Countries Covered: China, Taiwan, Hong Kong, India, Indonesia, Thailand, Vietnam, Malaysia, Philippines.
Publication Date: 12/10/2023
Questions Covered in the Report:
- What factors are propelling the adoption of digital payments in Asia-Pacific in 2023?
- What is the forecasted value of BNPL payments in the Asia-Pacific region by 2028?
- How are emerging markets contributing to the digital payments landscape in Asia-Pacific?
- How is China’s B2C E-Commerce payment value expected to grow by 2027?
- What percentage of total payment transactions in Thailand comprised online payments in 2023?
The transaction value and volume of digital payments in Asia-Pacific was the highest in 2023, surpassing 50% of the total market: new yStats.com report.
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.