Asia Pacific continues to lead the world in the adoption of local payment methods - new research from Boku reveals
24 Abril 2024 - 11:44AM
Business Wire
New research from Boku reveals that by 2028, 3 out of 5 (61%) of
people will actively use local payment methods for ecommerce
transactions within Asia Pacific
Boku, the global network for localised payment solutions, has
released a global research report entitled ‘2024 Global Ecommerce
Report: The Changing World of Payments’. The report reveals the
increasing preference for local payment methods and the continued
decline in the market share of traditional card payments.
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the full release here:
https://www.businesswire.com/news/home/20240419246594/en/
Boku ecommerce report 2024 - Asia Pacific
key market statistics (Graphic: Business Wire)
Produced in collaboration with Juniper Research, the report
surveyed 10,500 consumers and analysed data from 37 major markets
across the globe to identify global, regional and country specific
trends. The findings highlight significant and rapid consumer
shifts in ecommerce payments away from the traditional card
networks (and in emerging economies cash on delivery) towards local
payment methods such as digital wallets. Account to Account (A2A)
payments (instant payments and bank transfers) such as PromptPay in
Thailand, PayNow in Singapore and PayTo in Australia are revealed
as the fastest-growing payment method within ecommerce.
Key findings for Asia Pacific:
- Asia Pacific continues to lead the world in the adoption of
local payment methods. By 2028, local payment methods within Asia
Pacific will represent 69% of ecommerce transactions by value, from
64% in 2023.
- Non-card linked wallets are projected to dominate ecommerce
transactions in Asia Pacific, reaching 57% by 2028 (up from 55% in
2023).
- By 2028, over 61% of all individuals within Asia Pacific will
actively use local payment methods on a regular basis, reflecting
their strong traction in the region.
- Account to Account (A2A) payments, such as PromptPay in
Thailand and PayNow in Singapore, are flourishing and expected to
rise from 4% of transaction value in 2023 to 8% in 2028.
- Market nuances play a significant role in consumer loyalty to
payment methods, emphasising the need for tailored payment
strategies.
Payment choice is key for consumers around the world. Today’s
mobile-first generations - with whom access to and affinity with
card networks is low - prioritise the convenience and seamless
nature of paying with digital wallets, direct carrier billing and
Instant A2A payments. As with the adoption of many new
technologies, the adoption of localised payment solutions by
younger generations and populations is paving the way for adoption
by older consumers.
Stuart Neal, CEO of Boku said, “Our research shows Asia Pacific
continues to lead the world in the adoption of local payment
methods. While card-linked payments remain significant, local
payment methods that offer consumers seamless payment experiences,
such as digital wallets, direct carrier billing and Account to
Account transfers, will continue to win market share. Merchants now
realise that the key to their future global growth and success lies
in their ability to offer consumers more payment choice to match
these changing customer preferences. At Boku, we’re excited to
provide the world’s largest merchants with access to our global
network of localised payment solutions so their customers can more
easily pay for the things they love, the way they want - no matter
where they are in the world.”
Download the full research report:
http://www.boku.com/boku-knows/2024-boku-global-ecommerce-report
Notes to editors
About Boku Inc.:
Boku helps people pay the way they want to by building a global
network of localised payment solutions including digital wallets,
direct carrier billing, and account to account / real-time payments
schemes. Boku’s global payments network now includes over 300 local
payment methods worldwide, reaching over 7.5 billion consumer
payment accounts in more than 90 countries. Boku works with the
world’s largest merchants including Amazon, Google, Spotify, Meta,
Microsoft, Netflix, Spotify, Tencent and Sky, helping them to grow
their businesses in every corner of the globe.
Boku Inc. was incorporated in 2008 and is headquartered in
London, UK, with offices in the US, India, Brazil, China, Estonia,
France, Germany, Indonesia, Japan, Singapore, Spain, Taiwan and
Vietnam.
To learn more about Boku, please visit our website at
www.boku.com.
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ThoughtLDR cat@thoughtldr.com +44 7511 117587
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