Digital wallets adoption surges in APAC: MasterCard
MasterCard's latest Mobile Shopping Survey has revealed that one-in-five (19.5%) smart phone users in Asia-Pacific now use digital wallets.
MasterCard’s latest Mobile Shopping Survey has revealed that one-in-five (19.5%) smart phone users in Asia-Pacific now use digital wallets, a two-fold jump from two years ago (9.7%).
The survey – in which 8,500 adults from 14 markets participated – found that smartphone users in China (45%), India (36.7%) and Singapore (23.3%) are the biggest adopters of digital wallets in the region.
Though digital wallets have seen the fastest uptake over the last two years, mobile banking apps (31.8%) are still the most widely used among other new mobile technologies such as in-app shopping and mobile NFC payments.
Overall, nearly half of the respondents (48.5%) across the region said they made a purchase using their smartphone in the past three months. India led the way with 76.4% using a smartphone to make a purchase, a surge of 29.3% from two years ago, followed by China (76.1%), South Korea (62%) and Thailand (61.1%).
According to the survey report, Australians (23.7%) and New Zealanders (16.2%) are the least likely to shop online via their mobile phones.
More than half of the respondents across Asia Pacific (53.9%) cited convenience as the key driver for shopping on their smartphone.
MasterCard group head of digital payments for Asia Pacific Raj Dhamodharan commented: “As more and more merchant apps provide shopping and services, consumers need a digital wallet that provides the best balance between security and convenience. We are already seeing that demand in many markets in Asia Pacific from India to Singapore to Australia.
“In Singapore for example consumers are using their MasterPass wallet to pay their bills and book taxis. In each of these cases we worked with merchants to enable safe and simple in app payments using MasterPass.”