DUBLIN--(BUSINESS WIRE)--Research and Markets (http://www.researchandmarkets.com/research/4n33sh/asiapacific) has announced the addition of the "Asia-Pacific Online Payment Methods: Full Year 2014" report to their offering.
Online and mobile payments worldwide are forecasted to top three trillion Euros in the next five years. Mobile payment is the growth leader, outpacing online and the total payments market, with further growth expected following the launches of varying mobile payment solutions, including Apple Pay. Fast and one-touch checkout is a trend on the global online and mobile payment market, with one-touch solutions released by Amazon, PayPal and Apple Pay. Another trend is large payment companies preparing to separate from their E-Commerce parent companies. EBay announced plans to spin off PayPal, while Alibaba revealed that it will let Alipay go public after Alibaba's own IPO. The players that have intensified their efforts on the payments markets in 2014 are social networks and messengers, with Twitter, Facebook and Snapchat launching peer-to-peer payments.
In China, online and mobile payments were dominated by local third party payment providers, such as Alipay and Tencent. The number of online payment users in China neared 300 million in June 2014, while mobile payment users topped 200 million.
The payment methods most used by online shoppers in Japan were credit card and convenience store payments. Meanwhile, in South Korea the government agency regulating finances relaxed its requirement to use the specific software for online payment security, allowing companies to choose any security software. Other innovations in payments included the recent launch of mobile payment service KakaoTalk, by Daum Kakao, operator of the leading mobile messaging platform.
In Australia, online shopping remained the leading purpose for using credit cards. Mobile payments were on the rise, as the share of payments made via smartphone accounted for a high one-digit share of all remote purchases. Moreover, payments with PayPal were gaining popularity and accounted for a small one-digit share of all consumer payments in the country.
Cash on delivery was still the payment method most preferred by online shoppers in India in 2014. The same was true for Pakistan, where credit card payment is offered by only three out of seven major shopping sites. Also in Vietnam cash on delivery and bank transfer were the most popular payment options in B2C E-Commerce. Though electronic payment penetrations lags in these nations, the potential for growth is promising.
- Alibaba group
- American Express
- Apple Pay
- China Mobile
- China Post
- China UnionPay
- Line Pay
- NTT Docomo
- Rakuten Edy
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