Technology

Mobile Wallets Witness a Growing Trend in Asia-Pacific, With China Being the Frontrunner in Their Us

DUBLIN–(BUSINESS WIRE)– The ‘Mobile Payment Methods in Asia Pacific 2022’ report has been added to ResearchAndMarkets.com Show.

Mobile wallets are a growing trend in the Asia Pacific region, with China being a frontrunner in its use

The Asia Pacific region maintains its strong position in the payments market across the globe, showing continued revenue growth and a strong growth rate is projected across regions, as revealed in this publication. Moreover, this growth has been driven by a growing adoption of mobile and digital wallets as an after-effect of the pandemic. However, the growth trajectory of digital wallets differs between countries, with China and South Korea already moving towards a cashless society and rapidly adopting mobile wallets.

On the other hand, Japan is still a cash-dependent economy, according to a source cited in the report. In addition, among other payment methods commonly used in B2C e-commerce in the region such as cards, bank transfers, etc., e-wallets accounted for more than half of the total payments. In the Asia Pacific region, the number and value of mobile wallet users is expected to increase from 2020 to 2025, with mobile wallet user penetration increasing in several countries of the region, as mentioned in this post. China happens to be the leading country when it comes to using digital payment methods in the region.

For example, the majority of Chinese netizens preferred mobile payments in February 2022, over other methods such as cash payment, bank card payment, smart watch payment, and computer payment. Moreover, mobile wallet user penetration in China is also expected to continue to increase moderately between 2020 and 2025, as reported in this post.

Moreover, the value of mobile wallet transactions in the country is expected to grow almost double between 2020 and 2025, with the value reaching certain trillions of euros by 2025. Alipay, followed by WeChat Pay, was the most used platform when it came to payments via mobile wallets in 2021. Other emerging countries within the region such as Indonesia and Malaysia are also expected to experience significantly high double-digit CAGR in terms of the number of mobile wallet transactions between 2020 and 2025, as highlighted in this report.

As other developed and emerging countries move towards a cashless society, Japan continues to show signs of a money-driven economy

The use and adoption of digital and mobile payment methods is accelerating in Asia Pacific amid the COVID-19 pandemic. Thus, contactless payment methods in the region have become the newly accepted norm post-pandemic, the report says. In 2021, the top payment method for a B2C e-commerce company in South Korea was credit cards, with nearly three-quarters of online payments in the country made via credit cards, followed by e-wallets and other cashless payment options. The proportion 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 that publication.

According to a survey featured in the report, most respondents in Japan were seen leaning towards cash in 2022, with less than half of the 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 remained very low as of the beginning of 2022 in Japan.

Moreover, only one in three smartphone users in the country were willing to use mobile payments in the future as of February 2022, the new report says.

Covered countries: Japan, South Korea, Australia, China, Taiwan, Indonesia and Malaysia.

Questions answered in the report:

  • What are the leading payment methods in the Asia Pacific region?

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

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

  • What are the most used payment methods in China?

Main topics covered:

1. Management summary

2. Global developments

3. Asia Pacific

mentioned companies

  • Alipay

  • American Express

  • Au Pay

  • paid dr

  • Dana

  • FamiPay

  • GoPay

  • JCB paid

  • Pay LINE

  • LinkAja

  • Master Card Credit Card

  • Merpay

  • Nanako Mobile

  • OVO

  • Mobile PASMO

  • PayPal

  • Pay wages

  • QuickPay

  • Rakuten

  • ShopeePay

  • Suika Mobile

  • visa

  • WAON Mobile

  • WeChat push

  • push yuzhou

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

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ResearchAndMarkets.com

Laura Wood, Senior Director of Press

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