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Asia-Pacific Online Payment Methods 2021 Post COVID-19

  • ID: 5407327
  • Report
  • August 2021
  • Region: Asia Pacific
  • 119 Pages
  • yStats GmbH & Co. KG
China was Estimated to Be the Largest Market Player in Online Payments in Asia-Pacific in 2020

FEATURED COMPANIES

  • Afterpay
  • Humm
  • Kakao Pay
  • Momo
  • PayPay
  • Suica Mobile
  • MORE

The report “Asia-Pacific Online Payment Methods 2021 Post COVID-19” 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.

China was estimated to have the highest proximity mobile payment user rate in 2021

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.

Cards and digital wallets were the most common payment instruments in most countries of the region in 2020

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.

Australia sees surge in use of BNPL

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.

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.

Report Structure

  • The global chapter opens the report, featuring an overview of global online and mobile payment developments. 
  • Next, information about regional development is included.
  • The rest of the report contains country-specific information. Countries are grouped by advanced and emerging markets. Within each group, the countries are presented in the descending order of B2C E-Commerce sales. 
  • Depending on data availability, the following types of market information are included: payment methods most used by online shoppers, breakdown of ECommerce sales by payment methods, number and value of online/mobile payment transactions, mobile payment user penetration and consumer awareness of innovative payment means. Not all the mentioned types of information are available for each of the covered countries.

Please note: For this report, the purchase of an Enterprise license allows up to ten worldwide users of an organization access to the report

Note: Product cover images may vary from those shown

FEATURED COMPANIES

  • Afterpay
  • Humm
  • Kakao Pay
  • Momo
  • PayPay
  • Suica Mobile
  • MORE

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 
Note: Product cover images may vary from those shown

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A selection of companies mentioned in this report includes:

  • 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
Note: Product cover images may vary from those shown

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