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Asia Pacific Digital Payments Market

Asia Pacific Digital Payments Market

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

  • Published Date: September 2022
  • Report ID: BWC22362
  • Available Format: PDF
  • Page: 131

Report Overview

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.

Asia-Pacific Digital Payments Market, 2028 - Industry Trends & Forecast Report 2028

China will hold a substantial market share

Chinese customers have embraced online retail, banking, and on-demand services the fastest due to the simplicity of mobile payments. Data from the China Internet Network Information Center shows that as a result of mobile payments' rising popularity and ease of use, there were 583 million mobile payment users in China in 2018 as opposed to 527 million in 2017. According to the People's Bank of China, the total transaction value of mobile payments rose by around 37% from the previous year to CNY 277.39 trillion in 2018.

India to adopt mobile payments at the fastest rate

Due to the expansion of m-commerce and e-commerce as well as the rising use of cards and digital wallets, the cash-dominated Indian market is swiftly adapting to meet the demands of the digital payment culture. With the growth of several digital wallet companies in India, mobile payment is expected to increase. India is the second largest country in the world in terms of internet users, according to Internet World Stats. In India, there are about 560 million internet users as of 2019. In October 2021, India had more than 1.18 billion mobile connections, 700 million users of the internet, and over 600 million smartphones. These numbers have significantly risen each quarter. In 2020, India surpassed 25.5 billion real-time payment transactions to take the top spot globally. This is due to the accessibility of inexpensive devices, improved connectivity, and cost-effective services. Additionally, the government's initiatives to promote electronic payments are a major driver of India's mobile payment sector.

Asia-Pacific Digital Payments Market - Overview

In APAC, the market for digital payments is expected to grow quickly over the course of the forecast period due to shifting lifestyles, deepening smartphone penetration, and the most recent developments in online shopping. The market growth is being fueled by the technical advancements in smartphones that have made POS at retail terminals and on-the-go fund transfer possible. China-based Tencent is one of many mobile payment providers that have seen rapid growth. Tencent also increased its presence in other Asian nations, such as Thailand, and is now looking for significant partners that can assist it in localizing its services there.

Increased government efforts, financing, support, and investment from multiple large firms are all contributing to the market's expansion. Customers have had several options in recent years to utilize mobile payments as a result of the expansion of e-commerce and the O2O industry. Digital/mobile wallets are expected to account for 60.2% of all e-commerce payments in the APAC region by 2024, according to WorldPay. On the other hand, when on-demand, small-ticket services first started to appear in the area, digital payments played a critical role in decreasing friction and making them simple to embrace. Rapid advancements in these fields also contribute to the growth of mobile payment usage.

Growth Drivers

Favorable Measures by Governments for Digital Payments

Various programs were started by the Indian government to encourage the use of digital payments. Programs such as Digital India, the launch of the Unified Payments Interface (UPI), and the 14444-helpline number have sped the move to digital payments. These programs support digitization and raise public awareness of the benefits of utilizing cutting-edge technology. Various digital payment projects have also been introduced in other nations, including Singapore and Australia. The Monetary Authority of Singapore (MAS) has recommended people and companies to embrace digital financial services and ePayments and reduce trips to the locations of financial institutions in order to prepare for the COVID-19 pandemic and achieve heightened safe distancing measures (FIs).

Increasing Demand in Asia-Pacific Digital Payments Market

As smartphone use increases, Asia-Pacific Digital Payments market is expanding. Due to the extensive usage of online services, there is a surge in customer demand for digital payment solutions, which drives the business. The government's launch of fresh steps to speed up digitalization offers an opportunity for Asia-Pacific Digital Payment industry. The low literacy rate in some emerging countries is a barrier to the growth of the Asia-Pacific digital payments business. In-depth market studies of each country's growth in terms of industry sales, component sales, the impact of technical innovation on digital payments, and changes to the regulatory frameworks that support the market are also available for the digital payments market study.

Restraints

Lack of Uniform Standards across Countries

There are no international standards for cross-border payments. As more businesses purchase goods and services internationally, cross-border trade has grown year over year (YoY). Digital payment providers are unable to take advantage of this potential, however, because there are not any universal payment systems that are simple to use, there are not any universal standards, and different governments in different nations have different restrictions. Each country has its own regulations regarding payments and data storage compliance. These regulations and procedures make cross-border payments ineffective. Additionally, the local payment system does not facilitate cross-border transfers. Over the past few decades, a number of countries have built high- and low-value payment systems that are founded on distinctive communication and security principles. However, as payment systems have evolved independently, there is a greater demand for standardization and automation across inter-bank and intra-bank networks that are present across international borders. This has a negative impact on banks and businesses and frequently necessitates human data collection and correction. Through intra-bank transfers, major banks with subsidiaries and branches can transfer money to the countries of destination. Beneficiaries' accounts with the foreign operation are either directly credited, or payments are made to their banks through bilateral transfers or cross border clearing.

Impact of COVID-19 on Asia-Pacific Digital Payments Market

The COVID-19 global health crisis in 2020 had a significant impact on the APAC digital payments business, which resulted in a significant development in the market. Cashless payment adoption has grown significantly over the past few years and is expected to continue. In fact, compared to other regions worldwide, the region is predicted to contribute the highest value to the number of cashless payments in 2021 and beyond. Since 2020, the COVID-19 pandemic has increased the use of mobile payments globally. Mobile contactless payments' improved security and cross-channel payment functionalities are to blame for this. With more than 4 out of 5 smartphone users, China is predicted to be the country with the highest percentage of people using contactless mobile payments in 2021, followed by South Korea. In addition, as governments work to limit the use of cash, mobile wallets have replaced traditional wallets as the principal method of payment in a number of countries. For instance, it is anticipated that between 2021 and 2025, the number of mobile wallets in use would more than double in the APAC region.

Asia-Pacific Digital Payments Market - By Offering

Asia-Pacific digital payments market is divided into solutions and services based on the offerings. Due to the high initial costs associated with solutions and the fact that services are only added benefits once solutions have been installed, the solutions sector dominates the offering segment.

Asia-Pacific Digital Payments Market

Source: BlueWeave Consulting

Asia-Pacific Digital Payments Market - By Deployment

Asia-Pacific digital payments market is divided into cloud and on-premises segments based on deployment models. Major payment providers prefer on-premises installations, which is why the on-premises segment dominates the deployment mode segment. However, the cloud segment is expanding faster due to the demand for particular expenditure features.

Asia-Pacific Digital Payments Market - By Mode of Payment

Asia Pacific Digital Payments Market is classified according to the mode of payment - Point of Sale (Card Payments, Digital Wallet, Cash), and Online Sales (Card Payments, Digital Wallet). Banking cards (debit and credit cards) can be used for a range of digital transactions, such as point-of-sale (PoS) terminals, online transactions, and as a payment medium in mobile applications that provide any type of service such as groceries, healthcare, rental cab booking, air tickets, and so on. Service providers such as VISA, MASTERCARD, RuPay, AMEX, and others issue the most popular cards.

Asia-Pacific Digital Payments Market - By Country

China, India, Japan, South Korea, Australia, Singapore, Indonesia, Thailand, Malaysia, Philippines, and the rest of Asia-Pacific are covered in the Asia-Pacific digital payment market study. Due to the presence of a large number of smartphones and clients who are more accustomed to digital platforms in the region, China is dominating the market in the Asia-Pacific region. In addition, the Chinese business Midea collaborated with Intel to develop an AI-based cloud platform to improve accuracy and efficiency.

Competitive Landscape

Mobile payment users are growing in number in the region as a result of their growing popularity and simplicity of use, which has led vendors to collaborate with numerous industries to increase their clientele. The market is highly competitive, with a small number of prominent firms controlling the majority of the market share. Ant Group Co., Rakuten Group Inc., Pine Labs, Toshiba Corporation, Razorpay, Alipay, Android Pay, Apple Pay, PayPal, and Sumsung Pay are some of the leading companies in the Asia-Pacific digital payments industry.

 

Recent Developments

  • In April 2020, Shinsegae Group, a South Korea-based retail corporation, improved SSGPay by integrating banking service. Customers will be able to use the platform to carry out various actions in various banks thanks to this. Additionally, this will make it easier for consumers in South Korea to order necessities through the company's website during the coronavirus crisis without running into payment problems. In January 2020, Tencent unified a portion of their authentication software with UnionPay, a government-owned business. This alliance is anticipated to increase UnionPay's market penetration in China and promote the Chinese government's aim for cross-sector cooperation. Paytm, an India-based mobile payment service provider, launched the QR Code System in January 2020 to speed up multi-platform payments and provide retailers with access to a range of payment options, including mobile wallets and UPI. The company raised $1 billion in financing.

 

Scope of the Report

Attributes Details
Years Covered Historical data – 2018–2021
Base Year – 2021
Estimated Year  –  2022
Forecast – 2022–2028
Facts Covered Revenues USD billion 
Market Coverage China, India, Japan, South Korea, Australia, Singapore, Indonesia, Thailand, Malaysia, the Philippines, Rest of Asia Pacific.
Product Service/Segmentation By Mode of Payment, By End User, By Country
Key Players Ant Group Co., Rakuten Group Inc, Pine Labs, Toshiba Corporation, Razorpay, Alipay, Android Pay, Apple Pay, PayPal, and Sumsung Pay

 

By Mode of Payment

  • Cards
  • Digital Wallet

By End User

  • Retail
  • Healthcare
  • Hospitality
  • Entertainment

 By Country

  • China
  • India
  • Japan
  • South Korea
  • Australia
  • Singapore
  • Indonesia
  • Thailand
  • Malaysia
  • Philippines

 

  1. Research Framework
    1. Research Objective
    2. Product Overview
    3. Market Segmentation
  2. Research Methodology
    1. Qualitative Research
      1. Primary & Secondary Research
    2. Quantitative Research
    3. Market Breakdown & Data Triangulation
      1. Secondary Research
      2. Primary Research
    4. Breakdown of Primary Research Respondents, By Region
    5. Assumption & Limitation
  3. Executive Summary
  4. Asia-Pacific Digital Payments market Insights
    1. Industry Value Chain Analysis
    2. DROC Analysis
      1. Growth Drivers
      2. Restraints
      3. Opportunities
      4. Challenges
    3. Technological Advancement/Recent Development
    4. Regulatory Framework
    5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
  5. Asia-Pacific Digital Payments market Overview
    1. Market Size & Forecast by Value, 2018–2028
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Mode of Payment
        1. Point Of Sale
          1. Card Payments
            1. Debit Cards
            2. Credit Cards
            3. Bank Financing
            4. Prepaid Cards
          2. Digital Wallet
          3. Cash
          4. Others
        2. Online Sale
          1. Card Payments
          2. Digital Wallet
          3. Others
      2. By End User
        1. Retail
        2. Entertainment
        3. Healthcare
        4. Hospitality
        5. Other End User Industries
      3. By Country
        1. China
        2. India
        3. Japan
        4. South Korea
        5. Rest of Asia-Pacific
  6. China Digital Payments Market
    1. Market Size & Forecast by Value, 2018–2028
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Mode of Payment
      2. By End User
  7. India Digital Payments Market
    1. Market Size & Forecast by Value, 2018–2028
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Mode of Payment
      2. By End User
  8. Japan Digital Payments Market
    1. Market Size & Forecast by Value, 2018–2028
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Mode of Payment
      2. By End User
  9. South Korea Digital Payments Market
    1. Market Size & Forecast by Value, 2018–2028
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Mode of Payment
      2. By End User
  10. Rest of Asia Pacific Digital Payments Market
    1. Market Size & Forecast by Value, 2018–2028
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Mode of Payment
      2. By End User
  11. Competitive Landscape
    1. List of Key Players and Their Offerings
    2. Market Share Analysis, 2021
    3. Competitive Benchmarking, By Operating Parameters
    4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
  12. Impact of Covid-19 on Asia-Pacific Digital Payments Industry
  13. Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook) **
    1. Ant Group Co.,
    2. Rakuten Group Inc
    3. Pine Labs
    4. Toshiba Corporation
    5. Razorpay
    6. Alipay
    7. Android Pay
    8. Apple Pay
    9. Paypal
    10. Sumsung Pay
    11. Other Prominent Players
  14. Key Strategic Recommendations

 

*Financial information in case of non-listed companies will be provided as per availability

**The segmentation and the companies are subjected to modifications based on in-depth secondary for the final deliverable

 

 

List of Figures

 

Figure 1        Asia-Pacific Digital Payments Segmentation

Figure 2        Asia-Pacific Digital Payments Market Value Chain Analysis

Figure 3        Company Market Share Analysis, 2021

Figure 4        Asia-Pacific Digital Payments Market Size, By Value (USD Million), 2018–2028

Figure 5        Asia-Pacific Digital Payments Market Share, By Mode of Payment, By Value, 2018–2028

Figure 6        Asia-Pacific Digital Payments Market Share, By End User, By Value, 2018–2028

Figure 7        Asia-Pacific Digital Payments Market Share, By Region, By Value, 2018–2028

Figure 8        China Digital Payments Market Size, By Value (USD Million), 2018–2028

Figure 9        China Digital Payments Market Share, By Mode of Payment, By Value, 2018–2028

Figure 10       China Digital Payments Market Share, By End User, By Value, 2018–2028

Figure 11       China Digital Payments Market Share, By Country, By Value, 2018–2028

Figure 12       India Digital Payments Market Size, By Value (USD Million), 2018–2028

Figure 13       India Digital Payments Market Share, By Mode of Payment, By Value, 2018–2028

Figure 14       India Digital Payments Market Share, By End User, By Value, 2018–2028

Figure 15       India Digital Payments Market Share, By Country, By Value, 2018–2028

Figure 16       Japan Digital Payments Market Size, By Value (USD Million), 2018–2028

Figure 17       Japan Digital Payments Market Share, By Mode of Payment, By Value, 2018–2028

Figure 18       Japan Digital Payments Market Share, By End User, By Value, 2018–2028

Figure 19       Japan Digital Payments Market Share, By Country, By Value, 2018–2028

Figure 20       South Korea Digital Payments Market Size, By Value (USD Million), 2018–2028

Figure 21       South Korea Digital Payments Market Share, By Mode of Payment, By Value, 2018–2028

Figure 22       South Korea Digital Payments Market Share, By End User, By Value, 2018–2028

Figure 23       South Korea Digital Payments Market Share, By Country, By Value, 2018–2028

Figure 24       Rest of the Asia-Pacific Digital Payments Market Size, By Value (USD Million), 2018–2028

Figure 25       Rest of the Asia-Pacific Digital Payments Market Share, By Mode of Payment, By Value, 2018–2028

Figure 26       Rest of the Asia-Pacific Digital Payments Market Share, By End User, By Value, 2018–2028

Figure 27       Rest of the Asia-Pacific Digital Payments Market Share, By Country, By Value, 2018–2028

 

List of Tables

 

Table 1         Asia-Pacific Digital Payments Market Size, By Mode of Payment, By Value, 2018–2028

Table 2         Asia-Pacific Digital Payments Market Size, By End User, By Value, 2018–2028

Table 3         Asia-Pacific Digital Payments Market Size, By Region, By Value, 2018–2028

Table 4         China Digital Payments Market Size, By Mode of Payment, By Value, 2018–2028

Table 5         China Digital Payments Market Size, By End User, By Value, 2018–2028

Table 6         China Digital Payments Market Size, By Country, By Value, 2018–2028

Table 7         India Digital Payments Market Size, By Mode of Payment, By Value, 2018–2028

Table 8         India Digital Payments Market Size, By End User, By Value, 2018–2028

Table 9         India Digital Payments Market Size, By Country, By Value, 2018–2028

Table 10        Japan Digital Payments Market Size, By Mode of Payment, By Value, 2018–2028

Table 11        Japan Digital Payments Market Size, By End User, By Value, 2018–2028

Table 12        Japan Digital Payments Market Size, By Country, By Value, 2018–2028

Table 13        South Korea Digital Payments Market Size, By Mode of Payment, By Value, 2018–2028

Table 14        South Korea Digital Payments Market Size, By End User, By Value, 2018–2028

Table 15        South Korea Digital Payments Market Size, By Country, By Value, 2018–2028

Table 16        Rest of the Asia-Pacific Digital Payments Market Size, By Mode of Payment, By Value, 2018–2028

Table 17        Rest of the Asia-Pacific Digital Payments Market Size, By End User, By Value, 2018–2028

Table 18        Rest of the Asia-Pacific Digital Payments Market Size, By Country, By Value, 2018–2028

Table 19        Ant Group Co., Company Overview

Table 20        Ant Group Co., Financial Overview

Table 21        Rakuten Group Inc Company Overview

Table 22        Rakuten Group Inc Financial Overview

Table 23        Pine Labs Company Overview

Table 24        Pine Labs Financial Overview

Table 25        Toshiba Corporation Company Overview

Table 26        Toshiba Corporation Financial Overview

Table 27        Razorpay Company Overview

Table 28        Razorpay Financial Overview

Table 29        Alipay Company Overview

Table 30        Alipay Financial Overview

Table 31        Android Pay Company Overview

Table 32        Android Pay Financial Overview

Table 33        Apple Pay Company Overview

Table 34        Apple Pay Financial Overview

Table 35        Paypal Company Overview

Table 36        Paypal Financial Overview

Table 37        Sumsung Pay Company Overview

Table 38        Sumsung Pay Financial Overview

 

 

Market Segmentation

By Mode of Payment

  • Cards
  • Digital Wallet

By End User

  • Retail
  • Healthcare
  • Hospitality
  • Entertainment

 By Country

  • China
  • India
  • Japan
  • South Korea
  • Australia
  • Singapore
  • Indonesia
  • Thailand
  • Malaysia
  • Philippines
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