Asia-Pacific Online Payment Methods Market 2023

Mobile Payment Adoption is Still Growing, With Mobile Wallets Among the Top Online Payment Methods

Asia-Pacific B2C e-Commerce payment value is projected to grow at over 6% CAGR from 2023, surpassing EUR 4 trillion by 2027. This publication provides insights into the current state and future trends of online payments in the region. Among its key findings, the report highlights that not all countries have experienced a boom in digital payment adoption.

China is among the leading countries in digital payment adoption

Digital payment adoption continues to rise in the Asia-Pacific region, as outlined in the report, with China at the forefront of the move toward a cashless society in the APAC region. Online payment user penetration in China has exceeded a high double-digit percentage of the country's Internet users, although user growth has significantly slowed in recent years. Furthermore, China is among the countries projected to experience a double-digit CAGR in B2C e-Commerce payment value from 2023 to 2027.

Cards and digital wallets dominate payment methods in most Asia-Pacific countries

According to the report, the use of alternative payment methods has continued to increase in the APAC region, although the growth rate is forecasted to decline in the coming years. When it comes to the most widely used online payment methods, card payments and digital wallets consistently rank as the top two choices in many countries in the region. In China and India, over 8 out of 10 and 9 out of 10 adults have owned and used a mobile wallet, respectively, in the past year, with the mobile wallet payments value in India expected to grow at a double-digit CAGR between 2023 and 2027. While some countries are experiencing rapid digital payment adoption, countries like Japan and Vietnam are still in the early stages of transitioning to cashless economies.

Real-time payment adoption growing in the APAC region

Another emerging payment form in the Asia-Pacific region is real-time payments, as an increasing number of users seek to replace cash in their daily lives. The Asia-Pacific region is leading the real-time payment domain, with high adoption rates across various countries in the region. According to the publication, India is one of the leading countries in this field and is expected to witness significant growth in the number of real-time payment transactions by 2027, nearly tripling the 2022 figures. Hong Kong is also projected to triple its real-time payment transaction numbers by 2027, experiencing a mid-range double-digit CAGR from 2022.

Key questions answered:

• How is the BNPL payment value in APAC forecasted to develop by 2028?
• How much will the B2C e-Commerce payment value grow across different APAC countries by 2027?
• How high is the digital payment adoption in different countries in Asia-Pacific?
• By 2027, how will real-time payment adoption develop in South Korea?
• At what rate is the card payment value projected to grow in different APAC countries by 2027?

Countries covered in the report:

• Japan
• South Korea
• Australia
• New Zealand
• Singapore
• China
• Taiwan
• Hong Kong
• India
• Indonesia
• Thailand
• Vietnam
• Malaysia
• Philippines

Please note: For this report, the purchase of an Enterprise license allows up to ten worldwide users of an organization access to the report