New Rapyd report on disbursement reveals how consumers across Asia prefer to be paid

Wednesday 6 May 2020 09:51 CET | News

The 2020 State of Disbursements: APAC Outlook Report by Rapyd has revealed the existing and preferred methods for getting paid across several transaction scenarios such as  P2P, B2C, B2B, and G2C.

The 2020 State of Disbursements report provides gig-economy platforms, ecommerce marketplaces, and businesses with the actionable intelligence they can use across Asian markets to deliver more effective mass-payouts to their beneficiaries.

In this inaugural study, Rapyd surveyed 3,500 online consumers from seven different countries in the Asia Pacific region, including India, Indonesia, Japan, Malaysia, Singapore, Taiwan, and Thailand. Survey respondents were identified as household decision-makers aged 18-64 across a full spectrum of income levels and asked questions around banking and payment preferences, behaviours, and concerns.

Key findings of the study include:

  • access to banking services and app usage is greater than often thought across the region with more than 80% of respondents in all countries saying they had a savings account or debit card, with most people using it regularly;
  • the use of fintech applications like e-wallets has exploded, with 77.6% of Indians, 77.4% of Malaysians, and 70.2% of Indonesians using an e-wallet in the last month, with the exception of Japan where, despite recent growth, just 24% of respondents did the same.
  • depending on the use case, preferred payment methods vary country-by-country:
  1.  averaging 70%, direct bank transfers are the most popular method for regular salary transfer across most countries and 80%+ in markets like Malaysia and Singapore;
  2. e-wallets are growing in popularity for personal transactions, such as personal repayment from family or friends (33.5% of Indians and 24% of Singaporeans chose it as their preferred option), rebates (38% of Indonesians), and sale of personal goods or services (28.5% Indonesians, and 30% Malaysians and Thais chose to receive rebates into their e-wallet).
  • security dominated consumer desires in four of the seven countries with 82% of Indians, 75% of Malaysians and Indonesians, and 68% of Singaporeans citing keeping personal information safe as the most important attribute of receiving payments.

The report also found that there is no one-size-fits-all approach to global payouts. Every country is unique in its preferences and digital leaders must be prepared to localize their payout experiences to drive beneficiary loyalty and engagement.

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: Rapyd, payout, survey, report, disbursement, APAC
Categories: Payments & Commerce
Countries: Asia
This article is part of category

Payments & Commerce