DUBLIN–(BUSINESS WIRE)–The “Top Mobile Payment Service Providers in Select Asian Countries 2020 and their Reaction to the COVID-19 Crisis” report has been added to ResearchAndMarkets.com’s offering.
Altogether, despite cash still being the king in the Asian region, the revenues of the mobile payment services market in the Asian region are growing steadily during the coronavirus pandemic, and specifically in the larger economies such as India, Australia, Japan, and Singapore. These economies are forecasted to top the growth ranking in the Asia-Pacific region through 2025. Nevertheless, Asia consists of economies that are very diverse in terms of mobile payment methods adoption. For instance, a survey cited by the report shows that in Japan, in 2020, almost two-fifth of adults use smartphone payments daily. Meanwhile, in the Philippines the mobile payments adoption rate is much lower; however, the market is promising, as the adoption of new E-Wallet accounts is growing much faster than the bank account penetration rate.
Amid the COVID-19 pandemic, consumers in the countries of Asia prefer their local M-PSPs
Another interesting fact highlighted in the report is that consumers in the Asian region mostly opt for the home-grown mobile payment service providers, and not for the global giants such as PayPal or Google Pay. This has especially helped the local M-PSPs keep their heads above water after the onset of the pandemic. Moreover, most of them have significantly increased their user base. In Malaysia, for example, the government used digital wallets to distribute funds to businesses and communities affected by the health crisis.
Report Coverage
Report Structure
Key Topics Covered:
1. Management Summary
2. Regional
3. Advanced Markets
3.1. Japan
3.2. South Korea
3.3. Singapore
4. Emerging Markets
4.1 India
4.2. Indonesia
4.3. Thailand
4.4. Vietnam
4.5. Malaysia
4.6. Philippines
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/ctbm1q
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