DUBLIN–(BUSINESS WIRE)–The “Asia Pacific POS Payment Methods 2020 and COVID-19’s Impact” report has been added to ResearchAndMarkets.com’s offering.
This report provides a detailed insight into the changes taking place in the Asia-Pacific region regarding the practices of point of sale payments, including the acceleration of the trend away from cash due to the COVID-19 pandemic.
Growth of contactless payment methods in the Asia-Pacific region
The use of digital in-store payments increased in the Asia-Pacific region during the COVID-19 pandemic
The COVID-19 health crisis has affected the payment preferences at point of sale for shoppers in the Asia-Pacific countries. Multiple sources cited in the publication indicate a large share of consumers in this region who have changed their POS payment practice because of the pandemic. One of the changes is the avoidance of cash, which is considered by some as a vector of the virus. Contactless payments are among the preferred alternative methods, also motivated by the pandemic.
Consumers in Asia-Pacific countries turn to smartphones as a payment option during the COVID-19 health crisis
The use of a mobile device for making payments is increasing globally, as the pandemic accelerates the acceptance of this practice. The use of mobile wallets stored in a smartphone or the QR or barcode reader of a device for payment are among the top trends detailed in the study. This report also reveals the notable percentage of consumers in Australia that used mobile payment apps which are not affiliated with banks during the pandemic in March 2020.
The shift from cash payments to other alternative payment methods is gaining ground in the Asia-Pacific countries during the pandemic
While there was a general trend towards the decreased use of cash before the coronavirus crisis, this event has accelerated the trend throughout the Asia-Pacific region. The report provides details on the share of consumers using cash and its alternatives in major and developing economies, including the figure that cash payment accounted for around only a quarter of all retail payments in two advanced markets of the Asia-Pacific region even before the pandemic.
Key Topics Covered:
1. Management Summary
2. Global Developments
3. Asia-Pacific
3.1. China
3.2. Japan
3.3. South Korea
3.4. Australia
3.5. India
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/b03eg0
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