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Alipay, Business, Chinese, Chinese Consumers, Client Information, Finance, GlobePay, Payment Solution, WeChat Pay

Your guide to local payment methods around the Asia Pacific

Ecommerce has broken down borders, as many businesses are now able to attract and transact with customers from around the world. However, offering the right local payment methods to meet your customers’ preferences—wherever they reside—will greatly increase your opportunities for growth.

For the Asia Pacific region

The online payment culture

Within the Asia Pacific region, the most common type of online payment method is the digital wallet, with a 46% market share. And local payment cards are second with a 30% market share.

Therefore, the card market is dominated by local payment brands and minor players with a combined 86% market share.

Popular Online payment methods in Asia Pacific

“small is beautiful, small is powerful.”

UnionPay

UnionPay is the largest card payment brand in the world with approximately 7.5 billion issued cards, including over 100 million outside of mainland China.

Moreover, UnionPay is constantly evolving,  with the addition of new mobile payment methods including mobile flash payments, UnionPay QR codes, and the UnionPay app. UnionPay’s acceptance rate has reached 90% in the Asia Pacific region.

Alipay

The digital wallet Alipay is China’s leading online payment service, in terms of the number of users and total transaction volume. It has more than 1.3 billion annual active users and processed $17 trillion in transactions in mainland China. More than 80 million businesses use Alipay on average every month.

WeChat pay

With more than 800 million users worldwide embedded within the app, WeChat pay has approximately 1.2 billion monthly active users around the world. Its unique, integrated approach enables users to book and pay for items all using the WeChat platform.


By understanding and enabling local payment preferences, your business can:

 

1. Reach new customers

Drive business growth by offering the local payment methods your customers prefer in each market you serve.

2. Capture more sales

Offer the right payment mix to increase conversion rates, reduce cart abandonment, and help grow revenue.

3. Optimise your costs

Reduce your total cost of acceptance by offering lower-cost payment methods when and where they are available.

4. Reduce fraud and transaction disputes

Payments with higher levels of customer authentication typically result in lower fraud rates.

GlobePay evolves with the trend

And while you may be offering local payment methods preferred by your customers today, don’t assume those preferences will remain static for long. As new payments continually emerge and gain popularity across different regions and countries, you need to remain vigilant and review your offerings frequently. A few questions to ask yourself:

Where do my customers live and transact?

How do my customers buy from me (in person, online, mobile)?

Do I want to expand across borders?


Learn more about Alipay+ and Globepay by contacting info@globepay.co

Join us today
Register with GlobePay here

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