The Asia Pacific Payment Gateway Market is expected to witness market growth of 22.9% CAGR during the forecast period (2021 2027).
Customers have gained more comfort as a result of the widespread use of low-cost communication technologies and faster Internet connections, which has resulted in a surge in the use of digital payments across South Asia and the Pacific. Banks and regulatory agencies have influenced the movement of payments to the digital realm, which can lower transaction costs for banks and, as a result, lower operational costs. Governments recognize that encouraging the use of digital payments can reduce concealed finances and improve commerce efficiency, resulting in faster GDP development.
Whether it's an in-store gateway or an online payment portal, the architecture of a payment gateway will change. Application programming interfaces (APIs) will be required by online payment gateways for the website in question to interact with the actual payment processing network. In-store payment gateways will use a POS terminal to connect to the payment processing network via an electronic link via a phone line or the Internet. A payment gateway differs from a payment processor, which links the customer's bank account to the merchant account and facilitates money flow. A payment gateway receives client information for payment and a payment processor utilities that information to communicate with the customer's bank and the merchant account, debiting one and crediting the other.
Because of the rise in smartphone users, Asia-Pacific is outpacing other regions in terms of online transaction adoption. According to the GSMA, mobile internet penetration in Asia is expected to reach 62 percent in 2025, up from 45 percent in 2018. Tencent and Alibaba, two Chinese behemoths, pioneered digital merchant payments and have played a key role in the Chinese economy's transition away from cash. Ali Pay and WeChat Pay, the firms' mobile payment systems, have quickly changed China's payment ecosystem. Mobile and digital wallets, such as Ali pay and We Chat Pay, now dominate China's internet industry and are driving physical shop growth.
Japan's populace is also noted for being early technological adopters. The Japanese are enthusiastic players in modern e-commerce and the creators of two important cashless payment technologies: QR codes and near-field communication (NFC). Credit cards are now the main means of payment for online transactions in the country. Furthermore, when it comes to e-commerce purchases, Indians prefer to use their digital/mobile wallets.
The China market dominated the Asia Pacific Payment Gateway Market by Country in 2020, and is expected to continue to be a dominant market till 2027; thereby, achieving a market value of $6,174.6 million by 2027. The Japan market is estimated to witness a CAGR of 22.1% during (2021 - 2027). Additionally, The India market is expected to showcase a CAGR of 23.6% during (2021 - 2027).
Based on Type, the market is segmented into Hosted and Non-hosted. Based on End Use, the market is segmented into Retail & E-commerce, BFSI, Travel & Hospitality, Media & Entertainment and Others. Based on Enterprise Size, the market is segmented into Large Enterprises and Small & Medium Enterprises (SMEs). Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Visa, Inc., PayPal Holdings, Inc., BitPay, Inc., Stripe, Inc., JPMorgan Chase & Co., Amazon.com, Inc., Naspers Limited, VeriFone Holdings, Inc., Adyen N.V., and Worldline.
Customers have gained more comfort as a result of the widespread use of low-cost communication technologies and faster Internet connections, which has resulted in a surge in the use of digital payments across South Asia and the Pacific. Banks and regulatory agencies have influenced the movement of payments to the digital realm, which can lower transaction costs for banks and, as a result, lower operational costs. Governments recognize that encouraging the use of digital payments can reduce concealed finances and improve commerce efficiency, resulting in faster GDP development.
Whether it's an in-store gateway or an online payment portal, the architecture of a payment gateway will change. Application programming interfaces (APIs) will be required by online payment gateways for the website in question to interact with the actual payment processing network. In-store payment gateways will use a POS terminal to connect to the payment processing network via an electronic link via a phone line or the Internet. A payment gateway differs from a payment processor, which links the customer's bank account to the merchant account and facilitates money flow. A payment gateway receives client information for payment and a payment processor utilities that information to communicate with the customer's bank and the merchant account, debiting one and crediting the other.
Because of the rise in smartphone users, Asia-Pacific is outpacing other regions in terms of online transaction adoption. According to the GSMA, mobile internet penetration in Asia is expected to reach 62 percent in 2025, up from 45 percent in 2018. Tencent and Alibaba, two Chinese behemoths, pioneered digital merchant payments and have played a key role in the Chinese economy's transition away from cash. Ali Pay and WeChat Pay, the firms' mobile payment systems, have quickly changed China's payment ecosystem. Mobile and digital wallets, such as Ali pay and We Chat Pay, now dominate China's internet industry and are driving physical shop growth.
Japan's populace is also noted for being early technological adopters. The Japanese are enthusiastic players in modern e-commerce and the creators of two important cashless payment technologies: QR codes and near-field communication (NFC). Credit cards are now the main means of payment for online transactions in the country. Furthermore, when it comes to e-commerce purchases, Indians prefer to use their digital/mobile wallets.
The China market dominated the Asia Pacific Payment Gateway Market by Country in 2020, and is expected to continue to be a dominant market till 2027; thereby, achieving a market value of $6,174.6 million by 2027. The Japan market is estimated to witness a CAGR of 22.1% during (2021 - 2027). Additionally, The India market is expected to showcase a CAGR of 23.6% during (2021 - 2027).
Based on Type, the market is segmented into Hosted and Non-hosted. Based on End Use, the market is segmented into Retail & E-commerce, BFSI, Travel & Hospitality, Media & Entertainment and Others. Based on Enterprise Size, the market is segmented into Large Enterprises and Small & Medium Enterprises (SMEs). Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Visa, Inc., PayPal Holdings, Inc., BitPay, Inc., Stripe, Inc., JPMorgan Chase & Co., Amazon.com, Inc., Naspers Limited, VeriFone Holdings, Inc., Adyen N.V., and Worldline.
Scope of the Study
Market Segments Covered in the Report:
By Type
- Hosted and
- Non-hosted
By End Use
- Retail & E-commerce
- BFSI
- Travel & Hospitality
- Media & Entertainment and
- Others
By Enterprise Size
- Large Enterprises
- Small & Medium Enterprises (SMEs)
By Country
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
Key Market Players
List of Companies Profiled in the Report:
- Visa, Inc.
- PayPal Holdings, Inc.
- BitPay, Inc.
- Stripe, Inc.
- JPMorgan Chase & Co.
- Amazon.com, Inc.
- Naspers Limited
- VeriFone Holdings, Inc.
- Adyen N.V.
- Worldline
Unique Offerings from the publisher
- Exhaustive coverage
- The highest number of market tables and figures
- Subscription-based model available
- Guaranteed best price
- Assured post sales research support with 10% customization free
Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market Overview
Chapter 3. Competition Analysis - Global
Chapter 4. Asia Pacific Payment Gateway Market by Type
Chapter 5. Asia Pacific Payment Gateway Market by End-use
Chapter 6. Asia Pacific Payment Gateway Market by Enterprise Size
Chapter 7. Asia Pacific Payment Gateway Market by Country
Chapter 8. Company Profiles
Companies Mentioned
- Visa, Inc.
- PayPal Holdings, Inc.
- BitPay, Inc.
- Stripe, Inc.
- JPMorgan Chase & Co.
- Amazon.com, Inc.
- Naspers Limited
- VeriFone Holdings, Inc.
- Adyen N.V.
- Worldline
Methodology
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