China, India and Indonesia Record Highest Digital Wallet Adoption Rates Across APAC
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China, India and Indonesia Record Highest Digital Wallet Adoption Rates Across APAC

Date: 2022-07-28 17:38:21    Form: fintechnews.sg    View: 87

Across Asia Pacific (APAC), China, India and Indonesia are leading the region in digital wallet adoption. A new report by business payment company PPRO found that in these three markets, online shoppers prefer using e-wallets such as Alipay, Paytm and GoPay for their online purchases over bank transfers, cash and payment cards.

Unsurprising, China leads APAC in digital wallet usage. A nation of smartphone lovers, the country has been quick to adopt digital wallets, which are now used to pay for the majority of e-commerce payments. Services like Alipay and WeChat Pay take a 72% market share, far ahead of card-based payments (12%) and bank transfers (5%), according to PPRO.

 China’s high level of digital wallet adoption is evidenced by the volume of transactions that goes through Alipay, China’s leading online payment service. In 2020, the company disclose that monthly payment volume averaged CNY 10 trillion (US$1.5 trillion). It said it had about 711 million monthly active users as of June 2020.

In India, 40% of online purchases were found to be paid using digital wallets, like Paytm and PhonePe, The country, one of the most dynamic emerging e-commerce markets, has seen the growth of a thriving digital wallet scene that now counts brands including Amazon Pay, and domestic QR code-based Paytm, which JP Morgan estimates hold a 11% to 13% market share. Google Pay and PayPala also exist, taking a 2% to 4% market share each.

After digital wallets, top e-commerce payment methods in India are card-based payments (30%) and bank transfers (13%), according to PPRO.

Next, Indonesia, Southeast Asia’s largest country and economy, is seeing rapid adoption of digital wallets supported by rising smartphone penetration. These services are now used in 29% of online purchases, with popular brands that include OVO, DANA and GoPay, the digital wallet arm of the GoTo Group.

Booming adoption of digital wallets is shown by the surge in digital payments, notably over the past year. Bank Indonesia reported an increase of 61.82% in the value of e-money transactions between November 2020 and November 2021.

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