A key development underpinning the growth in online commerce has been the rise of mobile payment services. Our first Chart of the Day this week looks at the demographics behind this trend.
Younger groups are most likely to be making use of these services, and there’s also a direct correlation with income. But it’s by region that we see some of the most interesting results; APAC (on 36%) is substantially ahead of even its closest rival LatAm (on 25%), with the mature market regions of Europe and North America lagging behind (a result of credit and debit cards retaining a fundamental role in financial infrastructures).
The ability of these payment methods in allowing many online adults without access to financial services in fast-growth markets to pay electronically has ensured their strong uptake in many APAC countries. Moreover, these services will also swell the ranks of online shoppers as more people come online in these markets, primarily via mobile.