A recent ACI Worldwide Survey of 2,000 consumers across nine Asian markets has highlighted immediate payments as the biggest demand for consumers. Fuelled by Gen Y and social media apps, Asian consumers are moving rapidly towards immediate and more efficient payments.

The survey found that people aged 25-34 are more likely to use the widest range of payments from newer options such as smartphone wallets, social payments, online payment services, to more traditional options such as cash and bank transfers.

Social apps such as WeChat and Line, have started incorporating P2P payments which have created competition for even online payments.

When polled, 33.9% of people still paid for taxis with cash. However, these low-value, high-volume transactions are ideal for new mobile payment types.

Smartphone wallets have the biggest gap in developed and emerging marketplaces with the difference being 33% to 17% respectively. 71% of Chinese people polled said they have used a smartphone wallet.

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