Asia-Pacific B2C E-Commerce payment value is projected to grow at over +6% CAGR from 2023, surpassing EUR 4 trillion by 2027: new yStats.com report.
China is among the leading countries in digital payment adoption
Digital payment adoption continues to rise in the Asia-Pacific region, as outlined in the new yStats.com report, with China at the forefront of the move toward a cashless society in the APAC region. Online payment user penetration in China has exceeded a high double-digit percentage of the country's Internet users, although user growth has significantly slowed in recent years. Furthermore, China is among the countries projected to experience a double-digit CAGR in B2C E-Commerce payment value from 2023 to 2027.
Cards and digital wallets dominate payment methods in most Asia-Pacific countries
According to the yStats.com report, the use of alternative payment methods has continued to increase in the APAC region, although the growth rate is forecasted to decline in the coming years. When it comes to the most widely used online payment methods, card payments and digital wallets consistently rank as the top two choices in many countries in the region. In China and India, over 8 out of 10 and 9 out of 10 adults have owned and used a mobile wallet, respectively, in the past year, with the mobile wallet payments value in India expected to grow at a double-digit CAGR between 2023 and 2027. While some countries are experiencing rapid digital payment adoption, countries like Japan and Vietnam are still in the early stages of transitioning to cashless economies.
1. Key Takeaways
Key Takeaways of Asia-Pacific Online Payment Methods, September 2023
2. Management Summary
3. Global Developments
Overview of the Online and Mobile Payment Trends, September 2023
B2C E-Commerce Payment Value, in USD trillion, 2023e & 2027f
Preferred Online Payment Methods For B2C E-Commerce Purchases, in % of Adults, June 2022
Value of Contactless Card Transactions, in USD trillion, 2022e & 2027f
Value of Digital Wallet Transactions, in USD trillion, 2023e & 2028f
BNPL B2C E-Commerce Sales, in USD billion, 2022e & 2027f
Number of BNPL Users, in millions, 2022e & 2027f
Cryptocurrency Payment Value, in USD billion, 2020-2025f
Total Number of OEM Pay E-Commerce Transactions, in USD billion, Growth in Transactions, in %, & Average Transaction Volume Per OEM Pay User, in USD, 2026f
Share of OEM Pay E-Commerce Transactions Stemming From Purchases of Digital Goods, in %, 2026f
Top Reasons Why Respondents Are Likely to Abandon Checkout, in % of Adults, June 2022
Most Accessible vs Most Preferred Online Payment Method, in % of Adults, June 2022
Share of Consumers Agreeing With the Following Statements Related to Security of Online Payments, in %, April 2023
Share of Consumers Agreeing With the Following Statements Related to Digital and Mobile Wallets, in %, April 2023
Top Consumer Expectations at Checkout When Making Online Purchases, incl. “Payment Methods”, in % of Respondents, October 2022
Preferred Payment Method When Shopping Online, in % of Respondents, October 2022
4. Asia-Pacific
4.1. 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
4.2. Advanced Markets
4.2.1. 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 QR Code Mobile Payment Services, in % of QR Code Mobile Payment Users, January 2023
Top 5 Contactless Mobile Payment Services, in % of Contactless Mobile Payment Service Users, January 2023
Share of Shoppers Using a Mobile Wallet For Last Physical Purchase, in %, Q3 2022
Breakdown of Digital Wallet Use Frequency Among Adults, in %, May 2022
4.2.2. South Korea
B2C E-Commerce Payment Value, in USD trillion, 2022 & 2026f
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
4.2.3. Australia
Card Payment Value, in USD billion, 2023e & 2027f
BNPL Sales, in AUD billion, FY 2021 & FY 2022
Share of Adults Who Own a Mobile Wallet and Have Used It in the Past Year, in %, 2022
Share of Shoppers Using a Mobile Wallet For Last Physical Purchase, in %, Q3 2022
4.2.4. New Zealand
BNPL Transaction Value, in USD billion, 2023e & 2026f
Share of Adults Who Own a Mobile Wallet and Have Used It in the Past Year, in %, 2022
4.2.5. Singapore
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 Shoppers Using a Mobile Wallet For Latest Physical Purchase, 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
Proximity Mobile Payment User Growth, in % of Y-o-Y Change, 2022e-2026f
4.3. Emerging Markets
4.3.1. China
B2C E-Commerce Payments Value, in USD trillion, 2023e & 2027f
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
4.3.2. Taiwan
B2C E-Commerce Payments Value, in USD billion, 2022 & 2026f
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
Breakdown of Most Preferred Online Payment Methods, in % of Internet Users, Q3 2022
4.3.3. 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
4.3.4. India
B2C E-Commerce Payment Value, in USD billion, 2023e & 2027f
Card Payment Value, in USD billion, 2023e & 2027f
Number of Real-Time Payment Transactions, in billions, 2022 & 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
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
4.3.5. 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
4.3.6. 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
4.3.7. 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
4.3.8. 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
4.3.9. 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