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08 January 2021 12:42

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DUBLIN--(BUSINESS WIRE)--The "Top Mobile Payment Service Providers in Select Asian Countries 2020 and their Reaction to the COVID-19 Crisis" report has been added to ResearchAndMarkets.com's offering. Altogether, despite cash still being the king in the Asian region, the revenues of the mobile payment services market in the Asian region are growing steadily during the coronavirus pandemic, and specifically in the larger economies such as India, Australia, Japan, and Singapore. These economies are forecasted to top the growth ranking in the Asia-Pacific region through 2025. Nevertheless, Asia consists of economies that are very diverse in terms of mobile payment methods adoption. For instance, a survey cited by the report shows that in Japan, in 2020, almost two-fifth of adults use smartphone payments daily.

Top Mobile Payment Service Providers in Select Asian Countries and their Reaction to the COVID-19 Crisis - Mobile Payments Gain Momentum During the Health Crisis - ResearchAndMarkets.com

Meanwhile, in the Philippines the mobile payments adoption rate is much lower; however, the market is promising, as the adoption of new E-Wallet accounts is growing much faster than the bank account penetration rate. Amid the COVID-19 pandemic, consumers in the countries of Asia prefer their local M-PSPs Another interesting fact highlighted in the report is that consumers in the Asian region mostly opt for the home-grown mobile payment service providers, and not for the global giants such as PayPal or Google Pay. This has especially helped the local M-PSPs keep their heads above water after the onset of the pandemic. Moreover, most of them have significantly increased their user base. In Malaysia, for example, the government used digital wallets to distribute funds to businesses and communities affected by the health crisis. Report Coverage This report covers the Asian mobile payment market. It takes into account a wide definition of mobile payment, including payment methods used in mobile shopping (remote) and in-store (proximity) mobile payment. The following Asian markets are included: Japan, South Korea, Singapore, India, Indonesia, Thailand, Vietnam, Malaysia, and the Philippines. In addition, information related to the impact of the coronavirus (COVID-19) on digital payments worldwide was included in this report. Some forecasts included in this report were published prior to the pandemic outbreak. The date of publication of the figures is included on each chart. Report Structure The regional chapter opens the report, featuring an overview of Asian mobile payment developments and the impact of the pandemic. Within the region, the countries are grouped by advanced and emerging markets. Depending on data availability, the following types of market information are included: mobile payment user penetration, payment methods most used when buying from mobile devices, number and volume of mobile payment transactions, most popular mobile payment services, awareness and usage of mobile wallets. Not all the mentioned types of information are available for each of the covered countries. For each of the regions covered, also online and mobile payment trends and news about major players, such as payment providers, banks and retailers are presented on text charts. Key Topics Covered: 1. Management Summary 2. Regional Average Increase in Mobile Spending on Selected Products and Services, by 1st Week of Containment and 1st Week of a Lockdown Following the Outbreak of COVID-19, 2020 Digital Wallets' Share of E-Commerce and In-Store Sales, in%, 2019 Growth Rates in Mobile Service Revenues, by Selected Countries, incl. Asia-Pacific Region, Australia, India, Singapore, South Korea, and Japan, in%, 2020 & 2025 Mobile Point-of-Sale Penetration Rate, in% of Consumers, and Average Annual Transaction Value per User, in USD, by selected countries, incl. China, India, South Korea, and Vietnam, 2020e E-Wallets Penetration Rate, in% of Adults, 2019 & 2025f 3. Advanced Markets Japan South Korea Singapore 4. Emerging Markets 4.1 India Indonesia Thailand Vietnam Malaysia Philippines Companies Mentioned Coins PH Globe Telecom Inc InstaPay PESONet PayMaya Philippines Inc. For more information about this report visit About ResearchAndMarkets.com ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.