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Asia-Pacific POS Payment Methods Analysis Report 2023: QR Codes, Mobile Wallets, and BNPL Lead the Way

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Dublin, Oct. 23, 2023 (GLOBE NEWSWIRE) -- The "Asia-Pacific POS Payment Methods 2023" report has been added to ResearchAndMarkets.com's offering.

In line with shifting consumer preferences, the adoption of QR code payments, mobile wallets, and BNPL services at POS is on the rise throughout the Asia-Pacific region.

The Asia-Pacific region is spearheading the adoption of digital payments at point of sale (POS)

Shoppers across this region are swiftly embracing the digital revolution in payment methods, marking a significant departure from conventional approaches. Recent insights from the report underscore the Asia-Pacific's emergence as a trailblazer in leveraging digital wallets for POS transactions, surpassing global peers in this transformative trend.

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Consumers in the region are steering a diverse range of payment methods, signaling a growing affinity for alternative choices during checkout. This diverse mix encompasses debit and credit cards, account-to-account transfers, QR code payments, mobile wallets, "Buy Now, Pay Later" (BNPL) services, and innovative POS financing facilitated by banks, fintechs, and merchants.

Moreover, a noteworthy upswing in cash payments at POS, particularly in countries like Japan, Thailand, and Vietnam, is evident. Among these nations, Thailand notably stands out with a substantial 56% share of cash transactions at POS in 2022, followed closely by Japan and Vietnam.

Across the Asia-Pacific landscape, countries are experiencing a surge in the adoption of QR code payments, mobile wallets, and BNPL services

The trend of using digital payment methods at POS in Asia-Pacific is mirrored by an increasing number of merchants and businesses embracing digital and contactless payment solutions for in-store purchases. Prominent players in this sphere, such as Singapore's Grab and Indonesia's GoTo, have emerged as influential catalysts in facilitating seamless contactless payments for a range of services, encompassing ride-sharing to food delivery.

Zooming in on specific markets, Japan's payment scene reveals intriguing dynamics. According to a March 2023 survey, approximately 49% of respondents noted no change in their cash usage frequency compared to a year ago, while 44% acknowledged a decline in cash usage.

Meanwhile, in China, the trajectory of digital payments is poised for unprecedented expansion. The anticipated growth of the third-party integrated payment transaction value, encompassing mobile payments and bank card transactions, is projected to exceed EUR 120 trillion by 2026.

A revealing statistic underscores this surge, with over three-quarters of surveyed Chinese mobile phone users attesting to their daily utilization of mobile payments. Notably, this surge is led by renowned platforms such as WeChat and Alipay, which have solidified their positions as preferred choices for offline transactions in the country.

Key Questions Answered

  • What are the top POS payment methods used in Asia-Pacific as of June 2023?

  • What percentage of Japanese respondents used non-cash payment methods at POS in March 2023?

  • What is the projected YoY change in third-party integrated payments in China by 2026?

  • Which digital wallets were primarily used by Australians for payments as of October 2022?

Countries Covered

  • Australia

  • China

  • India

  • Japan

  • South Korea

Key Topics Covered:

1. Management Summary

2. Global

  • POS Methods Overview and Trends, June 2023

  • Overview of Sustainability Initiatives by Payment Providers, June 2023

  • Overview of Enhanced Security Measures at POS, June 2023

  • Share of Retail Sales Growth vs Retail E-Commerce Sales Growth, in % Change, 2022-2026f

  • In-Store Shopping Attributes That Respondents Find Appealing, in % of Respondents, 2022

  • Top Changes in Payment Habits, in % of Respondents, April 2022

  • Preferred Payment Methods For In-Person Transactions, in % of Respondents, April 2022

  • Share of Shoppers Using Self-Checkouts During In-Store Purchases, in % of Respondents, July 2022

  • Share of Shoppers Using Mobile Cashless Payments During In-Store Purchases, in % of Respondents, July 2022

  • Top Technology That Decision Makers Are Likely to Implement In-Store Shopping, in % of Decision Makers, 2023e & 2027f

  • Top In-Store Activities For Which Consumers Use Retailer's Mobile App, in % of Respondents, 2022 vs 2023

  • Total Volume of Soft POS, in billions, 2022 & 2027f

  • Top In-Store Shopping Features Consumers Expect to See, in % of Retail Executives, June 2022

  • Share of Consumers Using Mobile Wallets For Payments, in %, August 2022

  • Share of Retailers That Intend to Implement the Select Payment Strategies Through Third-Party Providers, in %, June 2022

3. Asia-Pacific

3.1. Regional

  • POS Methods Overview and Trends, June 2023

3.2. Japan

  • Change in Cash Usage Frequency Compared to a Year Ago as of August-September 2022, in % of Respondents, March 2023

  • Use of Alternative Payment Methods Other Than Cash at POS, in % of Respondents, March 2023

  • Breakdown of Respondents Using Smartphone Payment Services, by Payment Method, in %, January 2023

  • Top Places Where Smartphone Payments Are Used, in % Smartphone Payment Service Users, January 2023

  • Top Used Smartphone Payment Service, by Type of Payment, in % of Respondents, January 2023

  • Most Used Smartphone Payment Service, by Type of Payment, in % of Respondents, January 2023

  • Most Used QR Code Payment Service, in % of Respondents, January 2023

  • Most Used Contactless Payment Service, in % of Respondents, January 2023

  • Top Reasons For Using QR Code Payment Services at POS, in % of Smartphone Payment Service Users, January 2023

  • Usage Frequency of QR Code Payment Services at Convenience Store, in % of Smartphone Payment Service Users, January 2023

  • Top Reasons For Using Smartphone Contactless Payments at POS, in % of Smartphone Payment Service Users, January 2023

3.3. South Korea

  • Total Payment Value, by Current Card Payment Method, in KRW billion, 2021 & 2022

3.4. Australia

  • Mobile Wallet Payment With Credit and Debit Card, by Volume, in % of All Card Transactions, 2022e

  • Breakdown of Non-Cash Retail Payment Methods, in % of Number of Payments, 2022e

  • Types of Digital Wallets That Respondents Used as Their Primary Means of Payment, in % of Respondents, October 2022

  • Share of Respondents Willing to Shop More With a Retailer If the Loyalty Program was Automatically Linked to the Payment Card, in %, 2022e

3.5. China

  • Third-Party Integrated Payment Transactions, in CNY trillion, Year-on-Year Change, in %, 2022e-2026f

  • Share of Mobile Phone Users Using Mobile Payments Every day, in %, 2022

  • Preferred Mobile Payment Method Among Mobile Payment Users in Offline Scenario, in % of Mobile Payment Users, 2022

3.6. India

  • Total Volume of Select Payment Method at POS, in millions & Value of Payment Method at POS, in INR trillion, Q3 2022

  • Share of Preferred Payment Methods, by Value and Volume, in %, Q3 2022

A selection of companies mentioned in this report includes

  • Alipay

  • Apple

  • Au Pay

  • D Pay

  • Google

  • GoTo

  • Grab

  • Mobile Suica

  • PayPal

  • PayPay

  • Rakuten Pay

  • Samsung

  • Stripe

  • Visa

  • WeChat

For more information about this report visit https://www.researchandmarkets.com/r/tcifsk

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