Rapyd Unveils Payout and Disbursement Research, Identifies Preferences Across Asia Pacific Region in New Report
Rapyd, a global Fintech as a Service company, announced the publication of the 2020 State of Disbursements: APAC Outlook Report. The research analyzed existing and preferred methods for getting paid across several transaction scenarios such as Person-to-Person (“P2P”, e.g. remittances or loans), Business-to-Consumer (“B2C”, e.g. salaries, wages, commissions, and rebates), Business-to-Business (“B2B”, e.g. cross-border invoice payments), and Government-to-Consumer (“G2C”, e.g. government support or subsidies). The 2020 State of Disbursements report provides gig-economy platforms, ecommerce marketplaces, and businesses with the actionable intelligence they can use across Asian markets to deliver more effective mass-payouts to their beneficiaries.
In this inaugural study, Rapyd surveyed 3,500 online consumers from seven different countries and regions in the Asia Pacificregion, including India, Indonesia, Japan, Malaysia, Singapore, Taiwan, and Thailand. Survey respondents were identified as household decision-makers aged 18-64 across a full spectrum of income levels and asked questions around banking and payment preferences, behaviors, and concerns.
Key findings of the study include:
- Access to Banking services and app usage is greater than often thought across the region with more than 80% of respondents in all countries saying they had a savings account or debit card, with most people using it regularly.
- The use of fintech applications like eWallets has exploded, with 77.6% of Indians, 77.4% of Malaysians, and 70.2% of Indonesians using an eWallet in the last month, with the exception of Japan where, despite recent growth, just 24% of respondents did the same.
- Depending on the use case, preferred payment methods vary country-by-country:
- Averaging 70%, Direct Bank transfers are the most popular method for regular salary transfer across most countries and 80%+ in markets like Malaysia and Singapore.
- eWallets are growing in popularity for personal transactions, such as personal repayment from family or friends (33.5% of Indians and 24% of Singaporeans chose it as their preferred option), rebates (38% of Indonesians), and sale of personal goods or services (28.5% Indonesians, and 30% Malaysians and Thais chose to receive rebates into their eWallet).
- Security dominated consumer desires in four of the seven countries with 82% of Indians, 75% of Malaysians and Indonesians, and 68% of Singaporeans citing keeping personal information safe as the most important attribute of receiving payments.
The report comes at a uniquely important time as the COVID-19 pandemic has created a massive global economic disruption. By analyzing consumer preferences Rapyd gives businesses reliable information at a time when the demand for alternative employment, delivery apps, and digital marketplace models are growing, while rising unemployment levels could send millions of new workers into the gig economy.
“While data about how consumers prefer to make payments is widely available, businesses struggle to make payouts to gig-workers, online sellers, and B2B partners using the methods that these beneficiaries prefer and often require. Through this report, we are able to provide actionable information to global organizations as they make critical business decisions impacting both the short and long term health of their companies,” said Brendan Miller, Head of Global Product Marketing at Rapyd.
The report found that there is no one-size-fits-all approach to global payouts. Every country is unique in its preferences and digital leaders must be prepared to localize their payout experiences to drive beneficiary loyalty and engagement.
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