2022 APAC Mobile Payment Methods Industry Report: Mobile Wallets Witness a Growing Trend in Asia-Pacific, With China Being the Frontrunner in Their Use – ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE)–Added the Asia-Pacific Mobile Payment Methods 2022 report ResearchAndMarkets.com Offer.

Mobile wallets are witnessing a growing trend in Asia-Pacific, with China leading the way in their use

Asia-Pacific maintains its strong position in the global payments market, shows continuous revenue growth and forecasts a solid growth rate in all regions, as this publication shows. Additionally, this growth will be fueled by the increased adoption of mobile and digital wallets as a result of the pandemic. However, the growth path of digital wallets varies from country to country, with China and South Korea already moving towards a cashless society and rapidly embracing mobile wallets.

On the other hand, Japan still remains a cash-dependent economy, according to a source cited in the report. Furthermore, among the 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. Asia-Pacific is forecast to grow in the number and value of mobile wallet users from 2020 to 2025, with mobile wallet user penetration increasing in several countries in the region, as indicated in this publication. China happens to be the leading country when it comes to the use of digital payment methods in the region.

For example, in February 2022, a majority of netizens in China preferred mobile payments over other methods such as cash payment, bank card payment, smart watch payment, and computer payment. Moreover, the penetration of mobile wallet users in China is predicted to further increase moderately between 2020 and 2025 as reported in this publication.

In addition, the value of mobile wallet transactions in the country is expected to grow at near double-digit rates between 2020 and 2025, with the value reaching certain trillions by 2025. Alipay, followed by WeChat Pay, were the most used platforms when it came to mobile wallet payments in 2021. The other emerging markets in the region such as Indonesia and Malaysia are also expected to experience a significantly high double-digit CAGR in between 2020 and 2025 Record in relation to the number of mobile wallet transactions as outlined by this report.

While other developed and emerging economies are moving towards a cashless society, Japan is still showing signs of a cash-driven economy

The use and adoption of digital and mobile payment methods in Asia Pacific has accelerated amid the COVID-19 pandemic. Contactless payment methods in the region thus became the newly accepted norm after the pandemic, as mentioned in the report. In 2021, credit cards were the top B2C e-commerce payment method in South Korea, with nearly three quarters of online payments in the country being processed by credit cards, followed by e-wallets and other cashless payment options. The proportion of online shoppers who used cash was exceptionally low, with cash 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 were cash-leaning in 2022, with less than half of respondents using non-cash payment methods such as mobile payments and so on. The proportion of internet users using QR code mobile payment and contactless mobile payment also remained quite low in Japan in early 2022.

Moreover, as of February 2022, only one in three smartphone users in the country was ready to use mobile payments in the future, as mentioned in the new report.

Countries covered: Japan, South Korea, Australia, China, Taiwan, Indonesia and Malaysia.

Questions answered in the report:

  • What were the leading payment methods in Asia Pacific?

  • How many mobile wallets are expected to be in use in Japan by 2025?

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

  • What were the most used payment methods in China?

Main topics covered:

1. Management Summary

2. Global developments

3. Asia Pacific

companies mentioned

  • Alipay

  • American Express

  • au payment

  • D numbers

  • dana

  • FamilyPay

  • GoPay

  • JCB payment

  • pay LINE

  • LinkAye

  • MasterCard

  • Merpay

  • Nanaco mobile

  • OVO

  • PASMO mobile

  • PayPal

  • pay pay

  • QuicPay

  • Rakuten

  • ShopeePay

  • Suica mobile

  • Visas

  • WAON mobile

  • WeChat payment

  • Pay Yucho

For more information about this report, visit https://www.researchandmarkets.com/r/1gbfkb