Industry Trends: Asian Mobile Payments Surge Post-Pandemic

With the advancement of technology and changes in consumer behavior, mobile payments are rapidly developing in the Asian market, and the acceptance of mobile payments by consumers in various countries continues to rise. Especially after the pandemic, the demand for contactless payments has increased, making mobile payments not only a convenient payment tool but also an important platform for merchants and consumers to interact.

According to the latest survey by Z.com Engagement Lab, an in-depth study was conducted on four indicators: Industry Orientation, Industry Transformation, Government Regulation, and Consumer Spending.

1. Industry Direction Index

Taiwan shows extremely high positive sentiment (86%), similar to Indonesia (85%), Singapore (83%), and Thailand (83%), demonstrating great market confidence. In contrast, Japan's positive proportion (49%) is lower, reflecting its market's cautious attitude.

2. Industry Consumption Index

Thailand (85%) and Singapore (83%) lead in anticipated increased use of mobile payments for consumption, demonstrating a willingness among consumers to increase mobile payment consumption. Meanwhile, Japan has a higher neutral response (50%), which may indicate a more saturated market compared to other countries or a slowdown in the acceptance of new payment methods by consumers.

3. Industry Change Index

The high industry transformation indices in Indonesia (90%) and Thailand (89%) indicate that consumers in these markets are eager for more innovation and feature enhancements. Japan's demand transformation index is relatively lower (57%), which is likely due to its more advanced mobile payment infrastructure and the conservatism of its consumers.

4. Government Control Index

The data from Singapore (71%), Thailand (69%), Indonesia (67%), and Malaysia (65%) show a higher support for reducing government regulation, reflecting the market participants' expectation for a more liberalized policy environment to promote innovation and competition. Notably, Taiwan has the highest proportion of respondents (32%) among all countries favoring increased government control. This phenomenon may be related to the multitude of mobile payment brands in Taiwan, which could decrease convenience for consumers.

Based on the analysis from Z.com Engagement Lab, here are some suggestions for industry decision-makers:

• Strengthen market confidence: Encourage industry decision-makers to conduct more aggressive market promotion and technology investments in high-confidence countries such as Taiwan, Indonesia, and Thailand.
  
  
• Observing the Japanese market: Given Japan's conservative attitude towards mobile payments, it is recommended to conduct more in-depth consumer behavior research for the Japanese market, to customize products and strategies that meet local needs.
  
  
• Address consumer demand for change: In high demand transformation markets like Indonesia and Thailand, develop more innovative features to meet consumer expectations for new technology.
  
  

Through these strategies, industry decision-makers can more accurately grasp the pulse of the market and formulate strategies that match local market characteristics to strengthen competitiveness in the Asian mobile payment market.

Z.com Engagement Lab will continue to track the attitudes of the public in East Asian countries towards the mobile payment industry and update survey data, tracking market trends and changes in consumer demand.