In 2023, the transaction value and volume of digital payments in Asia-Pacific surpassed 50% of the global market.
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.
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?
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Table of Contents
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
- B2C E-Commerce Payments Value, in USD billion, 2022 & 2026f
- Share of Online Shoppers Who Prefer Payment Cards for Online Payments, in %, 2022
- Share of Online Shoppers Who Prefer to Use Cash for Online Payments, in %, 2022
- Share of Adults Who Own a Mobile Wallet and Have Used It in the Past Year, in %, 2022
- Breakdown of Most Preferred Online Payment Methods, in % of Internet Users, Q3 2022
2.2.3. Hong Kong
- 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
- Number of E-Wallet Users, by E-Wallet Provider, in millions, May 2023e
2.2.4. India
- B2C E-Commerce Payment Value, in USD billion, 2023e & 2027f
- Card Payment Value, in USD billion, 2023e & 2027f
- Number of Real-Time Payment Transactions, in billions, 2022 & 2027f
- Number of Digital Payment Transactions, in billions, FY 2022-23 & FY 2026-27f
- Value of Digital Payment Transactions, in INR trillion, FY 2022-23 & FY 2026-27f
- Number of BNPL Users, in millions, 2022e & 2027f
- Mobile Wallet Payments Value, in USD billion, 2023e & 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
2.2.5. Indonesia
- Digital Payment Platform Use, by Digital Payment Platform Type, in % of Internet Users, H1 2022
- Digital Wallet and Mobile Banking Use, by Generation, in % of Respondents, H1 2022
- Number of Proximity Mobile Payment Users, in millions, 2022e-2026
- Proximity Mobile Payment User Growth, in % of Y-o-Y Change, 2022e-2026f
- Share of Adults Who Own a Mobile Wallet and Have Used It in the Past Year, in %, 2022
2.2.6. Thailand
- Share of Online Payments Making Up Total Payment Transactions, in %, 2023e
- Share of Adults Who Own a Mobile Wallet and Have Used It in the Past Year, in %, 2022
- Number of Proximity Mobile Payment Users, in millions, 2022e-2026
- Proximity Mobile Payment User Growth, in % of Y-o-Y Change, 2022e-2026f
2.2.7. Vietnam
- Share of Adults That Made a Digital Payment, in %, 2022
- Share of Adults Who Own a Mobile Wallet and Have Used It in the Past Year, in %, 2022
- Share of Adults That Used a BNPL Service, in %, Q3 2022
- Number of Proximity Mobile Payment Users, in millions, 2022e-2026
- Proximity Mobile Payment User Growth, in % of Y-o-Y Change, 2022e-2026f
2.2.8. Malaysia
- Card Payment Value, in USD billion, 2023e & 2027f
- Share of Adults Who Own a Mobile Wallet and Have Used It in the Past Year, in %, 2022
- Number of Proximity Mobile Payment Users, in millions, 2022e-2026
- Proximity Mobile Payment User Growth, in % of Y-o-Y Change, 2022e-2026f
2.2.9. Philippines
- Card Payment Value, in USD billion, 2023e & 2027f
- Breakdown of Online Payment Methods, in %, 2022e
- Number of Proximity Mobile Payment Users, in millions, 2022e-2026
- Proximity Mobile Payment User Growth, in % of Y-o-Y Change, 2022e-2026f
Samples
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Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Alipay HK
- BOC pay
- Octopus
- Paidy
- Payme
- PayPal
- Tap & go
- Wechat pay
