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The APAC region leads in the adoption of alternative payment methods in 2023

The latest publication from the Hamburg-based market research company yStats.com, titled “Online Payment Methods in Emerging Asia-Pacific Markets 2023,” offers insights into payment figures and trends in the emerging Asia-Pacific markets. The publication also reveals that the APAC region leads in the adoption of alternative payment methods, such as digital wallets and real-time payments.

Asia-Pacific leads global digital payment market with remarkable growth

The Asia-Pacific region has achieved significant progress in the world of digital payments, with transactions and volumes exceeding expectations in 2023. It now holds a prominent position, representing more than 50% of the total global digital payment market. Forecasts indicate that this dominance will continue to strengthen, with a projected growth rate exceeding 15% between 2023 and 2030. Governments across the Asia-Pacific region have been diligent in their efforts to promote digital payment methods in emerging markets, with a primary focus on reducing cash usage, driving economic growth, and enhancing financial inclusion. In India, the government has introduced several pioneering policies and initiatives, such as the Unified Payments Interface and Bharat Interface for Money, aimed at making digital payments more convenient and accessible for its citizens. One of the most notable projections for this dynamic region is the B2C E-Commerce payment value in emerging markets, which is expected to grow at around a CAGR of 6% from 2023, eventually surpassing EUR 4 trillion by 2027.

China and India propel significant growth in the digital payment market

China, a key player in the emerging markets of the region, is set to experience a rise in B2C E-Commerce payment values. The forecast indicates a robust CAGR of over 11% from 2023, with the payment value expected to exceed EUR 3 trillion by 2027.

India, another powerhouse in the emerging markets of the Asia-Pacific digital payment landscape, is on track to achieve remarkable milestones in real-time payment transactions. By 2027, real-time payment transactions in India are expected to surge to more than 200 billion, a significant leap from the numbers recorded in 2022. Moreover, the number of digital payment transactions in India is projected to reach over 400 billion by fiscal year 2026-27, displaying remarkable growth.

The significant growth in the Asia-Pacific digital payment sector underscores the increasing reliance on digital payment methods and the commitment of governments in the emerging markets of the region to promote a cashless, inclusive, and thriving economy.