Asia-Pacific Digital Commerce: Market Insights and Payment Innovations 2024
The Asia-Pacific digital commerce scene is dynamic and fast-evolving due to key trends and innovations: New yStats.com report.
The commerce landscape in Asia-Pacific is witnessing an increase in non-cash transactions, livestreaming retail, and a strong presence in digital payments
According to the report, the Asia-Pacific region is poised for significant growth in non-cash transactions, with projections exceeding 1.2 trillion transactions by 2027. Livestreaming retail and social commerce sales are expected to see remarkable growth alongside this surge in transactions. Omnichannel commerce trends indicate a rising preference for in-store pick-up and increased online retail sales of physical goods. Short video livestreaming is also emerging as a popular method for online shopping experiences. Asia-Pacific leads in digital transactions, supported by government initiatives aimed at boosting economic growth and financial inclusion. B2C E-Commerce payment values are forecasted to grow at a CAGR of around +6.5%, while Buy Now Pay Later (BNPL) schemes are expected to surpass EUR 330 billion by 2028.
The Asia-Pacific region experiences rising real-time, integrated, and in-car transactions alongside online security concern
Real-time transactions are on the rise, especially in China, with a projected CAGR of over +10% from 2022 to 2027. Japan's Zengin system showcases early adoption and ongoing improvements in payment infrastructure. Both countries are witnessing a shift towards integrated payment methods, with mobile payments dominating offline purchases in China and increased adoption of QR code and contactless payments in Japan. Additionally, in-car payment services are gaining momentum in the Asia-Pacific region through collaborations between automotive and payment sectors. Despite digital advancements, concerns regarding fraud and security persist, particularly in online payments, with notable rates reported in Taiwan and China.
The report also explores emerging digital commerce sectors like digital health and gaming, offering insights into evolving market trends and significant growth opportunities.
1. Management Summary
2. Asia-Pacific Digital Commerce Overview
2.1. B2C E-Commerce
2.1.1. Asia-Pacific Regional
Total Non-Cash Transaction Volume, in trillions, 2024f & 2027f
B2B E-Commerce Non-Cash Transaction Volume, in billions, 2024f & 2027f
Livestreaming Retail E-Commerce Sales, in USD billion, in % of Year-On-Year Change, 2023e-2027f
Social Commerce Sales, in USD billion, in % of Year-On-Year Change, 2023e-2027f
Breakdown of Retail E-Commerce Market, by Country, in %, 2022
Top 10 Retailers, incl. “Online Retailers”, by Retail Sales Value, in USD billion, 2022
2.1.2. Southeast Asia Regional
TikTok Shop Market Overview, February 2024
Digital Economy Value, in USD trillion, 2022 & 2030f
B2C E-Commerce Sales, in USD billion, in % of Year-On-Year Change, 2022-2026f
B2C E-Commerce Spending, by Payment Method, in USD billion, 2022 & 2027f
B2C E-Commerce Sales Penetration, by Country, in % of Total Retail Sales, 2023e
Breakdown of B2C E-Commerce Market Value, by Operators, in %, 2022
Top Product Categories Purchased on Online B2C E-Commerce Site Zalora Using BNPL, in % of BNPL Payments, Q3 2022
Breakdown of Payments Used on Online B2C E-Commerce Site Zalora, by Age Group, in % of Online Shoppers, Q3 2022
2.1.3. SEA, South Korea & Japan
Total B2C E-Commerce Revenue, in USD billion, 2022 & 2027f
Total Cross-Border Revenue, in USD billion, 2022 & 2027f
Digital Economy Value, by Payment Method, in USD billion, 2022 & 2027f
2.1.4. China
Overview of B2C E-Commerce Market Trends, February 2024
Total B2C E-Commerce Market Value, in USD trillion, 2023e & 2027f
B2C E-Commerce Sales, in USD trillion, in % of Total Retail Sales, 2023e-2027f
Year-On-Year Growth of B2C E-Commerce Sales, in %, 2022 & 2023e
Share of Online Retail Sales of Physical Goods Making Up Total Retail Sales of Physical Goods, in %, 2023
Online Retail Sales Value, in CNY trillion, 2022 & 2023
Total vs Online Retail Sales Value, in CNY trillion, H1 2022 & H1 2023
Cross-Border B2C E-Commerce Import And Export Value, in CNY trillion, H1 2022 & H1 2023
Number of People Working in the B2C E-Commerce Sector, in millions, 2018 & 2023
Number of Online Shoppers, in millions, And Share of Internet Users, in %, June 2021-June 2023
Growth of Online Retail Sales of Physical Goods, by Product Category, in % of Year-On-Year Change, 2023
Top 3 Domestic B2C E-Commerce Platforms, in % of Total B2C E-Commerce Market, 2023e
Online Retail Sales Value in Rural Areas, in CNY trillion, H1 2022 & H1 2023
Online Retail Sales Value of Agricultural Products, in CNY billion, H1 2022 & H1 2023
Share of Rural Online Merchants And Online Stores That Sell Agricultural Products Through Livestreaming, in %, H1 2023
Livestreaming Retail E-Commerce Buyers, in millions, in % of Year-On-Year Change, 2023e-2026f
Number of B2C E-Commerce Livestreaming Users, in millions, December 2022 & June 2023
Social Commerce Market Overview, February 2024
Overview of Discount B2C E-Commerce Market, February 2024
2.1.5. Japan
B2C E-Commerce Spending, by Payment Method, in USD billion, 2022 & 2027f
Top 5 QR Code Mobile Payment Services, in % of QR Code Mobile Payment Users, January 2023
2.1.6. South Korea
B2C E-Commerce Payment Value, in USD trillion, 2022 & 2026f
B2C E-Commerce Spending, by Payment Method, in USD billion, 2022 & 2027f
B2C E-Commerce Market Size, in USD billion, in % of Total Retail Market*, FY 2020-FY 2023
Annual Number of Online Shoppers, in millions, in % of Year-on-Year Change, FY 2021-FY 2023
Average Monthly Number of Online Shoppers, in millions, in % of Annual Online Shoppers, FY 2021-FY 2023
Card Payment Value, in USD billion, 2023e & 2027f
Number of Digital Payment Transactions, in billions, FY 2022-23 & FY 2026-27f
Value of Digital Payment Transactions, in INR trillion, FY 2022-23 & FY 2026-27f
2.1.8. Australia
Breakdown of BNPL Revenue, by Age, in % of BNPL Users, February 2023
2.1.9. Indonesia
B2C E-Commerce Market Value, in USD billion, 2023 & 2028f
Breakdown of B2C E-Commerce Market Value, by Operators, in %, 2022
Payment Methods Used For B2C E-Commerce Transactions, in % of Shoppers, 2022
2.1.10. Taiwan
B2C E-Commerce Payments Value, in USD billion, 2022 & 2026f
Breakdown of Most Preferred Online Payment Methods, in % of Internet Users, Q3 2022
2.2. Omnichannel Commerce Trends
2.2.1. Southeast Asia Regional
Most Preferred B2C E-Commerce Delivery Options, in % of Online Shoppers, 2022
2.2.2. China
Share of Online Retail Sales of Physical Goods Making Up the Total Retail Sales of Consumer Goods, in %, 2021 & 2022
Weekly Online Shopping Activities, in % of Internet Users, Q3 2022
Share of Online Shoppers Who Made Online Purchases, by Channel, in %, H1 2022
Number of Online Travel Booking Users, in millions, And Share of Internet Users, in %, June 2020-June 2022
2.2.3. Japan
Breakdown of Luxury Purchase Journey, in % of Adults, March 2022
Omnichannel Purchasing Behavior, in % of Luxury Shoppers, March 2022
2.2.4. South Korea
Share of Respondents Who Shop Using Omnichannel, in %, 2022
Attitude Towards Omnichannel Shopping, in % of Respondents, 2022
2.2.5. Australia
Weekly Online Shopping Activities, in % of Internet Users, Q3 2022
Share of Online Channels Making Up Total Retail Spend, in %, 2022
Breakdown of Total Variety Stores* Spend, by Channel, in %, 2022
2.2.6. India
Share of B2C E-Commerce Shoppers Who Picked Up Their Most Recent Online Purchase In-Store or Curbside, in %, October 2022
Offline Retail Market Size, by Channels, in USD trillion, 2022 & 2030f
Online Retail Market Size, by Channels, in USD billion, 2022 & 2030f
2.2.7. Philippines
Share of Internet Users Who Research Brands and Products Online, in %, Q3 2022
2.3. Luxury Fashion Online Recommerce
2.3.1. China
Overview of Luxury Fashion Online Recommerce Market, January 2023 (1 of 2)
Overview of Luxury Fashion Online Recommerce Market, January 2023 (2 of 2)
Luxury Resale Market Size, in USD billion, 2020 & 2025f
2.3.2. Japan
Share of Respondents Who Had Already Purchased Reused Products, in %, December 2022
Share of eBay Sellers Who Reported Their Sales to Have Increases Due to the Economy, in % of eBay Sellers, November 2022
3. Emerging Trends in Asia-Pacific Digital Payments
3.1. In-Car Payment
3.1.1. Asia-Pacific Regional
Overview of In-Car Payment Solutions and Trends, May 2023 (1 of 2)
Overview of In-Car Payment Solutions and Trends, May 2023 (2 of 2)
3.1.2. Southeat Asia Regional
Level of Consumer Interest in Select Connected Car Features, in % of Respondents, 2022
3.1.3. China
Penetration Rate of Connected Vehicles, in %, 2030f
Number of Connected Cars, in millions, 2021-2025f
Market Size of Intelligent Connected Car Application Services, in CNY billion, 2021-2025f
Share of Respondents Who Are Open to Using Digital Payments From Car, in %, February 2022
Level of Consumer Interest in Select Connected Car Features, in % of Respondents, 2022
3.1.4. Japan
Level of Consumer Interest in Select Connected Car Features, in % of Respondents, 2022
3.1.5. South Korea
Share of Connected Cars, in % of Registered Domestic Cars, April 2023
3.2. Real-Time Payment
3.2.1. China
Total Number of Real-Time Transactions, in billions, 2022 & 2027f
3.2.2. India
Total Number of Real-Time Transactions, in billions, 2022 & 2027f
Volume of UPI-Based Real-Time Payment Transactions, in billions, January – June 2022
Total Value of Transactions via UPI, in INR billion, January – June 2022
3.2.3. Japan
Zengin System Overview, January 2023
Volume of Small-Value Transactions in Zengin Core Time System, in thousands, & Value of Small Transactions, in JPY million, & Year-On-Year Change, in %, January - October 2022
3.2.4. South Korea
Total Number of Real-Time Transactions, in billions, 2022 & 2027f
3.2.5. Australia
Overview of New Payments Platform (NPP), January 2023
Share of PayID Users Who Use It at Least Once a Week, in %, May 2022
Top Reasons for Registering for PayID, in % of PayID Users, May 2022
Total Number of Real-Time Transactions, in billions, 2022 & 2027f
3.2.6. Singapore
Overview of Fast and Secure Transfer (FAST) & PayNow, January 2023
Breakdown of Transaction Volume, by Payments Instrument, in % of Total Payment Transaction Volume, 2022 vs 2027f
Breakdown of Spending Value, by Payments Instrument, in % of Total Payment Spending Value, 2022 vs 2027f
3.2.7. Thailand
Volume of PromptPay Based Real-Time Payment Transactions, in millions, May - October 2022
Value of PromptPay Based Real-Time Payment Transactions, in THB billion, May - October 2022
3.2.8. Malaysia
Overview of Payments Network Malaysia Sdn Bhd (PayNet), January 2023
Total Number of Real-Time Transactions, in billions, 2022 & 2027f
3.2.9. Philippines
Overview of InstaPay, January 2023
Total Value of Transactions via InstaPay, in PHP billion January - November 2021 & January - November 2022
3.2.10. Sri Lanka
Real-Time Payment Market Overview, January 2023
Breakdown of Real-Time Gross Settlement (RTGS) Transaction Participants, by Value & by Volume, in % of Total RTGS Transactions, Q2 2022
3.3. Online Payment Methods
3.3.1. Asia-Pacific Regional
Overview of the Online and Mobile Payment Trends, September 2023
B2C E-Commerce Payment Value, in USD trillion, 2023e & 2027f
BNPL Payment Value, in USD billion, 2023e & 2028f
3.3.2. China
Number of Online Payment Users, in millions, and Penetration, in % of Internet Users, June 2021 & June 2022
Online Payment User Penetration, in % of Internet Users, June 2022
Number of Real-Time Payment Transactions, in billions, 2022 & 2027f
Share of Adults Who Own a Mobile Wallet and Have Used It in the Past Year, in %, 2022
Breakdown of Digital Wallet Use Frequency Among Adults, in %, May 2022
Mobile Wallet Ownership and Usage, in % of Adults, Q2 2022
3.3.3. Japan
Digital Payment Use, in % of Respondents, 2022
Most Used Payment Methods, in % of Respondents, January 2023
Share of Smartphone Payment Users, in % of Internet Users, February 2022 & February 2023
Breakdown of Attitude Towards Future Use of Mobile Payments, in % of Internet Users, February 2023
Breakdown of Smartphone Payment Service Use, by Number of Services Used, in % of Internet Users, January 2023
Breakdown of Smartphone Payment Use, by Amount of QR Code Payment and Contactless Payment Services, in % of Internet Users, January 2023
Top 5 Contactless Mobile Payment Services, in % of Contactless Mobile Payment Service Users, January 2023
Breakdown of Digital Wallet Use Frequency Among Adults, in %, May 2022
3.3.4. South Korea
Breakdown of B2C E-Commerce Payment Methods, in %, 2022
Share of Population That Made a Digital Payment, in %, 2022
Number of Real-Time Payment Transactions, in billions, 2022 & 2027f
3.3.5. Australia
Card Payment Value, in USD billion, 2023e & 2027f
Share of Shoppers Using a Mobile Wallet For Last Physical Purchase, in %, Q3 2022
3.3.6. New Zealand
Share of Adults Who Own a Mobile Wallet and Have Used It in the Past Year, in %, 2022
3.3.7. Sinpagore
Card Payments Value, in USD billion, 2023e & 2027f
Share of Adults That Made a Digital Payment, in %, 2022
Share of Adults That Used a BNPL Service, in %, Q3 2022
Share of Adults Who Own a Mobile Wallet and Have Used It in the Past Year, in %, 2022
Number of Proximity Mobile Payment Users, in millions, 2022e-2026
3.3.8. Taiwan
Share of Online Shoppers Who Prefer Payment Cards For Online Payments, in %, 2022
Share of Online Shoppers Who Prefer to Use Cash For Online Payments, in %, 2022
Share of Adults Who Own a Mobile Wallet and Have Used It in the Past Year, in %, 2022
3.3.9. Hong Kong
Number of Real-Time Payment Transactions, in billions, 2022 & 2027f
Share of Adults Who Own a Mobile Wallet and Have Used It in the Past Year, in %, 2022
Number of E-Wallet Users, by E-Wallet Provider, in millions, May 2023e
3.3.10. India
B2C E-Commerce Payment Value, in USD billion, 2023e & 2027f
Number of Real-Time Payment Transactions, in billions, 2022 & 2027f
Number of BNPL Users, in millions, 2022e & 2027f
Mobile Wallet Payments Value, in USD billion, 2023e & 2027f
Share of Adults Who Own a Mobile Wallet and Have Used It in the Past Year, in %, 2022
Breakdown of Digital Wallet Use Frequency Among Adults, in %, May 2022
3.3.11. Indonesia
Digital Payment Platform Use, by Digital Payment Platform Type, in % of Internet Users, H1 2022
Digital Wallet and Mobile Banking Use, by Generation, in % of Respondents, H1 2022
Number of Proximity Mobile Payment Users, in millions, 2022e-2026
Proximity Mobile Payment User Growth, in % of Y-o-Y Change, 2022e-2026f
Share of Adults Who Own a Mobile Wallet and Have Used It in the Past Year, in %, 2022
3.3.12. Thailand
Share of Online Payments Making Up Total Payment Transactions, in %, 2023e
Share of Adults Who Own a Mobile Wallet and Have Used It in the Past Year, in %, 2022
Number of Proximity Mobile Payment Users, in millions, 2022e-2026
Proximity Mobile Payment User Growth, in % of Y-o-Y Change, 2022e-2026f
3.3.13. Vietnam
Share of Adults That Made a Digital Payment, in %, 2022
Share of Adults Who Own a Mobile Wallet and Have Used It in the Past Year, in %, 2022
Share of Adults That Used a BNPL Service, in %, Q3 2022
Number of Proximity Mobile Payment Users, in millions, 2022e-2026
Proximity Mobile Payment User Growth, in % of Y-o-Y Change, 2022e-2026f
3.3.14. Malaysia
Card Payment Value, in USD billion, 2023e & 2027f
Share of Adults Who Own a Mobile Wallet and Have Used It in the Past Year, in %, 2022
Number of Proximity Mobile Payment Users, in millions, 2022e-2026
Proximity Mobile Payment User Growth, in % of Y-o-Y Change, 2022e-2026f
3.3.15. Philippines
Card Payment Value, in USD billion, 2023e & 2027f
Breakdown of Online Payment Methods, in %, 2022e
Number of Proximity Mobile Payment Users, in millions, 2022e-2026
Proximity Mobile Payment User Growth, in % of Y-o-Y Change, 2022e-2026f
3.4. POS Payment Methods
3.4.1. Asia-Pacific Regional
POS Methods Overview and Trends, June 2023
3.4.2. China
Third-Party Integrated Payment Transactions, in CNY trillion, Year-on-Year Change, in %, 2022e-2026f
Share of Mobile Phone Users Using Mobile Payments Everyday, in %, 2022
Preferred Mobile Payment Method Among Mobile Payment Users in Offline Scenario, in % of Mobile Payment Users, 2022
The full Table of Contents is mentioned in the report. Further sections include the following:
Trends in Asia-Pacific Digital Payments; POS Payment Methods in South Korea, Australia and India.
BNPL in APAC, Southeast Asia, China, Japan, Australia, New Zealand, India and Singapore.
Fraud and Security in Online Payments in APAC and Australia.
Digital Payment Forecasts in APAC, Southeast Asia, Japan, Indonesia and Singapore.
Diverse Digital Commerce Sectors in APAC; Digital Health in APAC, China and India.
Digital Gaming in APAC, China, Japan, South Korea, India and Indonesia.