Mobile wallet use rivals traditional payment methods in APAC

Mobile wallet use rivals traditional payment methods in APAC

APAC consumers continue to embrace online experiences as economies learn to co-exist with the pandemic, but businesses still need to improve their digital experience to retain consumer trust, Experian report finds

 

SINGAPORE, 23 May 2022: Consumers in Asia Pacific (APAC) are increasingly turning to digital payments such as mobile wallets – and in some markets, including China, India, Indonesia and Malaysia, digital payments have now overtaken credit cards as the preferred payment method, the new Experian Global Insights Report found.

 

As more people go online for their consumption needs, businesses must keep pace with digital experiences to strengthen trust and loyalty. However, there remains a gap between consumer expectations and the digital experience businesses can offer, with only 1 in 5 Singaporean consumers saying businesses have completely met their expectations for digital experiences, the lowest across APAC.

 

Experian surveyed 6,000 consumers and 2,000 businesses across 20 countries, including Australia, Brazil, Chile, China, Columbia, Denmark, Germany, India, Indonesia, Ireland, Italy, Malaysia, Netherlands, Norway, Peru, Singapore, South Africa, Spain, United Kingdom and United States, on insights related to consumer and business economic outlooks, financial well-being, online behaviour and more. This report is the latest study in a series exploring the significant shifts in consumer digital preferences and business strategy over the past seven years.

 

According to the study, ‘Buy Now Pay Later’ (BNPL) services are gaining popularity in APAC, and are poised to replace regular use of credit cards in some markets, including Australia (28%), China (28%), and Indonesia (32%) where usage has risen in the last six months.

 

Financial data protection is top priority

 

APAC consumers are willing to share personal data with businesses in exchange for better services. In Indonesia, 74% of consumers are ‘very’ and ‘somewhat’ willing to share their personal data, the highest in the region. Having said that, consumers across the region remain cautious about sharing payment or transaction data, which in turn, limits the ability to fully optimise the data and address consumers' evolving demands.

 

This question mark around trust means APAC consumers agree financial data protection is their top priority. Additionally, many remain wary of their digital experiences, especially in Malaysia, where 84% are ‘very’ and ‘somewhat’ concerned with online transactions and activities. Importantly, the top concerns for consumers vary from market to market, as follows: 

“As consumers in the region continue to embrace digital interactions, it is imperative for businesses to understand and be able to address consumers' specific needs and concerns efficiently. Prioritising data insights and technology-driven solutions are crucial for businesses to stay ahead of the game. As an industry leader, Experian is committed to supporting businesses to make smarter decisions and thrive, lenders to lend more responsibly, and protecting consumers and organisations from identity fraud and crime in this evolving landscape,” says Luciano Scalise, Decision Analytics Managing Director EMEA & APAC, Experian.

 

The Experian Global Insights Report can be downloaded here.

 

(ENDS)

  

About Experian

 

Experian is the world’s leading global information services company. During life’s big moments – from buying a home or a car, to sending a child to college, to growing a business by connecting with new customers – we empower consumers and our clients to manage their data with confidence. We help individuals to take financial control and access financial services, businesses to make smarter decisions and thrive, lenders to lend more responsibly, and organisations to prevent identity fraud and crime.

 

We have 20,600 people operating across 43 countries and every day we’re investing in new technologies, talented people, and innovation to help all our clients maximise every opportunity. We are listed on the London Stock Exchange (EXPN) and are a constituent of the FTSE 100 Index.

 

Learn more at www.experianplc.com or visit our global content hub at our global news blog for the latest news and insights from the Group.

 

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Experian

By Experian 05/23/2022

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