Rapyd research identifies rising digital payments across APAC

According to the press release, the Rapyd’s 2020 Asia Pacific eCommerce and Payment Study was conducted in March and April 2020 across seven countries in APAC, by surveying 3,500 consumers from India, Indonesia, Japan, Malaysia, Singapore, Taiwan, and Thailand. The study analysed the financial habits, payment methods, considerations, and preferences of consumers, uncovering how consumer buying expectations and behaviours are evolving in an increasingly digital world.

Accordingly, ecommerce and mobile commerce in the seven countries is worth USD 355 billion, while Southeast Asia's internet economy hit USD 100 billion in 2019 and is expected to grow to USD 300 billion by 2025. Besides, while cards and card-powered mobile wallets are dominant in Japan (61%) and Taiwan (51%), across markets, there is an increase of e-wallets and bank transfers as preferred ways to pay.

Furthermore, taken together, e-wallets and bank transfers represent the emerging wave of payments – particularly where they are enhanced by interoperable Real-Time Payment (RTP) systems like India with UPI (64%) and Thailand with PromptPay (62%). Even in a card-preferring market like Singapore, together e-wallets and bank transfers, including PayNow, are preferred by 42% of respondents, swinging all the way to 78% in Indonesia.

More insights from the research reveal the following:

• In Malaysia e-wallets including Touch N Go, Boost, PayPal, and GrabPay are all of rising importance with 22% respondents in, while Cash on Delivery remains relevant with 65% users claiming to have done it in March 2020, prior to the Movement Control Order (MCO).

• In Japan, among mobile payment methods, the PayPay e-wallet is preferred with 41% users claiming to have used it in March 2020, and 9.6% choosing it over all other payment methods.

• Credit cards continue to be the top payment method in Taiwan both in terms of usage and preference.