The Cashless World – Evolving Payment Environments in Key Asia Pacific and Western Markets
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The depth of internet connectivity and smartphone penetration in many markets means it can be very easy to drive the adoption of cashless payments, but the path to moving away from cash has become very different between markets. Cashless payments in most developed markets are still focused on payment cards, while in a lot of developing markets consumers are leapfrogging from cash to mobile payments. Compared to when payment cards were first introduced, the options for cashless payments and the situation of each market are so different that there can be no one-size-fits-all approach. In some markets, the move to drive consumers to reduce the use of cash has reached a bottleneck.
This report explores the cashless payment environments in the key Asia Pacific and Western markets. It also considers how payment cards and mobile payments are faring in both regions as well as how trends will develop in the future.
What is the impact of cashless payments in the Asia Pacific?
Consumers in the Asia Pacific are leapfrogging from cash to mobile payments, bypassing the use of payment cards. But while there have been developments on the road to cashless payments in the Asia Pacific in recent years, advancement differs greatly between markets. In some markets, consumers still have a strong preference for cash, while in other consumers are accustomed to non-cash payments. In most other cases, the cashless payment journey is limited by aspects of the payment environment, such as the lack of proper digital payment infrastructure or the lack of internet connectivity. In the Asia Pacific, two markets that stand out in terms of their cash usage patterns are Japan and China. Japan has long been perceived as technologically advanced, but its consumers still display a strong preference for cash. Meanwhile, the introduction of the Alipay mobile wallet in China saw a dramatic shift in consumers from cash to mobile payments.
Cashless payments in the Asia Pacific, by markets
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What is the impact of cashless payments in the Western economies?
For most developed Western economies, the cashless payment environment has been in place for a few decades now. Yet even in this region, adoption varies significantly between countries. Once again, this means a one-size-fits-all strategy is not viable. Consumers in the US have been accustomed to using payment cards for decades, and the development of broadband, eCommerce, and mobile commerce means they are comfortable using payment cards both in-store and online. Sweden’s affordable and widely available financial products, the strong presence of alternative payment methods, and the consumer preference for electronic payments have driven the country to become a less cash-dependent society than many of its peers.
Cashless payments in the Western Economies, by markets
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Market Report Scope
| Key markets in the Asia Pacific | Japan, China, South Korea, Australia, New Zealand, Hong Kong, Singapore, and Taiwan |
| Key markets in the Western economies | The US, The UK, and Sweden |
Scope
- In markets where there is a large financially underserved segment, mobile wallets have proved an efficient way of providing access to banking and payment facilities.
- In such markets, internet infrastructure is crucial to ensuring financial inclusion for this segment of society, which in turn will increase the cashless payment rate in the market.
- Markets with smaller populations can learn from the cashless progression of countries like Sweden and adopt some of the steps they have taken. Linking up a national ID, bank account, and mobile phone number as part of a mobile payment system is a smart and efficient way of implementing a wider national cashless payment system.
Reasons to Buy
- Understand the cashless payment journey in different regions
- Learn how the cashless payment environment differs between markets in the Asia Pacific and the West
- Discover how the cashless payment situation will evolve in the near future.
Mastercard
American Express
Alipay
WeChat Pay
Swift
PayPay
Apple Pay
Google Pay
PayNow
PromptPay
Table of Contents
Frequently asked questions
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What are the key markets in the cashless environment of Asia Pacific?
The key markets in the cashless environment of Asia Pacific are Japan, China, South Korea, Australia, New Zealand, Hong Kong, Singapore, and Taiwan.
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What are the key markets in the cashless environment of Western economies?
The key markets in the cashless environment of Western economies are the US, UK, and Sweden.
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