E-payments poised to replace credit cards in China, Indonesia: Experian

Buy now, pay later has been eagerly embraced by Indonesians.

Digital payments are starting to displace credit cards as the preferred mode of payment in Asia, with customers in four markets–China, Indonesia, India, and Malaysia– already preferring e-wallets over the plastic, according to the latest report by Experian.

In China and Indonesia, buy now pay later (BNPL) are  poised to replace regular use of credit cards, with usage in both markets rising by 28% and 33%, respectively, just over the past six months.

In Indonesia, 80% of consumers surveyed named BNPL as their preferred payment method 

Indonesia consumers have also indicated that they are willing to share personal data with business in exchange for better services. Over 7 in 10, or 74% of consumers said that they are “very” and “somewhat” willing to share–the highest percentage in APAC.

Despite this, Many APAC consumers remain wary of their digital experiences – in Malaysia, 84% are ‘very’ and ‘somewhat’ concerned with online transactions and activities