Online Payment Methods in Emerging Asia-Pacific Markets 2023

Online Payment Methods in Emerging Asia-Pacific Markets 2023

In 2023, the transaction value and volume of digital payments in Asia-Pacific surpassed 50% of the global market: new yStats.com report.

Asia-Pacific has made significant strides in the digital payment landscape

The Asia-Pacific region commands a dominant position, accounting for over 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 in the Asia-Pacific region have been proactive in promoting digital payment methods in emerging markets, with a primary focus on reducing cash usage, driving economic growth, and improving financial inclusion. Notably, in India, the government has introduced 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. Moreover, the B2C E-Commerce payment value in emerging markets is projected to surpass EUR 4 trillion by 2027.

China and India are pivotal drivers of growth in the digital payment market within the emerging Asia-Pacific markets

China, a key player in the emerging markets of the region, is set to experience substantial growth 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. Meanwhile, India, another influential player, is making significant strides in real-time payment transactions. By 2027, real-time payment transactions in India are expected to surpass 200 billion, marking a significant increase from the numbers recorded in 2022. Furthermore, the number of digital payment transactions in India is projected to exceed 400 billion by the fiscal year 2026-27, demonstrating impressive growth.

This growth in the Asia-Pacific digital payment sector underscores the region's increasing reliance on digital payment methods and the commitment of governments in emerging markets to foster a cashless and thriving economy.