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March 05, 2018
Monday 5th March 2018 – Hong Kong — Shoppers in emerging economies such as China and India are seeking a more luxury, personalised shopping service on their mobile, and many Asia Pacific shoppers are even willing to pay more for a product or service if the mobile shopping experience is better. This is according to new research from Worldpay, a global leader in payments.
Worldpay’s research examined the viewpoints of 16,000 consumers across 10 global markets, including China, India, Japan and Australia in Asia Pacific. Questioning consumers about their last mobile shopping experience and what makes them hit the “pay” button, the research found that mobile payment apps are on track to become the luxury shopping experience of the future.
Key findings in Asia Pacific include:
Phil Pomford, General Manager for Asia Pacific, Global Enterprise eCommerce at Worldpay, said: “Shoppers in Asia’s emerging economies are active mobile users who have leapfrogged past traditional modes of online shopping and now demand a personalised, luxury, on-the-go experience in the palm of their hand. Online merchants that can deliver the right experience have much to gain, as Asian shoppers are making bigger, more valuable purchases via their smartphones and are even happy to spend more with merchants that deliver a better experience. At the same time, to capitalise on the mobile shopping opportunity, merchants must consider how to help smartphone shoppers feel secure.”
Indeed, despite exciting growth in mobile shopping in Asia Pacific, security concerns continue to hinder the full potential of mobile commerce. Australia is behind Asia in terms of mobile app adoption, with significant issues remaining around security and usability – 73% of Australian consumers say they only download apps from brands they trust. The number one reason for smartphone basket abandonment in Australia is concerns that the website wasn’t secure. In Japan, meanwhile, security is also a concern, with just 37% of consumers saying they would be happy for apps to store their payment details, against a global average of 57%.
Pomford added: “Merchants can help to mitigate shoppers’ security fears by providing a mobile payment experience that’s quick, seamless and familiar. This might mean storing consumers’ payment details so they don’t need to enter them every time, or simply providing a range of payment options so that consumers can always use their preferred method. In China, for example, lack of preferred payment options is the top reason for smartphone basket abandonment – an important reminder that capturing this emerging class of luxury mobile shoppers depends upon providing a comfortable and convenient mobile payment journey.”
About the data
The research was compiled in partnership with Opinium and interviewed interviewed 16,000 consumers who have purchased goods on their mobile in the last 3 months in Australia, Brazil, China, Germany, India, Japan, South Korea, the U.S. and UK. Reports are available at: http://www.mobilepaymentjourney.worldpay.com
Worldpay, Inc. (NYSE: WP; LSE: WPY) is a leading payments technology company with unique capability to power global integrated omni-commerce. With industry-leading scale and an unmatched integrated technology platform, Worldpay offers clients a comprehensive suite of products and services globally, delivered through a single provider.
Worldpay processes over 40 billion transactions annually through more than 300 payment types across 146 countries and 126 currencies. The company’s growth strategy includes expanding into high-growth markets, verticals and customer segments, including global eCommerce, Integrated Payments and B2B.
Worldpay, Inc. was formed in 2018 through the combination of the No. 1 merchant acquirers in the U.S. and the U.K. Worldpay, Inc. trades on the New York Stock Exchange as “WP” and the London Stock Exchange as “WPY.” Visit us at www.worldpay.com
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