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Four trends reshaping the e-commerce and payment methods in the APAC region

ConsumerGeniuses

ConsumerGeniuses

Checkout.com, a cloud-based payment firm, surveyed 12,000 consumers from the Asia-Pacific region to explore the recent payment and online business trends. As per the report from Payments Optimization in APAC: Innovation from the Global Frontier, there are visible differences in the payment methods opted by consumers. 1, The results from the survey revealed that 95% of Asia-Pacific’s consumers regularly shop from online channels, and the number is expected to grow in the coming years, signifying the importance of e-commerce in the post-pandemic era. 2, Checkout.com claims that Buy Now, Pay Later (BNPL) service is transforming the conventional modes of the transaction into easy and flexible instalments. 3, Social commerce is expanding in the APAC region at a fast pace, as China generated US$6 billion in revenue from social commerce. The future of e-commerce involves the innovational internet web3 and cryptocurrency known as social tokens. 4, There is an overlap between centralised and decentralised means of transaction. Recent research from VISA unfolds that Singapore and Hong Kong are ready to accept cryptocurrency for payments.

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