New Delhi [India], India has seen the sharpest jump in alternative payments share for e-commerce payments in the Asia-Pacific region, rising from 20.4 percent in 2018 to 58.1 percent in 2023, according to a report by data and analytics GlobalData. It is done. company.
Apart from traditional cash, payment options include UPI, debit cards and credit cards.
The GlobalData report elaborates, "This significant contribution of alternative payment solutions can be attributed to the widespread use of mobile wallets, primarily driven by UPI, which enable real-time transactions through mobile payments by scanning QR codes. Provides payment facilities."
The report notes that in the Asia-Pacific (APAC) region, payment solutions such as mobile and digital wallets have displaced traditional payment methods such as cash and bank transfers over e-commerce payments.The report said such alternative payments are already popular in countries like China and India and are gaining popularity in other APAC markets as well.
However, with China taking the lead, alternative payments will account for nearly two-thirds of total e-commerce payments value in 2023 across the Asia Pacific region. However, India is not far behind with a significant increase in alternative payment methods since 2018.
The company's e-commerce analysis showed that a similar trend is being seen in cash-intensive countries in APAC such as the Philippines, Malaysia and Indonesia.
“While most Asian markets are traditionally cash-dominant, the adoption of alternative payment methods for both online and in-store payments is growing in many markets in the region, outpacing the West.This trend is driven by increasing smartphone and internet penetration. “The increasing convenience of electronic payments, and the proliferation of mobile and QR code-based payment solutions,” said Shivani Gupta, senior banking and payments analyst at GlobalData.
It also highlights that in the Asia-Pacific region, China and India have higher rates of adoption of alternative payment methods than their counterparts.
According to the company's 2023 Financial Services Consumer Survey, alternative payment solutions account for more than 65 percent of e-commerce transaction value in China, the largest e-commerce market globally. This represents a significant increase from 53.4 percent in 2018.Alternative payment solutions are also being adopted rapidly in other Asian markets such as Indonesia, Hong Kong, Singapore and the Philippines.
“Alternative payment solutions hold a large share of e-commerce markets in many APAC countries, supported by the increasing penetration of the Internet and smartphones and the increasing acceptance of digital payments by merchants. With the convenience, speed and security they provide There are also high expectations." Gupta said, “Due to the growth in the overall e-commerce market in the region, these payment instruments are expected to gain further traction and disrupt the consumer payments sector in the region."
Apart from traditional cash, payment options include UPI, debit cards and credit cards.
The GlobalData report elaborates, "This significant contribution of alternative payment solutions can be attributed to the widespread use of mobile wallets, primarily driven by UPI, which enable real-time transactions through mobile payments by scanning QR codes. Provides payment facilities."
The report notes that in the Asia-Pacific (APAC) region, payment solutions such as mobile and digital wallets have displaced traditional payment methods such as cash and bank transfers over e-commerce payments.The report said such alternative payments are already popular in countries like China and India and are gaining popularity in other APAC markets as well.
However, with China taking the lead, alternative payments will account for nearly two-thirds of total e-commerce payments value in 2023 across the Asia Pacific region. However, India is not far behind with a significant increase in alternative payment methods since 2018.
The company's e-commerce analysis showed that a similar trend is being seen in cash-intensive countries in APAC such as the Philippines, Malaysia and Indonesia.
“While most Asian markets are traditionally cash-dominant, the adoption of alternative payment methods for both online and in-store payments is growing in many markets in the region, outpacing the West.This trend is driven by increasing smartphone and internet penetration. “The increasing convenience of electronic payments, and the proliferation of mobile and QR code-based payment solutions,” said Shivani Gupta, senior banking and payments analyst at GlobalData.
It also highlights that in the Asia-Pacific region, China and India have higher rates of adoption of alternative payment methods than their counterparts.
According to the company's 2023 Financial Services Consumer Survey, alternative payment solutions account for more than 65 percent of e-commerce transaction value in China, the largest e-commerce market globally. This represents a significant increase from 53.4 percent in 2018.Alternative payment solutions are also being adopted rapidly in other Asian markets such as Indonesia, Hong Kong, Singapore and the Philippines.
“Alternative payment solutions hold a large share of e-commerce markets in many APAC countries, supported by the increasing penetration of the Internet and smartphones and the increasing acceptance of digital payments by merchants. With the convenience, speed and security they provide There are also high expectations." Gupta said, “Due to the growth in the overall e-commerce market in the region, these payment instruments are expected to gain further traction and disrupt the consumer payments sector in the region."
