Understand the cultural and socioeconomic influences that shape i...
Understand the cultural and socioeconomic influences that shape industry demand throughout Asia-Pacific, with local insight, market statistics and analysis ranging from strategic regional overview to in-depth coverage by country or city.
Electronic payment has been the fastest growing mode of payment in Indonesia in 2023. The very high use of digital wallets, QRIS (Quick Response Code Indonesia Standard - a QR code standard developed by Bank Indonesia and Indonesian Payment System…
Japan’s transition to a cashless society has been accelerating in 2023. The Ministry of Economy, Trade and Industry (METI) developed the “Cashless Vision” in 2018, aiming to increase the cashless payment ratio to 40% by 2025. Due to COVID-19,…
Financial cards and payments in Malaysia in 2023 exhibited significant continuation with 2022 in terms of the direction of travel in the post-Coronavirus (COVID-19) period. The strong moves towards a cashless society in Malaysia, pushed by the…
The financial cards and payments landscape in Singapore has experienced notable transformations as the nation progresses towards its goal of becoming a cashless society. This evolution has been primarily driven by the rise of digitalisation,…
The landscape of card transactions in South Korea is undergoing a remarkable transformation marked by a gradual decline in cash usage. This paradigm shift is primarily driven by the widespread adoption of mobile financial services, a trend that has…
In 2023, electronic and mobile payments have taken centre stage, greatly reducing reliance on cash transactions in Taiwan. Local residents have enthusiastically adopted various digital payment options, particularly digital wallets, which have emerged…
In 2023, the Thai economy is witnessing an economic recovery following the harsh impact of the pandemic and consumer confidence is on the rise. Private consumption is gathering momentum aided by the government program “Shop Dee Mee Kuen” (Shopping…
While the initial surge in spending and reopening of the economy, with the easing of the threat of Coronavirus (COVID-19) and lifting of related restrictions, has started to stabilise, the Philippines continues to experience robust growth in both…
2023 is witnessing a substantial increase in both the volume and value of financial cards overall, primarily driven by government initiatives aimed at encouraging cashless payments. Debit cards, credit cards, and pre-paid cards are all seeing healthy…
As of July 2023, 10 pre-paid card issuers had had their payment clearing license revoked, according to PBOC (People’s Bank of China). In fact, the majority of these issuers voluntarily cancelled their licenses, affected by stringent government…
Octopus has established itself as the most widely used and popular open loop pre-paid card in Hong Kong, offering a myriad of convenient features and services. Recognising the growing interest among local residents to explore the mainland during…
Pre-paid card transactions witnessed healthy double-digit growth in transaction volumes over 2021-2022. However, in 2023, the category witnessed a decline in volume of transactions as consumers became increasingly inclined to choose alternative…
The pre-paid cards category has continued its strong performance in 2023, with the category seeing positive growth in terms of both volume and value transactions, as in the previous year. Pre-paid cards has been particularly impacted by the revival…
In the review period, pre-paid cards showed progression to online (mobile, smart watch, etc...) payment, especially within transportation pre-paid cards such as Suica and PASMO cards. More people opted to use smartphone app versions of pre-paid cards…
Despite increased competition from other payment methods, pre-paid cards retains the potential for growth as Malaysia continues to shift towards a cashless society. With the use of cash in long-term decline, a trend accelerated by the Coronavirus…
EZ-link, the leading open-looped pre-paid card in Singapore, has significantly benefited from the resumption of regional travel. Not only has EZ-link gained traction among tourists visiting Singapore, who find it a convenient payment solution for…
In 2022, South Korea witnessed growth in both the issuance and usage of pre-paid cards in line with greater mobility outside of the home. Shinhan Card, in particular, played a role in driving this growth, reporting a remarkable increase in the retail…
Despite the rise of digital wallets, physical credit cards and pre-paid cards still play a significant role in payments. Notably, digital wallets often cannot link to popular pre-paid cards like EasyCard, the largest transportation card in Taiwan,…
Pre-paid cards are largely used for commuting and travelling in Thailand, with a considerable amount of closed loop pre-paid card usage accounted for by electronic ticketing on the Thai capital’s public transportation systems BTS and MRT. During the…
The Coronavirus (COVID-19) pandemic led to a series of government aid initiatives distributed through pre-paid cards. This contributed to rising awareness among consumers about these financial products and their convenience, especially for…