Asia Pacific

Entering the Asia Pacific market requires relatively few efforts and little investments, in order to get in return further growth perspectives. The only thing to work on is to find out all details of cooperation with Asian partners.

In previous part we have already examined some leading economies of Asia Pacific. Let’s move to other no less important countries.

Australia. Country, laced with electronics

Australia claims to be a country, the most connected with global trading. Its population has already established relations with international merchants, owing the business’s digital orientation. Cross-border e-commerce comprises one third of the country’s whole economy.

With little requirements in terms of entering the market, Australia welcomes foreign merchants to collaborate. They, in return, should be aware of payment methods used in the region to simplify the trading process.

Regarding credit card dominated culture, Australian payment methods will be quite familiar to foreign merchants. Australians themselves prefer online trading, due to its convenience and better prices.

South Korea. One more leading nation, geared towards e-commerce

Being a credit card oriented country, South Korea builds its economy on online trading, in which approximately 80% of transfers are completed via cards.

South Korea includes several local cards schemes, but a lot of them are co-branded with Visa and MasterCard. One unusual tip should be born in mind. This refers to a peculiar authentication process, which should be conducted only through Internet Explorer. This issue tends to be more tricky obstacle, than a useful security protection. In the nearest future it will be phased out, but it wouldn’t be a fast transition, as any change usually takes place. So, merchants should just keep this tip in mind, by developing an optimal payment strategy.

Indonesia. A powerful trump of Asia Pacific

Indonesia market

Nowadays, Indonesia is experiencing an e-commerce transformation. Population of the region is found of smartphones innovations and promote their usage. So, no wonder, the most popular payment methods here are considered to be mobile payments and e-wallets.

For merchants to bear in mind, running business in Indonesia doesn’t require suggestion of local payment options, however, it would be preferable. And, according to above-said, the best payment strategy will be the one, built on the mobile payments’ basis.

Malaysia. Country, that is opened for international trading

International transactions form almost 50% of all e-commerce operations in Malaysia. Unlike other corners of Asia Pacific, in this region consumers used to commit payments via online banking, which provides them with recurring and one-click payment.

One thing to remember, while going to Indonesia, is that international credit cards are required to access local payment methods.

High potential market in the Philippines

Digital payments just commence gaining operational features in the Philippines. But the process goes very quickly. Especially, it concerns mobile payments, among which the leading methods are SMART Money and Globe GCash. So, to attract the Philippine consumers, merchants should only implement mobile payment strategy in their business. In additions, those, who deals with retailing, should be aware about cash on delivery method, keeping predominance in this sector.

Taiwan payment methods

Taiwan is a country of high developing e-commerce. Credit cards payments are widespread here as well, taking into account, that about 80% of online purchases are paid through credit and debit cards. Also, among frequently used options here could be mentioned such as prepaid cards and online banking.

Thailand. Huge market for e-commerce to come

Thailand takes giant steps towards digital commerce, covering the country. While Internet adoption has hardly achieved 50%, online payment methods are of high demand here anyway. Most population used to pay via credit cards, but alternative methods also take place in a payment landscape. Among the most spread are mobile payments and prepaid cash cards.

One of the specific features of the region is unusual local method, which provides in-store transactions. It means, that a customer is given a code to pay in physical locations.

All in all, for successful business there is no matter, how far the company is situated from its partners or target markets. It’s about wise merchant’s decisions and proper payment strategy.