Countries Covered: China, Japan, South Korea, India, Indonesia, Singapore, Philippines.
Publication Date: 13/09/2023
Questions Covered in the Report:
- What’s the projected global non-cash transaction volume growth by 2026?
- How much will Asia-Pacific’s real-time payment volume grow from 2022 to 2027?
- Which Southeast Asian countries are set for significant growth in proximity mobile payments by 2026?
- What’s the 2027 forecast for real-time transactions in China?
- How will Japan’s cashless payment market size change by 2025?
Real-time payment volume in Asia-Pacific is set to sevenfold from 2022 to 2027: new yStats.com report.
Asia-Pacific still contributes the most to the global non-cash transaction volume
The global digital payments market is on the brink of a significant expansion, with non-cash transaction volumes worldwide projected to surge by +57% from 2023, ultimately surpassing a staggering 2 trillion transactions by 2026. One of the standout findings from the report is the meteoric rise of real-time payments across the Asia-Pacific region. Real-time payment volumes are predicted to skyrocket, growing from 49.2 billion in 2022 to over 300 billion by 2027, equating to a nearly sevenfold increase. In a closer examination of the region, real-time payments are expected to increase their share of total electronic payments from 11% in 2022 to 12% by 2027. Notably, Southeast Asia is poised for remarkable growth in proximity mobile payments. Indonesia is projected to lead the way with 34 million users by 2026, closely followed by Thailand with 19 million users and the Philippines with 11 million users.
China is expected to solidify its digital payment dominance as real-time transactions experience a significant surge
The findings in yStats.com’s report underscore the profound shifts occurring in the digital payment landscape across the APAC region. As real-time payments continue their remarkable ascent and countries embrace digital payment solutions, the global non-cash transaction volume is poised for unparalleled growth in the coming years. China, a global financial powerhouse, is set to further solidify its position in the digital payment landscape. The number of real-time transactions in China is forecasted to surpass 29 billion by 2027.
Japan, on the other hand, presents a unique case within the APAC region. While only 8% of Japanese adults used digital wallets daily in May 2022, a significant 49% did not use digital wallets at all during that period. However, the cashless payment market in Japan is expected to thrive, reaching more than EUR 1 trillion by 2025, albeit with a declining annual growth rate starting in 2023.