PWC: Eight of the top 10 mobile payment markets are in Asia, with China leading with 86 percent penetration

In the field of mobile payments, there has been a phenomenon, mobile payments in areas with high popularity of credit cards such as the European Union have been slow to develop, but mobile payments have been very rapid in developing countries. Eight of the world’s top 10 mobile payment markets are in Asia, with China ranking first globally in mobile payment penetration, according to a report released by a professional institution recently, according to media updates.

According to PricewaterhouseCoopers ‘ 2019 Global Consumer Insight Survey, Vietnam is the fastest-growing country for mobile payments worldwide, with consumers growing 24%,61% compared to last year using such services, according to reports.

Globally, 86% of China’s population uses mobile payments, with a leading penetration rate, followed by Thailand, with a penetration rate of 67%. Thailand, in second place, trails China by about 20 percentage points.

According to the report, eight of the world’s top 10 mobile payment markets are in Asia, and the top 10 markets are China, Thailand, China Hong Kong, Vietnam, Indonesia, Singapore, Middle East, Philippines, Russia and Malaysia.

PricewaterhouseCoopers reportedly conducted a total of more than 21,000 respondents in 27 countries to investigate the use of mobile payments, including many Southeast Asian countries, as well as Australia, Canada, Germany and the United Kingdom.

Globally, the mobile payment business grew at an average rate of 24%, with 34% of consumers using mobile phones to pay for their purchases. Data comparison shows that China’s mobile payment penetration rate is about three times the global average.

Penetration rose to 67% in Thailand, 17% to 40% in Malaysia and 14% to 45% in the Philippines this year. Indonesia had the slowest growth in mobile payment penetration, increasing by nine percentage points to 47%.

Mobile payment penetration in Singapore has risen from 34% in 2018 to 46% this year, and the growth in 2018 is partly due to the government’s push to build the country’s mobile payment platform. For consumers, however, the proliferation of payment options and traditional payment services has reduced the penetration of mobile payments.

Shiish Jain, Director of strategy and payment, PricewaterhouseCoopers, said: “Asia remains the main driver of the shift to mobile payments, with the report reflecting eight Asian markets in the top 10, six of which are in south-east Asia. penetration in Vietnam was relatively low in 2018, but now it is growing rapidly, which shows that the convenience of mobile payment is significantly improved compared with traditional business means. “

“In contrast, Singapore has also seen strong growth. However, already mature traditional ecosystems, as well as the proliferation of potentially confusing mobile payment services, may also slow the pace of adoption, “the executive explained.

Shiish Jain points out: “the convergence of four main trends related to mobile payments: the phase of the economic growth cycle that drives affluence and disposable income; Platforms that can meet the needs of the local population, including support for cash on delivery; Cost reduction for retailers and suppliers; And a significant increase in convenience.”

PWC research shows that Asian consumers are more engaged on social networks than their counterparts in Europe and the americas. Thailand, Indonesia and Vietnam led the way in online purchases made directly through social media posts on platforms such as Instagram and Facebook, with penetration rates of 50%, 49% and 48%, respectively.

By contrast, globally, only 21% of respondents said they made purchases directly through social media, which has the greatest impact on fashion-related buying decisions.

“Social media platforms have matured in Southeast Asia,” said Charles Loh, director of consumer and industrial product consulting at PricewaterhouseCoopers in Southeast Asia. “The development trend of online shopping is the continuous integration of e-commerce participants, the number of enterprises providing this service is reduced, at present, it seems that every market has a giant to expand the integration. “

In addition, 9% of global consumers use voice technology on shopping at least once a week, according to the PWC report.

Source: tencent technology