Asia-Pacific Digital Payments Market
Asia Pacific Digital Payments Market Set to More than Triple Its Size Crossing USD 67 Billion by 2028
Published | 14 September 2022
Asia-Pacific (APAC) digital payments market is booming owing to convenience of transactions, widespread usage of smartphones, and the financial inclusion opportunities through digital technologies in emerging economies and developing countries in the region…
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimates Asia-Pacific Digital Payments Market size at USD 17.85 billion in 2021. And, BlueWeave expects the market size to grow at a robust CAGR of 21.1% during the forecast period (2022–2028) recording a value of USD 67.42 billion by 2028. Customers have gained more comfort thanks to the widespread usage of low-cost communication technologies and quicker Internet connections, leading to an increase in the use of digital payments throughout APAC. Financial services companies are also giving a priority to projects involving application programming interfaces (APIs) and open banking.
Asia-Pacific Digital Payments Market - Technology Advancements
In November 2021, Fiserv unveiled EnteractSM, a completely new cloud-based customer relationship management (CRM) platform for financial institutions. Real-time process integration across core banking, enterprise content management, and digital channels is made possible by Enteract's Microsoft Azure-based integration architecture. Additionally, it syncs customer data with back-end systems. Virgin Money and Global Payments Inc. entered into a contract in September 2021 to use Global Payments' unique two-sided network to provide Virgin Money customers with access to market-leading digital payment experiences around the world.
Asia-Pacific Digital Payments Market - Rising demand
Real-time payment solutions are predicted to be more embraced by merchants and store owners throughout the forecast period, supporting market developments. However, two issues might have a negative influence on business growth: concerns about cybersecurity and difficulty with bank transactions. The usage of rapid payments by consumers, businesses, and governments in developing countries such as India, China, Thailand, and Vietnam is increasing the need for solutions. Globally increasing cell phone usage and the need for quick clearance and reimbursement of financial transactions between sellers and purchasers are the main factors driving the business. Additionally, the industry is forecast to grow as more retailers and web-based business owners adopt real-time payment options. Real-time connections, comprehensive data transactions, faster transaction rates than other electronic techniques, and round-the-clock vendor and corporate organization accessibility are all advantages of these systems.
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Asia-Pacific Digital Payment Market - Segmental Coverage
Asia-Pacific digital payment market on the basis of offerings is segmented into solutions and services. The solutions segment dominates the market due to the high initial expenses connected with solutions and the fact that services are only extra advantages once solutions have been established. Based on deployment types, the Asia-Pacific digital payment market is segmented into cloud and on-premises segments. On-premise installations are preferred by major payment providers, which is why this deployment model sector is dominated by on-premise deployments. However, the cloud market is growing more quickly as a result of the desire for certain expense characteristics. On the basis of technology, the Asia-Pacific digital payment market is split into application programming interface (API), data analytics and machine learning (ML), digital ledger technology (DLT), Artificial Intelligence (AI) and Internet of Things (IoT), and biometric authentication segments. APIs are the most user-friendly and secure technology for banking operations, and using APIs facilitates information flow across different systems.
China, India, Japan, South Korea, Australia, Singapore, Indonesia, Thailand, Malaysia, the Philippines, and Rest of APAC are covered in the Asia-Pacific digital payment industry study. China is the market leader in the APAC region, due to a high usage of smartphones and its people's growing reliance on digital platforms. In addition, key market-impacting factors and domestic market regulatory changes that have an impact on the industry's current and future trends are listed in the country section of the Asia-Pacific digital payment market report. Data points including regulatory laws and country demographics are some of the key indicators utilized to anticipate the market environment for certain countries. When giving forecast analysis of the country data, it also takes into account the presence and accessibility of international brands, the difficulties they encounter owing to strong or weak competition from domestic and local brands, and the impact of sales channels.
Impact of COVID-19 on Asia-Pacific Digital Payment Market
COVID-19 pandemic severely affected manufacturing, logistics, hospitality, transportation, and retail industries. Other somewhat impacted industries include government, education, energy and utilities, IT and telecom, and BFSI. Because of the pandemic, more people are using wallets and contactless payments. eWallets are becoming more used for Peer to Peer (P2P) transfers, bill payments, and Customer to Business (C2B) payments for essential services as a result of the lockout and aversion to the exchange of cash. Enterprises, however, have stopped recognising some wallet providers as they have increased expenses for both customers and businesses.
Due to the presence of various local providers, the Asia-Pacific Digital Payment Market is highly competitive. The market has grown profitable and has drawn enormous investments as a result of rapidly changing customer tastes. Because of the enormous potential for expansion, new competitors are further fragmenting the business. Some of the key players in the market are Ant Group Co., Rakuten Group Inc, Pine Labs, Toshiba Corporation, Razorpay, Alipay, Android Pay, Apple Pay, PayPal, and Sumsung Pay. Prominent service providers are working to stimulate the creation of new products. In January 2022, NPCI International Payments Limited (NIPL), the international payments subsidiary of the National Payments Corporation of India (NPCI), and TerraPay struck an agreement to enable Indians with active UPI IDs. MoneyGram International, Inc., a pioneer in digital development.
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- Asia Pacific Digital Payments Market, By Mode of Payment (Cards and Digital Wallet), By End User (Retail, Healthcare, Hospitality, and Entertainment), By Country (China, India, Japan, South Korea, Australia, Singapore, Indonesia, Thailand, Malaysia, Philippines), Trend Analysis, Competitive Market Share & Forecast, 2018–2028
Publish Date: September 2022
Ease in transactions, prospects for financial inclusion provided by digital technologies, and widespread use of smartphones, mobile payments have significantly expanded in emerging and developing countries across the Asia-Pacific region.
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