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Worldpay eCommerce predictions for APAC in 2018 and beyond

December 21, 2017 Financial No Comments Email Email

The eCommerce market in Asia Pacific is the largest in the world and one of the fastest growing; as consumer appetite for online and mobile shopping continues to see extreme progress in the coming year and beyond.

Here are Worldpay’s predictions for the APAC eCommerce market:

1)      By 2021 credit card payments in APAC are forecast to fall from 30% of the total eCommerce market to 10%.

2)      eWallets are set for strong growth and are expected to eclipse credit cards and become the most popular payment method for online transactions, taking 51% of the market by 2021.

3)      The rapid growth of eWallets will help fuel the APAC mCommerce market, which is projected to rise at an annual average of 12% annually and be worth US$2,100bn by 2021.

Worldpay’s market-specific trend predictions include:

                China

  • Already enthusiastic about eWallets and social app payments, Chinese consumers will continue to drive healthy growth for these alternative payments online.
  • eCommerce will continue to soar, reaching US$1,559bn by 2021.
  • China is poised to be at the forefront of new payment innovations, with 93% of consumers already saying they want the opportunity to make purchases in a virtual reality (VR) environment. 

                Singapore 

  • By 2021 both bank transfers and e-wallets are set to nearly double in share; from 11% to 21% and 13% to 21%, respectively.
  • Besides Single’s Day, more key shopping days will emerge throughout the year as Singapore shoppers become increasingly keen to buy during events like Black Fridayand Cyber Monday.
  • mCommerce, now preferred by one-third of online shoppers, will become increasingly important – overtaking desktop shopping to reach US$4 billion by 2021.

                Hong Kong 

  • Hong Kong is a leading digital economy, but eCommerce has yet to take off due to lingering concerns around counterfeit goods.
  • eWallets are catching up to credit cards, and are set to make up more than a quarter of Hong Kong’s online payments market (28%) by 2021.
  • mCommerce is expected to overtake desktop eCommerce shopping by 2021, reaching US$13 billion in turnover.

                India

  • Now the fastest growing eCommerce market in the world, India will continue to evolve quickly and dynamically.
  • Emerging digital solutions for the unbanked will enable new eCommerce possibilities, as people without traditional banking access become able to pay via eWallets and other digital payments.
  • Credit cards are expected to decline from 12% to 8% market share by 2021, as eWallets and bank transfers become even more popular.

Phil Pomford, General Manager for Asia Pacific at Worldpay: “Once again, Asia Pacific is at the forefront of emerging global trends, as consumers here lead the charge in demanding more opportunities to use alternative payment methods online. While there are significant variations in how consumers in different Asian markets prefer to pay, a constant is that they are shifting away from more traditional options like credit and debit cards, and instead choosing e-wallets, bank transfers and cash on delivery.

“In order to keep up with changing market conditions and respond to varying consumer payment preferences from market to market, online merchants should support a wide range of payment options. By giving online shoppers the chance to pay via their favourite method, businesses will create a consistent, streamlined checkout experience which is capable of converting browsers into buyers and fostering long-term loyalty amongst local and cross-border shoppers.”

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