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Asia-Pacific online payment method market dominated by credit cards
Industry Sector |
Information Technology |
Published |
17 August 2012 |
Author |
Mike King |
Type of News |
Market |
With the exception of China and Thailand, the Asia-Pacific online payment method market was dominated by credit cards in 2012. Nonetheless, many consumers in this region do not place their confidence in online payment methods due to safety concerns and mistrust of online retailers.
Online shopping is becoming a growing trend in the Asia-Pacific region, with 63% of the population the shop online at least occasionally. Growth within the online payment methods market is being driven by factors such as high internet penetration levels, disposable income, and cultural factors.
In Japan, every resident had on average more than six credit cards in 2011, which was the most popular online payment option there. Japan is the largest online shopping market in the Asia-Pacific region, which could have been one of the reasons for PayPal to enter the market via a joint venture with Japanese Softbank in May 2012.
In 2011, credit cards represented the most used payment option in B2C E-Commerce in South Korea, reaching a share of more than 70%. This trend was similar in Australia, where payments of online purchases were dominated by paid credit cards or money transfer services such as PayPal.
The Asia-Pacific online payment method market is set to expand rapidly over the coming years, driven by economic growth, with India and China set to lead the region. Internet usage is set to grow meaning in turn online payments will also increase.
For more information on the Asia-Pacific online payment method market, see the latest research: Asia-Pacific Online Payment Method Market Report
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