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September 10, 2018

E-payments are becoming the go-to method of paying among Asian consumers

Asia is leading the race in encouraging its population to become a completely cashless society, with consumers in China in particular solely using e-payments in their everyday purchases.

By GlobalData Consumer

Asia is leading the race in encouraging its population to become a completely cashless society, with consumers in China in particular solely using e-payments in their everyday purchases.

In fact, according to GlobalData’s 2018 Q3 global consumer survey, over a quarter (25%) of consumers in China find stores that support advanced payment methods such as Apple Pay to be one of the most influential factors when deciding where to do their grocery shopping.

The research also points out that Asia-Pacific countries, such as the Philippines and China, account for twice as many consumers showing preferences towards advanced in-store payments in comparison to the global average.

This next-generation approach to shopping sees mobile payments and smartphone-based apps such as WeChat and AliPay being quickly embraced by time-pressed consumers for their convenience and hassle-free benefits.

Additionally, future-focused technological advances are further facilitating consumers’ desire for simple, seamless, and time-saving ways of interacting with products and services. With e-commerce being the key to Asia’s modern way of shopping, the giant e-commerce platform Alibaba is making the shopping experience more convenient by encouraging mobile and online payments, luring in today’s digitally savvy and time-pressed consumers.

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Image: GlobalData’s 2018 Q3 global consumer survey.