Focus on Japan, South Korea, Australia, China, Taiwan, Indonesia and Malaysia

DUBLIN, October 28, 2022 /PRNewswire/ — The “Asia-Pacific Mobile Payment Methods 2022” report has been added to from ResearchAndMarkets.com offer.

Research_and_Markets_Logo

Mobile wallets are a growing trend in Asia Pacificwith China be a pioneer in their use

Asia Pacific maintains its strong position in the global payments market, posting continued revenue growth and forecasting a solid growth rate across all regions, as revealed in this post.

Additionally, this growth is driven by the increasing adoption of mobile and digital wallets following the pandemic. The growth trajectory of digital wallets, however, differs from country to country, with China and South Korea are already moving towards a cashless society and are rapidly adopting mobile wallets.

On the other hand, Japan remains a cash-dependent economy, according to a source cited in the report. Moreover, among other commonly used B2C e-commerce payment methods in the region, such as cards, bank transfers, etc., e-wallets accounted for more than half of the total payments. In Asia Pacificthe number and value of mobile wallet users are expected to increase from 2020 to 2025, with the penetration of mobile wallet users increasing in several countries in the region, as shown in this publication. China happens to be the leading country in the use of digital payment methods in the region.

For example, the majority of internet users China preferred mobile payments in February 2022, compared to other methods such as cash payment, credit card payment, smartwatch payment and computer payment. Additionally, the penetration of mobile wallet users into China should also continue to increase moderately between 2020 and 2025, as reported by this publication.

In addition, the value of mobile wallet transactions in the country is expected to grow by nearly double digits between 2020 and 2025, with the value reaching some trillions of euros by 2025. Alipay, followed by WeChat Pay were the platforms. -most used forms for payments via mobile wallets in 2021.

The other emerging countries in the region such as Indonesiaand Malaysia are also expected to experience a significantly high double-digit CAGR in terms of the number of mobile wallet transactions between 2020 and 2025, as this report indicates.

As other advanced and emerging countries move towards a cashless society, Japan still showing signs of a cash-driven economy

The use and adoption of digital and mobile payment methods in Asia Pacific accelerated amid the COVID-19 pandemic. Contactless payment methods in the region have thus become the newly accepted norm after the pandemic, as mentioned in the report.

In 2021, the first B2C E-Commerce payment method in South Korea was credit cards, with nearly three-quarters of online payments in the country being made by credit cards, followed by e-wallets and other non-cash payment options. The share of online shoppers using cash was exceptionally low, with cash payments coming last and accounting for a single-digit share of the country’s online payments, according to this publication.

According to a survey cited in the report, most respondents in Japan, are turning to cash in 2022, with less than half of respondents using non-cash payment methods such as mobile payments etc. The share of Internet users using mobile payment by QR code and contactless mobile payment also remained quite low at the start of 2022 in Japan.

Furthermore, only one in three smartphone users in the country were ready to use mobile payments in the future from February 2022as mentioned in the new report.

Answers to questions in the report:

  • What were the main payment methods in Asia Pacific?

  • How many mobile wallets should be used in Japan by 2025?

  • What is the projected penetration of mobile wallet users in China by 2025?

  • What were the most commonly used payment methods in China?

Main topics covered:

1. Management Summary

2. Global developments

  • Online and mobile payment trends, July 2022

  • Value of Digital Wallet Transactions, USD Trillion, 2022f & 2026f

  • Mobile payment market size, in USD trillion, 2021 and 2028f

  • Number of B2C e-commerce transactions paid by OEM mobile payment apps, in billions, 2022f and 2026f

  • Most used payment methods when shopping online during the pandemic, as % of online shoppers, by selected countries, April 2021

  • Value of biometrically authenticated remote mobile payments, USD billion, 2022e & 2027f

  • Volume of biometrically authenticated remote mobile payments, in billions, 2022e & 2027f

  • Number of contactless mobile transactions, in billions, 2021e & 2023f

  • Mobile proximity payment users worldwide, in millions, and annual change, in %, 2020-2025f

  • Penetration of mobile proximity payment users, as % of smartphone users, 2020-2025f

  • Number of mobile wallet users, by region, in millions, 2020 and 2025f

  • Mobile proximity payment users in selected countries, as % of smartphone users, 2021e

  • Payment methods accepted by online merchants, by already accepted and planned, in % of online merchants, February 2022

  • Breakdown of Fraudulent Digital Banking Transactions, by Channel, incl. Mobile app, in %, Q3 2019 – Q2 2021

3. Asia Pacific

3.1. Regional

  • Overview of online and mobile payment trends, July 2022

  • Breakdown of payment methods used in B2C e-commerce, in %, 2021

3.2. Advanced Markets

3.2.1. Japan

  • General means of payment used, in % of respondents, January 2022

  • Breakdown of percentage share of mobile payments in total payments made, as % of mobile payment service users, February 2022

  • Distribution of attitude towards the future use of mobile payments, in % of smartphone users, February 2022

  • Penetration of mobile payment users, by payment by QR code and contactless payment, in % of Internet users, January 2022

  • Breakdown of the Most Used QR Code Mobile Payment Services, in % of QR Code Mobile Payment Users, January 2022

  • Distribution of the most used contactless mobile payment services, in % of users of contactless mobile payment services, January 2022

  • Number of mobile wallet users, in millions, 2020 and 2025f

  • Number of mobile wallet transactions, in billions, 2020 and 2025f

  • Value of mobile wallet transactions, USD billion, 2020 and 2025f

3.2.2. South Korea

  • Breakdown of payment methods used in B2C e-commerce, in %, 2021

  • Ownership and use of mobile wallet, % of adults, H1 2021

  • Number of mobile wallet users, in millions, 2020 and 2025f

  • Number of mobile wallet transactions, in billions, 2020 and 2025f

  • Value of mobile wallet transactions, USD billion, 2020 and 2025f

3.2.3. Australia

3.3. Emerging Markets

3.3.1. China

  • Most used means of payment, as a % of Internet users, February 2022

  • Penetration of mobile wallet users, % of population, 2020 and 2025f

  • Mobile wallet transaction value, in trillions of dollars, and volume, in billions, 2020 and 2025f

  • Breakdown of the mobile wallet market, in % of total value, July 2021

  • Number of mobile proximity payment users, in millions, and share, in % of the population, 2019-2025f

3.3.2. Taiwan

  • Breakdown of preferred online payment methods, as a % of Internet users, August 2021

  • Mobile payment and penetration of card users, by age group, in % of Internet users, August 2021

3.3.3. Indonesia

  • Number of mobile wallet users, in millions, 2020 and 2025f

  • Number of mobile wallet transactions, in billions, 2020 and 2025f

  • Value of mobile wallet transactions, USD billion, 2020 and 2025f

  • Use of digital wallet and mobile banking, by generation, in % of mobile payment users, H2 2021

  • Most used digital wallet platforms, as % of mobile payment users, by socio-economic status, H2 2021

  • Penetration of local mobile payment users, in % of smartphone users, 2021e

3.3.4. Malaysia

  • Number of mobile wallet users, in millions, 2020 and 2025f

  • Value of mobile wallet transactions, USD billion, 2020 and 2025f

  • Number of mobile wallet transactions, in billions, 2020 and 2025f

Companies cited

  • Alipay

  • American Express

  • At Pay

  • Pay

  • Dana

  • FamiPay

  • GoPay

  • JCB payment

  • LINE pay

  • LinkAja

  • MasterCard

  • merpay

  • Nanaco-Mobile

  • OVO

  • PASMO-Mobile

  • PayPal

  • PayPay

  • QuicPay

  • Rakuten

  • ShopeePay

  • Suica-Mobile

  • Visa

  • WAON-Mobile

  • Pay WeChat

  • Pay Yucho

For more information on this report visit https://www.researchandmarkets.com/r/rwyfvy

Media Contact:
Research and Markets
Laura Woodsenior
[email protected]

For EST office hours, call +1-917-300-0470
For USA/CAN call toll free +1-800-526-8630
For GMT office hours call +353-1-416-8900

US Fax: 646-607-1907
Fax (outside the US): +353-1-481-1716

Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg

Quote

Quote

View original content: https://www.prnewswire.com/news-releases/asia-pacific-mobile-payment-methods-analysis-report-2022-focus-on-japan-south-korea-australia-china-taiwan – indonesia-and-malaysia-301662447.html

SOURCE Research and Markets

About Emilie Brandow

Check Also

Trigon Terminals Set to Nearly Double Terminal Capacity and Advance Green Diversification with New Federal Funding

PRINCE RUPERT, BC, November 16, 2022 /CNW/ – Prince Rupert Trigon Pacific Terminals Limited (Trigon) …