Alternative payments rule in APAC e-commerce market

The company forecasts the APAC e-commerce market to grow from $1.6 trillion in 2018 to $2.3 trillion in 2022. “With Asian consumers keen to embrace digital payments, rising smartphone penetration and launch of new digital payment solutions are expected to further propel the growth of alternative payments in the region’s e-commerce market,” said Sharma. According to GlobalData’s latest Consumer Payments Insight Survey, alternative payments grew from 49% in Q1 2017 to account for 51% of the total e-commerce transaction value in APAC in Q1 2018. “Rising smartphone penetration coupled with a large unbanked population has also turned the region into a potential growth market for alternative payments.”The alternative payments market in APAC is mainly driven by China, where such solutions accounted for 53% of total e-commerce transaction value in Q1 2018. Alternative payment methods such as mobile and digital wallets are steadily displacing traditional payment methods such as cards, bank transfers and cash/cheques in the Asia-Pacific (APAC) e-commerce market, according to data and analytics company GlobalData.