Asia-Pacific Dominates Global Digital Payment Market with Over 50% Market Share in 2023 - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--The "Online Payment Methods in Emerging Asia-Pacific Markets 2023" report has been added to ResearchAndMarkets.com's offering.
In a remarkable achievement, the Asia-Pacific region has emerged as the leader in the global digital payment market, commanding over 50% of the total market share in 2023.
This impressive growth is expected to continue, with a projected annual growth rate exceeding 15% between 2023 and 2030.
Key Highlights:
- Government Initiatives: Governments across the Asia-Pacific region have played a proactive role in promoting digital payment methods, especially in emerging markets. These efforts are aimed at reducing cash usage, driving economic growth, and enhancing financial inclusion.
- India's Pioneering Policies: India, in particular, has introduced groundbreaking policies and initiatives such as the Unified Payments Interface (UPI) and Bharat Interface for Money (BHIM), making digital payments more convenient and accessible for its citizens.
- Booming B2C E-Commerce: The value of B2C E-Commerce payments in emerging markets is set to exceed EUR 4 trillion by 2027, further fueling the growth of digital payments in the region.
- China's Growth: China, a key player in the Asia-Pacific region, is expected to witness substantial growth in B2C E-Commerce payment values, with a projected CAGR of over 11% from 2023. Payment values are anticipated to exceed EUR 3 trillion by 2027.
- India's Real-Time Payments: India is making significant strides in real-time payment transactions, with expectations to surpass 200 billion transactions by 2027. The number of digital payment transactions in India is projected to exceed 400 billion by the fiscal year 2026-27.
Companies Mentioned
- Alipay HK
- BOC pay
- Octopus
- Paidy
- Payme
- PayPal
- Tap & go
- Wechat pay
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?
Key Topics Covered:
1. Management Summary
2. Asia-Pacific
2.1. Regional
- Overview of the Online and Mobile Payment Trends, September 2023
- B2C E-Commerce Payment Value, in USD trillion, 2023e & 2027f
- BNPL Payment Value, in USD billion, 2023e & 2028f
2.2. Emerging Markets
2.2.1. China
- B2C E-Commerce Payments Value, in USD trillion, 2023e & 2027f
- Number of Online Payment Users, in millions, and Penetration, in % of Internet Users, June 2021 & June 2022
- Online Payment User Penetration, in % of Internet Users, June 2022
- Number of Real-Time Payment Transactions, in billions, 2022 & 2027f
- Share of Adults Who Own a Mobile Wallet and Have Used It in the Past Year, in %, 2022
- Breakdown of Digital Wallet Use Frequency Among Adults, in %, May 2022
- Mobile Wallet Ownership and Usage, in % of Adults, Q2 2022
2.2.2. Taiwan
2.2.3. Hong Kong
2.2.4. India
2.2.5. Indonesia
2.2.6. Thailand
2.2.7. Vietnam
2.2.8. Malaysia
2.2.9. Philippines
For more information about this report visit https://www.researchandmarkets.com/r/lrsd38
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