July 25, 2024
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.
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.
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.
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.
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:
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.
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