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Asia Pacific POS Payment Methods Report 2020: Growth of Contactless Payment Methods Due to COVID-19

Research and Markets
·5-min read

Dublin, Oct. 30, 2020 (GLOBE NEWSWIRE) -- The "Asia Pacific POS Payment Methods 2020 and COVID-19's Impact" report has been added to ResearchAndMarkets.com's offering.

This report provides a detailed insight into the changes taking place in the Asia-Pacific region regarding the practices of point of sale payments, including the acceleration of the trend away from cash due to the COVID-19 pandemic.

Growth of contactless payment methods in the Asia-Pacific region

The use of digital in-store payments increased in the Asia-Pacific region during the COVID-19 pandemic

The COVID-19 health crisis has affected the payment preferences at point of sale for shoppers in the Asia-Pacific countries. Multiple sources cited in the publication indicate a large share of consumers in this region who have changed their POS payment practice because of the pandemic. One of the changes is the avoidance of cash, which is considered by some as a vector of the virus. Contactless payments are among the preferred alternative methods, also motivated by the pandemic.

Consumers in Asia-Pacific countries turn to smartphones as a payment option during the COVID-19 health crisis

The use of a mobile device for making payments is increasing globally, as the pandemic accelerates the acceptance of this practice. The use of mobile wallets stored in a smartphone or the QR or barcode reader of a device for payment are among the top trends detailed in the study. This report also reveals the notable percentage of consumers in Australia that used mobile payment apps which are not affiliated with banks during the pandemic in March 2020.

The shift from cash payments to other alternative payment methods is gaining ground in the Asia-Pacific countries during the pandemic

While there was a general trend towards the decreased use of cash before the coronavirus crisis, this event has accelerated the trend throughout the Asia-Pacific region. The report provides details on the share of consumers using cash and its alternatives in major and developing economies, including the figure that cash payment accounted for around only a quarter of all retail payments in two advanced markets of the Asia-Pacific region even before the pandemic.

The report includes coverage on the following regions:

  • China

  • Japan

  • South Korea

  • Australia

  • India

Key Topics Covered:

1. Management Summary

2. Global Developments

  • COVID-19 Impact on POS Payment, August 2020

  • Omnichannel Payment Trends, August 2020

  • mPOS Payment Trends, August 2020

  • Total Retail Sales Value Loss Worldwide, by Region incl. North America, in USD billion, 2020f Compared to 2019

  • Total Retail Sales, in USD billion, and Breakdown by E-Commerce and Non-E-Commerce, in %, 2019 & 2020f

  • Changes in Consumer Payment Behaviors Due to COVID-19, in % of Adults, June 2020

  • Share of Consumers in Selected Countries Who Decreased Their Use of Cash for In-Person Payments During COVID-19, in %, by Selected Countries, June 2020

  • Change in Usage of Selected Omnichannel and Contactless Shopping Methods Compared to Before COVID-19, in % of Consumers, July 2020

  • Contactless Payment Limit Increase Due to COVID-19, by Selected Countries, May 2020

  • Average Transaction Value of Contactless Payments at POS, in USD, 2019 & 2024f

  • Changes in Use of Payment Methods by Consumers in Selected Countries During COVID-19, incl. Share of Consumers Who Increased and Who Decreased Their Use, in %, and Net Change, May 2020

  • Proximity Mobile Payment User Penetration, in % of Smartphone Users, by Selected Countries, 2019e

  • mPOS Transaction Value, in USD billion, 2019 & 2024f

3. Asia-Pacific

3.1. China

  • CAGR of Cash and Card Payment Transactions, by Pre-COVID-19 and Post-COVID-19 Forecasts, 2019-2023f

  • Share of Consumers Who Plan to Increase Their Usage of Digital Payments in the Next 6-9 Months Due to COVID-19 Outbreak, in %, Compared to Global Average, April 2020

  • Number of Mobile Payment Users, in millions, and Penetration, in % of Mobile Internet Users, December 2018, June 2019 & March 2020

  • Third-Party Mobile Payment Transactions, in CNY trillion, Year-on-Year Change, in %, Q4 2019 - Q2 2020e

  • Third-Party Mobile Payment Transaction Value, in CNY trillion, and Year-on-Year Change, 2018-2022f

  • Breakdown of Third-Party Mobile Payment GMV by Players, in %, Q2 2019

3.2. Japan

  • Breakdown of Household Consumption by Payment Method, in %, 2019

  • Breakdown of Frequency of Usage of Selected Non-Cash Payment Methods, Nov. 2019 & May 2020

  • Mobile Payment User Penetration, by QR Code Payment and Contactless Payment, in % of Internet Users, January 2020

  • QR Code Mobile Payment Services, by All Used and Most Used, in % of QR Code Mobile Payment Users, January 2020

  • Number of PayPay Users, in millions, August 2019, October 2019, December 2019, February 2020 & April 2020

3.3. South Korea

  • Breakdown of Payment Transactions by Payment Methods, in %, 2019

  • Card Payment Transaction Value, in KRW trillion, 2019 & 2024f

3.4. Australia

  • Breakdown of Consumer Payments by Payment Method, in % of The Number of Payments, 2016 & 2019

  • Contactless Share of Card Payments at POS, by Contactless Card and Mobile Devices, in %, 2019

  • Non-Bank Contactless Mobile Payment Methods Used, in % of Consumers, March 2019 & March 2020

  • Change in Usage of Selected Omnichannel and Contactless Shopping Methods Compared to Before COVID-19, in % of Consumers, July 2020

3.5. India

  • Change in Usage of Selected Payment Methods Amid the COVID-19 Outbreak, by Usage in the Past Month and in the Next 6 Months, in % of Consumers, April 2020

Companies Mentioned

  • Alipay.com Co. Ltd.

  • PayPay Inc.

  • Tencent Holdings Ltd.

For more information about this report visit https://www.researchandmarkets.com/r/g9iib2

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