In recent years, digital retail payments have made inroads throughout Asia Pacific, supplanting traditional ways of paying for retail purchases, like cash and credit cards. Four catalysts are driving its growth in the region: digitally empowered customers, digital-aware regulators, digital platforms, and digitally transforming banks.
In a new report, Forrester examined the landscape, opportunities, and challenges of digital retail payments in six major markets in the region: Australia, mainland China, Hong Kong, India, Japan, and South Korea.
Of the 6 geographies we examined, usage of digital retail payments is highest in mainland China; in India, it’s rising fast. South Korea and Hong Kong are catching up, while Japan and Australia lag behind in usage, but have shown some life in recent years.
Meng Liu, the report’s author, has also written these blog posts on the topic:
- Four Catalysts Contribute To A Perfect Storm Of Digital Retail Payments In Asia Pacific
- Three Hurdles To Address Before Digital Retail Payments Can Scale Across Asia Pacific
- Seize Payment Innovation Opportunities By Delivering Value To All
Meng is available for interviews and happy to discuss the topic in more detail.