News

E-commerce

Staff Reporter

, APAC

Published:

1 month ago

Photo by cottonbro studio from Pexels.

Use of digital wallets for e-commerce purchases to rise at 12% CAGR until 2026

China leads digital payments in APAC.

Payments for e-commerce purchases using digital wallets will increase at a compound annual growth rate of 12% until 2026, increasing its share in total transactions to 54%.

In The 2023 Global Retail Development Index, Kearney noted that in Asia Pacific, China will lead the growth in the use of digital wallets, followed by developing countries.

Kearney added that the popularity of buy now, pay later (BNPL) for e-commerce spending, is led by platforms such as Alibaba, JD, and Flipkart.

ALSO READ: BNPL poised to be the most preferred payment method in Southeast Asia: report

Globally, BNPL accounted for 5% of the e-commerce transactions in 2022.

Specifically, it is the fastest-growing digital payment method in the Middle East and Africa. It is expected to rise at 43% CAGR through 2026 in the region.

Follow the link for more news on

Kearney

Also Read

AI-powered personalisation paints the future of retail

Two reasons why Zalora’s fulfilment centre skipped futurism

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit

Top News

How Gen Z's thirst for innovation shapes cocktail culture

Gen Z consumers report higher spending on pubs, clubs, or bars.

2 days ago

FairPrice Group offers over $4.5m in May Day discounts

From 25 April, union members get a 50% discount on selected essential items for three weeks.

2 days ago

Sephora launches DRUNK ELEPHANT in Mainland China

It is now accessible in Sephora stores located in major cities such as Beijing, Shanghai, Guangzhou, and Chengdu.

Fashion

2 days ago

Chanel tops South Korea's luxury market

It surpassed Louis Vuitton with sales of $1.2b (KRW1.7t).

Fashion

2 days ago

Exclusives

ZALORA ramps up sustainability amidst rising demand for eco-products

Customers of ZALORA who shop for sustainable products are increasing year by year.

4 days ago

Two reasons why Zalora’s fulfilment centre skipped futurism

ZALORA’s strategy enables the processing of up to 200,000 orders daily.

E-commerce

4 days ago

Brand-building for Unilever International goes beyond consumer care

The brand’s innovative practices benefit both consumers and workers.

Stores

Rise of minimarts compels large-format stores to rethink growth strategy

Their focus should shift towards customer density instead of store scale.

Stores

Event News

EY’s Olivier Gergele highlights how retailers can navigate and thrive in today’s complex landscape and evolving consumer preferences

Co-Written / Partner

By implementing a sound omnichannel strategy, prioritising the consumer experience and adapting to changing trends, retailers can differentiate their value proposition.

Key figures at Seamless Asia fan e-commerce excitement over AI

Co-Written / Partner RSM's David Eu offers insights on e-commerce, technology, and collaborative innovation driving retail transformation

Co-Written / Partner Euromonitor’s Hiromi Yamaguchi: Loyalty programmes, digital integration vital amidst evolving consumer expectations

Co-Written / Partner EY’s Olivier Gergele highlights how retailers can navigate and thrive in today’s complex landscape and evolving consumer preferences

By implementing a sound omnichannel strategy, prioritising the consumer experience and adapting to changing trends, retailers can differentiate their value proposition.