As digital businesses expand their reach across the globe, they encounter various challenges related to local payment methods. These preferred payment options can vary significantly from one continent, country, or even city to another. The rise of eCommerce in Asian countries, in particular, has created a substantial demand for a diverse range of global alternative payment methods. Fortunately, the right payment processing solution can empower eCommerce businesses entering new regions to provide the seamless digital experiences that consumers increasingly demand. Let’s explore prominent payment methods in Asia, including thriving economies like India and Singapore, and discover how a solution like Web Technology Expert can simplify the integration of digital payment methods.
Prominent Payment Methods in Asia
Asia, home to countries like India, Singapore, and Vietnam, boasts a population of approximately 4.68 billion people, making it the most densely populated region in the world. With its significant influence on the global economy, Asia is expected to account for 61.4% of the global eCommerce market by 2024, generating an estimated $1.92 trillion USD in revenue across the continent.
Given Asia’s pivotal role in global eCommerce growth, it’s essential for digital businesses to recognize that Asian countries feature a wide variety of frequently used payment methods. Understanding these common payment methods in Asia enables eCommerce businesses to better tailor their online platforms for broader customer accessibility, ultimately leading to increased sales. Let’s explore some of Asia’s leading eCommerce markets and the preferred payment solutions within each.
India
India, the second-most populous country in Asia, is home to approximately 1.39 billion people and is expected to surpass China as the most populated country in Asia by 2023. Despite challenges like the COVID-19 pandemic, India’s eCommerce revenue is projected to grow by 18% from 2021 to 2025, reaching $120.1 billion USD. This growth is driven by a growing middle-class consumer base and evolving shopping habits influenced by increased access to global products.
Popular Payment Methods in India:
UPI (Unified Payments Interface): UPI is a payment solution that allows users to manage multiple bank accounts through a single application for seamless merchant payments and money transfers.
Digital Wallets: Widely used digital wallet solutions, such as Paytm and MobiKwik, enable users to load digital funds through UPI or internet banking for various consumer payments.
BNPL (Buy Now Pay Later): BNPL solutions like Simpl and ZestMoney offer credit-based payment options, allowing users to make eCommerce purchases without upfront payments.
Local Cards (RuPay): RuPay is a local debit and credit card payment network in India, enabling users to access ATMs and make purchases on POS devices and eCommerce websites.
Global Cards (Visa, Mastercard): Internationally accepted payment solutions like Visa, Mastercard, Maestro, etc., are used not only within India but also globally.
Indonesia
Indonesia, one of the most populous countries globally, with over 270.2 million people, experienced a 3.7% economic growth in 2021, with further growth of up to 5.2% projected for 2022. The country saw a significant adoption of eCommerce in 2020, with over 90% of internet users aged 16 to 64 purchasing products or services online. Indonesia’s eCommerce market is expected to nearly triple from $30 billion USD to $83 billion USD between 2020 and 2025.
Popular Payment Methods in Indonesia:
Bank Transfers: Leading Indonesian banks, such as Bank BRI and Bank Mandiri, enable users to make eCommerce purchases through direct money transfers from their accounts.
Digital Wallets: Solutions like Dana, Shopee Pay, and Ovo act as digital cash alternatives, facilitating seamless in-person and online payments.
BNPL (Buy Now Pay Later): BNPL services like Kredivo and Atome allow Indonesian consumers to make credit-based purchases without upfront payments.
Global Cards (Visa, Mastercard): Visa and Mastercard are commonly used credit and debit card solutions for eCommerce and in-person transactions.
Malaysia
Malaysia, with a population of 32.94 million in 2020, experienced a 10.6% growth in its eCommerce market in 2021, reaching $7.1 billion USD. This growth is expected to continue, with eCommerce revenue projected to reach $13.8 billion USD by 2025.
Popular Payment Methods in Malaysia:
Bank Transfers: Leading financial institutions like Public Bank and Maybank offer quick money transfers for eCommerce shopping purposes.
Digital Wallets: Solutions like Grab Pay, Alipay, and Boost enable cashless transactions for both online and in-person purchases.
Global Cards (Visa, Mastercard): International debit and credit card solutions, such as UnionPay, Visa, and Mastercard, are widely accepted and used for both online and in-person transactions.
Singapore
Singapore, a small nation with a population of 5.71 million in 2021, boasts a strong economy with a projected 7% growth in 2021 and an additional 3% to 5% expected in 2022. Despite its size, Singapore’s eCommerce market is expected to generate $7.1 billion USD in revenue in 2022.
Popular Payment Methods in Singapore:
Bank Transfers: Users in Singapore use PayNow to transfer funds quickly for both retail and eCommerce purchases.
Digital Wallets: Digital wallets such as Alipay, PayPal, and Grabpay store debit or credit card details for easy online and in-person purchases.
Global Cards (Visa, Mastercard): Visa and Mastercard are widely accepted for in-person and online shopping in Singapore.
Thailand
Thailand, with a population of 69.63 million in 2019, features a diverse demographic landscape, with a significant portion of the population residing in rural areas. Despite various challenges, including climate impacts and the COVID-19 pandemic, Thailand’s economy has maintained steady growth.
Popular Payment Methods in Thailand:
Bank Transfers: Financial institutions like Kasikornbank and Standard Chartered offer money transfer solutions for eCommerce payments.
Digital Wallets: Popular digital wallet solutions like TrueMoney Wallet and Rabbit LINE Pay facilitate online and in-person payments.
Cash & Offline Payments: Retailer Tesco Lotus allows online shoppers to pay for goods and utility bills in-store using cash.
Philippines
The Philippines, ranking as the 13th most populous country globally with approximately 111 million people, is experiencing gradual economic growth, with a GDP expected to reach over $540 billion USD by 2026. Internet users in the Philippines spent more time online in 2021 than in any other Asia Pacific region, leading to increased eCommerce adoption.
Popular Payment Methods in the Philippines:
Bank Transfer: Bank of the Philippine Islands (BPI) allows users to transfer funds from their bank accounts for eCommerce and retail purchases.
Digital Wallets: Digital wallet solutions like Pay Maya and GCash enable users to fund accounts for online and in-person purchases.
Cash: Convenience store chain 7-Eleven offers e-cash services, allowing users to make eCommerce purchases online and pay in-store using cash.
Global Cards (Visa, Mastercard): Visa and Mastercard are widely used for both retail and eCommerce transactions in the Philippines.
Vietnam
Vietnam, with a population of 98.48 million in 2021, is projected to experience steady population growth. The country has maintained a robust economic growth rate of over 6% since 2016, with a GDP reaching approximately $368 billion USD in 2021. Vietnam’s eCommerce market value is expected to grow to $23.2 billion USD by 2025.
Popular Payment Methods in Vietnam:
Bank Transfers: Solutions like VietinBank offer money transfer options for eCommerce payments.
Digital Wallets (MoMo): Popular digital wallet solutions like MoMo enable users to conduct cashless transactions for both online and in-person purchases.
Local Cards: Local credit and debit cards, including Vietcom Bank and Standard Chartered Bank (SCB), are commonly used for various payment purposes.
Global Cards (Visa, Mastercard): Visa and Mastercard are widely accepted for eCommerce and retail transactions.
Streamlining Payments in Asia with Web Technology Expert
From RuPay in India to GrabPay in the Philippines and all the diverse payment methods in Asia in between, today’s digital businesses require a flexible solution to accommodate global payment options. This is where Web Technology Expert comes in—a single integration for global payments designed to help businesses worldwide launch, manage, and scale their global payment stack.
With a range of pricing options tailored to meet the unique needs of digital businesses, Web Technology Expert empowers eCommerce providers to offer seamless purchasing experiences. Say goodbye to the complexities of manual integrations and hello to a streamlined solution for payment gateways in Asia and beyond. If your digital business is expanding into new global markets, book a demo today to discover how Web Technology Expert can simplify your payment methods in Asia and worldwide.