Asia Pacific continues to lead the world in the adoption of local payment methods - new research from Boku reveals
New research from Boku reveals that by 2028, 3 out of 5 (61%) of people will actively use local payment methods for ecommerce transactions within
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Boku ecommerce report 2024 -
Produced in collaboration with
Key findings for
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Asia Pacific continues to lead the world in the adoption of local payment methods. By 2028, local payment methods withinAsia Pacific will represent 69% of ecommerce transactions by value, from 64% in 2023. -
Non-card linked wallets are projected to dominate ecommerce transactions in
Asia Pacific , reaching 57% by 2028 (up from 55% in 2023). -
By 2028, over 61% of all individuals within
Asia Pacific will actively use local payment methods on a regular basis, reflecting their strong traction in the region. -
Account to Account (A2A) payments, such as PromptPay in
Thailand and PayNow inSingapore , are flourishing and expected to rise from 4% of transaction value in 2023 to 8% in 2028. - Market nuances play a significant role in consumer loyalty to payment methods, emphasising the need for tailored payment strategies.
Payment choice is key for consumers around the world. Today’s mobile-first generations - with whom access to and affinity with card networks is low - prioritise the convenience and seamless nature of paying with digital wallets, direct carrier billing and Instant A2A payments. As with the adoption of many new technologies, the adoption of localised payment solutions by younger generations and populations is paving the way for adoption by older consumers.
Download the full research report: http://www.boku.com/boku-knows/2024-boku-global-ecommerce-report
Notes to editors
About
Boku helps people pay the way they want to by building a global network of localised payment solutions including digital wallets, direct carrier billing, and account to account / real-time payments schemes. Boku’s global payments network now includes over 300 local payment methods worldwide, reaching over 7.5 billion consumer payment accounts in more than 90 countries. Boku works with the world’s largest merchants including Amazon, Google, Spotify, Meta, Microsoft, Netflix, Spotify, Tencent and Sky, helping them to grow their businesses in every corner of the globe.
To learn more about Boku, please visit our website at www.boku.com.
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Source: Boku