Asia-Pacific Online Payment Methods 2022

Asia-Pacific Online Payment Methods 2022

China is the largest alternative payments market in Asia-Pacific: new yStats.com report.

China is among the leading countries regarding digital payment use

During the COVID-19 pandemic, digital payments accelerated in the Asia-Pacific region, and the growth has continued post-pandemic, as cited in the new yStats.com report. China is one of the frontrunners in the APAC region towards a cashless society. Online payment user penetration in China surpassed a high double-digit percentage of the country’s Internet users, adding several hundred million users over the past three years. China is also among the countries that is forecasted to experience a double digit CAGR in B2C E-Commerce payments value from 2021 to 2025.

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

According to yStats.com, the acceptance of mobile payments increased over the course of the pandemic and beyond. Mobile wallet ownership in South Korea is projected to rise by around one quarter by 2025. Since the mobile wallet user penetration in China is already high, it is projected to grow by a high single digit percentage through 2025.

Australia sees growing use of BNPL

Over three quarters of Australians were aware of the BNPL service and its main market players such as Afterpay and Zip. As stated in the yStats.com report, in New Zealand, however, BNPL payments were not as equally common. Younger generations preferred the BNPL services in the country, with the older generations still using card payments more often.