buy Now Pay Later services in 2021?
  • What is the mobile payment user penetration rate in China and what share of consumers prefer them over all other payment methods?

Key Findings:

The Asia-Pacific region led the world in cashless transactions in 2020; dominance forecast through 2030: new yStats.com report.

China was expected to be the largest market player in online payments in 2020

In the midst of the COVID-19 pandemic in 2020, the use of digital payments in Asia-Pacific accelerated, due to the increased smartphone penetration, Internet access and high digital adoption rate. The region was projected to be a leader in cashless transactions globally, growing at a CAGR of 16% from 2020 through 2025. China was expected to dominate in the region in online payments in 2020, reaching a value of over two trillion U.S. dollars. Moreover, China was estimated to have the highest proximity mobile payment user penetration rate compared to other countries in the world in 2021, at 80% of all smartphone users. Other countries in the region that experienced the enhancement in the digital payment market were Malaysia, with over a 60% increase of E-money transactions from 2019 to 2020, and Indonesia, with over a 40% growth of electronic money operations. With the rapidly changing environment amid the pandemic, consumers responded with a strong shift towards online and cashless purchases. The common reasons for that included avoiding handling of cash, earning points, convenience, speed and easier payment process.

Mobile payment adoption accelerated in a number of countries amid the COVID-19 health crisis

Payment methods preferred by the consumers varied in each country. The most common payment methods amid the health crisis were physical or contactless cards, digital wallets, though in some regions, cash was still the leading payment form in 2020. Moreover, mobile payment adoption has also witnessed an increase over the year. In South Korea, the mobile wallet payment grew by 46% from 2019 to 2020; in China, the third-party mobile payments grew at 18.3% from Q3 to Q4 2020; and in India, the mobile wallet transaction value was expected to leap at 81% from 2020 to 2021. Among the top mobile payment service providers in the region in 2020 were iD and Suica Mobile in Japan, Naver Pay and Kakao Pay in South Korea, and Alipay and Tenpay in China, as detailed in the yStats.com report. Other payment methods that gained momentum in 2020 and were projected to accelerate were real-time payments. The three markets leading in the number of RTP transactions in 2020 were India, China and South Korea, which were projected to see a nearly twofold growth over the next 5 years.

Buy Now Pay Later service use increases in Australia

An alternative payment form used in the region was Buy Now Pay Later service in 2020. Namely, in Australia, over 70% of individuals are aware of such service, as of 2021. And the most popular BNPL service provider in the country is Afterpay, followed by Zip, with 70% of Australians being familiar with the former player and almost 50% with the latter, as per the February 2021 survey. In Singapore, on the other hand, BNPL payments are not commonly used, as of 2021, with only 13% of individuals surveyed claiming that they used this service.

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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

3.1.Regional

  • Online and Mobile Payment Trends, August 2021
  • Card Payments Value, in USD trillion, and Year-on-Year Change, in %, 2019 – 2023f
  • Value of Online Payments in Select Countries, in USD billion, 2020e
  • Breakdown of Payment Methods, in % of Consumers, September 2020

3.2.Advanced Markets

3.2.1.Japan

  • Value of Electronic Money Transactions, in JPY trillion, and Volume, in billions, 2019 & 2020
  • Value of Electronic Money Transactions, in JPY billion, & Volume, in millions, January 2021 – May 2021
  • Value of Debit Card Transactions, in JPY trillion, and Volume, in millions, 2019 & 2020
  • Top Payment Methods Used At Least Once a Month, in % of Respondents, 2019 & 2020
  • Top Payment Methods, in % of Adults, July 2021
  • Breakdown of Awareness and Usage of Contactless Payments via a Smartphone, in % of Adults, July 2021
  • Cashless Payment Usage Frequency Change Compared to a Year Before, in % of Respondents, November 2020
  • Top Reasons for Using Cashless Payment Methods In-Store, in % of Respondents, November 2020
  • Proximity Mobile Payment Users, in millions, and Share, in % of Population, 2020 – 2025f
  • Breakdown of Top Payment Services via a Smartphone, in % of Adults, July 2021
  • Cross-Border E-Commerce Consumers, in millions, Share, in % of Population, 2018 – 2022f
  • Top Used QR Code Payment Service Providers, in % of Adults, July 2021
  • Number of Real-Time Payment Transactions, in billions, 2020 & 2025f
  • Breakdown of Payment Methods, in % of Transaction Volume, 2020 & 2025f

3.2.2.South Korea

  • Electronic Payment Value, in KRW billion, and Volume, in millions, Y-o-Y Change, in %, by Payment Method, 2019 & 2020
  • Breakdown of Top Payment Methods When Shopping Online, in % of Adults, December 2020
  • Top Payment Service Providers, in % of Adults, December 2020
  • Online Shopping Penetration Rate, in % of Respondents, 2016 – 2020
  • Mobile Wallet Transaction Value, in KRW trillion, and Year-on-Year Change, in %, 2019 – 2024f
  • Number of Real-Time Payment Transactions, in billions, 2020 & 2025f
  • Breakdown of Payment Methods, in % of Transaction Volume, 2020 & 2025f

3.2.3.Australia

  • Value of B2C Payments, by Type of Payment, in USD billion, May 2020 – December 2020
  • Volume of B2C Payments, by Type of Payment, in millions, May 2020 – December 2020
  • Share of Individuals Who Are Aware of Buy Now Pay Later Service Providers, in %, February 2021
  • Awareness of Top Buy Now Pay Later Service Providers, in % of Individuals, February 2021
  • Number of Real-Time Payment Transactions, in billions, 2020 & 2025f
  • Breakdown of Payment Methods, in % of Transaction Volume, 2020 & 2025f
  • Alcohol Purchase Channels, by Type, in % of Adults, 2019 & 2020

3.2.4.New Zealand

  • Card Payments Value, in NZD billion, and Year-on-Year Change, in %, 2019 – 2024f
  • Breakdown of Payment Methods, in % of Transaction Volume, 2020 & 2025f

3.2.5.Singapore

  • Card Payments Value, in USD billion, and Year-on-Year Change, in %, 2019 – 2024f
  • Breakdown of Payment Methods, in % of Consumers 18 – 25 Years Old, September 2020
  • Payment Methods Used More Often Amid COVID-19, in % of Consumers, July 2020
  • Breakdown of a BNPL Service Usage and Awareness, in % of Individuals, April 2021
  • Number of Real-Time Payment Transactions, in millions, 2020 & 2025f
  • Breakdown of Payment Methods, in % of Transaction Volume, 2020 & 2025f

3.3.Emerging Markets

3.3.1.China

  • Number of Online Payment Users, in millions, and Penetration, in % of Internet Users, December 2016 – December 2018, March 2020 & December 2020
  • Number of Mobile Payment Users, in millions, and Penetration, in % of Mobile Internet Users, December 2016 – December 2018, March 2020 & December 2020
  • Third-Party Mobile Payment Transactions, in CNY trillion, Year-on-Year Change, in %, Q1 2019 – Q4 2020
  • Breakdown of Third-Party Mobile Payment, by Type, in %, Q1 2019 – Q4 2020e
  • Breakdown of Third-Party Mobile Payment GMV by Players, in %, Q2 2020
  • Card Payments Value, in CNY trillion, Year-on-Year Change, in %, 2019 – 2023f
  • QR Code Payment Transaction Value, in CNY trillion, Quarter-on-Quarter Change, in %, Q1 2019 – Q4 2020
  • Number of Real-Time Payment Transactions, in billions, 2020 & 2025f
  • Breakdown of Payment Methods, in % of Transaction Volume, 2020 & 2025f

3.3.2.Taiwan

  • Payment Methods in Physical Stores, in % of Consumers, 2019 & H1 2020
  • Breakdown of Payment Methods Preferred to Make a Purchase, in % of Consumers, September 2020
  • Mobile Payment Services Used, in % of Respondents, 2019 & 2020
  • Number of Real-Time Payment Transactions, in millions, 2020 & 2025f
  • Breakdown of Payment Methods, in % of Transaction Volume, 2020 & 2025f

3.3.3.Hong Kong

  • Card Payments Value, in HKD billion, and Year-on-Year, in %, 2019 – 2024f
  • Number of Real-Time Payment Transactions, in millions, 2020 & 2025f
  • Breakdown of Payment Methods, in % of Transaction Volume, 2020 & 2025f

3.3.4.India

  • B2C E-Commerce Sales, in USD billion, and Year-on-Year Change, in %, 2019 – 2024f
  • Mobile Wallet Transaction Value, in INR trillion, and Year-on-Year Change, in %, 2019 – 2024f
  • Number of Unified Payments Interface Transactions, in billions, January – June 2021
  • Number of Real-Time Payment Transactions, in billions, 2020 & 2025f
  • Breakdown of Payment Methods, in % of Transaction Volume, 2020 & 2025f

3.3.5.Indonesia

  • Number of E-Money Transactions, in millions, and Value of E-Money Transactions, in IDR billion, 2015 – 2020
  • Card Payments Value, in IDR trillion, Year-on-Year Change, in %, 2019 – 2024f
  • Breakdown of Payment Methods, in % of Consumers, September 2020
  • Payment Methods Used in the Past Year, in % of Respondents, H1 2021
  • Breakdown of Payment Methods, in % of Transaction Volume, 2020 & 2025f
  • Share of Proximity Mobile Payment Users, in % of Smartphone Users, 2021e
  • Top Drivers of Choosing an Online Shopping Website, in % of Respondents, H1 2021

3.3.6.Thailand

  • Breakdown of Payment Methods, in % of Consumers, September 2020
  • Payment Methods Used for Online Shopping, in % of Respondents, 2020
  • Number of Real-Time Payment Transactions, in billions, 2020 & 2025f
  • Breakdown of Payment Methods, in % of Transaction Volume, 2020 & 2025f

3.3.7.Vietnam

  • Breakdown of Payment Methods, in % of Consumers, September 2020
  • Top Payment Methods Preferred When Shopping Online, in % of Consumers, 2019 & 2020
  • Top Payment Methods, in % of Websites/Mobile Apps, 2019 & 2020
  • Top Mobile Payment Service Providers, by Hanoi City and Ho Chi Minh City, in % of Adults, September 2020
  • Top Barriers for Shopping Online, in % of Consumers, 2020

3.3.8.Malaysia

  • Value of E-Money Transactions, in MYR billion, Volume, in millions, and Year-on-Year Change, in %, 2017 – 2020
  • Value of Credit Card Transactions, in MYR billion, Volume, in millions, and Year-on-Year Change, in %, 2017 – 2020
  • Value of Debit Card Transactions, in MYR billion, Volume, in millions, and Year-on-Year Change, in %, 2017 – 2020
  • Card Payments Value, in MYR billion, and Year-on-Year Change, in %, 2019 – 2024f
  • Breakdown of Payment Methods, in % of Consumers, September 2020
  • Number of Real-Time Payment Transactions, in millions, 2020 & 2025f
  • Breakdown of Payment Methods, in % of Transaction Volume, 2020 & 2025f

3.3.9.Philippines

  • Card Payments Value, in PHP billion, Year-on-Year Change, in %, 2019 – 2024f
  • Breakdown of Payment Methods, in % of Consumers, September 2020
  • Number of Real-Time Payment Transactions, in billions, 2020 & 2025f
  • Breakdown of Payment Methods, in % of Transaction Volume, 2020 & 2025f
Read More
  • Afterpay
  • Alipay
  • Apple Pay
  • Humm
  • JKO Pay
  • Kakao Pay
  • Latitute Pay
  • Line Pay
  • Momo
  • Naver Pay
  • Openpay
  • PayPay
  • Rakuten Edy
  • Samsung Pay
  • Suica Mobile
  • Tenpay
  • ViettelPay
  • ZaloPay
  • Zip
  • iD
Read More

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